Love is in the air in London – but how much are we spending on engagement rings?
20 May, 2019
Finding love is a task in itself, but for most, the real task is finding the perfect ring. Where to look? Silver or gold? Diamond or ruby? And most importantly, how much do I spend?
According to new data revealed by jewellery retailer Diamonds Factory, Londoners are paving the way when it comes to buying engagement rings, spending on average 25% of the total amount the rest of the UK is spending. Since this time last year, London dwellers have spent a whopping £540,000 on engagement rings – a 30% increase on the previous year.
The data also uncovers when we are spending the most, as many would imagine, Valentines is up there, with last February seeing a 1000% increase in sales from London based customers. However, it was November and December that stole the title of most popular times to purchase engagement rings, with a combined spend of over £300,000 across the capital. It must be all that mistletoe!
It is no secret that London is one of the most expensive cities to live in, in the UK, which would explain why people living further out of the city are spending more on engagement rings than those residing in the centre. The top three big spenders based on total spend since July 2018 were:
So we know when we are spending and where is spending, but who’s the consumer?
The research shows that people aged 35-44 are the high rollers in this market, spending on average £12,000 more than any other age group and £813 more per order that those aged 25-34.
Whilst the 25-34’s might have a lower budget to play with when it comes to finding a ring for their loved ones, it doesn’t seem to have put them off popping the question, as they are buying just as many rings as the 35-44’s.
Ben Stinson, Head of E-commerce at Diamonds Factory commented on the findings, “London is known for its acceptance of all things individual and unique, however when it comes to Londoners’ choice of times to propose, they seem to be sticking to the often cliché times, Valentines and Christmas. We often see a rise in sales during these times, but to see a 1000% increase from just one areas is pretty significant!”