US consumers shelled out an average of $5,493 on engagement rings, according to a recent survey by the Plumb Club, up 2% from the previous study in 2023.
Some 29% of respondents said they laid out between $2,500 and $5,000 on their ring, while 21% bought them for $5,000 to $10,000. Only 13% spent more than $10,000, while 37% dropped $2,500 and below, the jewelry-supplier organization, which conducted the survey with Paola Deluca of The Futurist and analytics firm Qualtrics, said Wednesday.
Purchases of non-bridal jewelry grew 28% from two years ago, reaching an average outlay of $1,664. Over one third of those surveyed said they spent up to $500 per purchase, and 26% shelled out between $500 and $1,000. Another 20% laid out $1,000 to $2,500, and 18% put down more than $2,500.
When it comes to reasoning for total spend on jewelry, 30% of consumers said the quality of the diamond or gemstone was their top priority, up from 27% in 2023. The size of the stone came in second, chosen by 16%, followed by the design or style.
Nearly half of those surveyed preferred to buy from local jewelers, as 23% went to national jewelry chains and 13% bought from department stores. Only 12% made their final purchase online, and 3% of respondents picked each of social media and trunk shows.
Meanwhile, 31% of consumers stated that the designer or brand of the jewelry held the most influence over their purchase, and another 30% said they were convinced by family or friends. Some 21% looked at retailer websites, while social media advertising swayed 8%.
The Plumb Club surveyed more than 2,000 people aged 25 to 60 across the US, who have all attended some college or higher level of education, and had a combined household income of at least $75,000 a year.
Image: An engagement ring. (Shutterstock)
