BriteCo Survey Reveals Diamond Engagement Ring Preferences Entering ?Spring Engagement and Wedding Season
Post Date: 11 May 2022 Viewed: 200
BriteCo, a leading direct-to-consumer jewelry and watch insurance company, has released new survey data that points to emerging consumer trends for purchasing engagement rings. In the lead up to the 2022 Spring engagement and wedding season, consumers show an increasingly positive attitude towards lab-grown diamonds – man-made diamonds that are chemically, physically, and optically the same as those mined from beneath the Earth’s surface. The study also found a significant increase in the amount of money spent on engagement rings.BriteCo’s 2022 BriteCo Diamond Engagement Ring Report outlines a number of trends in the consumer jewelry industry:
- The average expenditure for a diamond engagement ring increased to $7,011 in 2021, a 6.1% percent increase over the previous year. The share of lab-grown diamond engagement rings grew from 19% in 2020 to more than 28% in 2021.
- The average expenditure for a lab-grown diamond engagement ring rose from $4,037 in 2020 to $4,383 in 2021, a healthy increase of 8.6%; this data confirms that lab-grown diamonds are typically from 40% to 50% less expensive than natural diamonds.
- Survey data indicated that natural (earth-mined) diamond engagement ring spending increased from an average of $7,197 in 2020 to $8,053 in 2021, an increase of nearly 12%.
- The vast majority of engagement rings have diamond center stones, with the most popular weight for a center stone diamond ranging from 1.0 and 1.5 carats; the average center stone diamond size (measured in terms of carat weight) grew from 1.20 carats in 2020 to 1.32 carats in 2021.
- Expenditures for engagement rings are highest in the Mid-Atlantic region, averaging $9,343. In comparison, those who spend the least amount on an engagement ring reside in the West North Central region of the USA, averaging $3,831.
Source from INSTORE.