Revealed, the average time for choosing an engagement ring is only 14 minutes!
How long would you spend agonising over a big purchase such as an engagement ring? According to new data from Jewellery retailer; Diamonds Factory; it could be shorter than you think!
Their research has revealed that the average customers purchase time on their site is just 14 minutes! According to the data, the older the customer, the quicker the purchase time...
16-24 are taking on average 20 minutes to complete their purchase
35-44 are taking on average 11 minutes to complete their purchase
45-54 are taking on average 5 minutes to complete their purchase
Who says life’s big decisions need to take a long time to make?
Of course, this wasn’t the case for everyone. 1 in 5 of us took a far longer period to decide what ring would be the best fit for our partners. 18% of customers returned to the site 2-4 weeks after their initial visit to make their final purchase.
It turns out that not only are we spending less time on our wedding rings, we are also spending less money, with the average cost of the rings being purchased down by almost £400 since last year!
Although individual purchase prices are down, collectively as a nation we are spending more on engagement rings, with a 27% increase from 2018. This means we are buying a larger quantity of cheaper rings.
With people spending less time and money on weddings, is it the case that this life event is becoming less of a priority for younger generations? The data seems to suggest that this is the case.
It appears the UK is choosing to get engaged slightly later in life, with more than 69% of purchases this year alone being made by people over the age of 34.
However, when the younger generations do decide to pop the question, they do so in style. Loved up millennials are leading the way in terms of engagement ring spending, spending on average 10% more than any other age group.
The new data also revealed which areas of the country were spending the most on engagements rings in 2019
The top Five regions spending the most on engagement rings
West Midlands
South East
London
North West
North East
Ben Stinson, Head of Ecommerce at Diamonds Factory commented on the findings, “It is really interesting to see that people are waiting until later in life to get engaged, as it suggests that the younger generations are seemingly less interested in relationships and more focused on living their lives before settling down and tying the knot.
Those who are getting engaged earlier on however; the 18-24 year olds, are working with smaller budgets which possibly suggests that these are more spontaneous proposals as opposed to something more planned and thought out.
We are looking forward to see how spending trends continue to change and the age groups of people getting engaged diversifyand shift throughout the years.”
