Although the coronavirus pandemic has been rough, as per the data from 2020, the pandemic has not stopped couples from buying a sparkler. Let us have a glance at the engagement ring spending habits of couples in 2020.
The data from 2020 shows two things. Of course, the first thing is that engagement rings of good quality remains expensive. The second thing is that many of these rings are not quite pricey as they have been in the past years. As per the results of a recent survey of 5,000 people who were engaged between April and November 2020, the average cost of an engagement ring is $5,500. Of course, this is a big amount, but it is a bit lower when compared to the average cost of an engagement ring from 2019, which was $ 5,900. This average price also includes diamond engagement rings that were purchased during the period.
The small difference in the average price between the two years shows that even during times of a pandemic, couples continue to spend a fortune to buy engagement rings. However, the pandemic has changed the shopping experience for engagement rings. The novel pandemic has forced many people to go digital to make online purchases and to do processes that are commonly done in person, like finding diamond jewelers, doing research on diamond engagement rings, consulting with the jeweler, and many more. The survey showed that about one-third of the engagement rings that were purchased in the year 2020 were online.
Popular Ring Styles Of 2020
Some of the most popular ring styles of 2020 include styles like round and oval cuts. Round cut diamonds were preferred as the center stone cut for diamond engagement rings. This was followed by the oval cut and princess cut diamonds. The ring setting material of choice for the year 2020 was white gold.
In the case of size, the carat weight for the center stone was 1.3 carats, on average. As per the Newlywed Report by WeddingWire, diamonds remain the first choice of couples for engagement ring stones. The carat weight shared above is not a very large value. However, you need to understand that in the case of diamonds, the largest diamond might not be the most expensive one. The clarity values of the stone will increase the retail price of the same.