Modern engagement rings are getting more expensive, and that’s not just because of the rising cost of gold, according to a report by the global brand analytics firm brandwatch.
In its latest study, the analytics firm analysed all major brands on their engagement and engagement management platforms, and found that, between January and December of this year, engagement rings were more expensive by $3,500, a rise of 13% compared to the same period last year.
The study also found that engagement rings cost an average of $2,400 per ring compared to $1,700 last year, and a rise in prices of more than 20% compared with last year to $4,000.
Brandwatch says it has been monitoring engagement rings since 2013 and has noticed a sharp rise in costs over the last few years.
It says it believes the rise in cost has been driven by an increase in the supply of rings and the increasing demand for rings.
It also points to the fact that more women are now opting for a ring on engagement day rather than just the traditional day of their wedding.
“We believe that the engagement ring market has evolved to the point where the price of engagement rings has increased in the past couple of years, leading to increased consumer demand,” Brandwatch’s chief executive, Michael Riddell, told news.com.au.
He said the industry was also becoming more saturated and, with the average age of engagement now at 40, engagement pricing was likely to continue to rise.
“More women are going out and having more engagements, more women have been in relationships, more people are having children and therefore more engagement is going to continue,” he said.
Brand watch’s latest findings are based on data from its Brandwatch consumer insights platform.