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Agonising over the purchase of an Engagement Ring?
How long would you spend deciding over a big purchase such as an engagement ring?
Ever thought about how long it would take you to choose an engagement ring? One of life's biggest decisions which you'd think would cause lots of people to be heavily indecisive, however Diamonds Factory revealed that this was far from the case! Their research showed that the average customers purchase time of an engagement ring on their site was only 14 minutes!
The data they received revealed that people who were around 16 to 24 took 20 minutes to purchase an engagement ring whereas, people aged 45 to 54 only took an astonishing 5 minutes to complete their purchase.
The shocking fact of people taking less time to purchase an engagement ring has also meant the average cost of engagement rings being purchased has gone down by £400 since 2018. However, 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.
People spending less and only taking a short amount of time to decide on something we thought was so important might just not be as a big priority for the younger generation as we thought! 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. But millennials who are looking to pop the question are leading the way in terms of engagement ring spending by 10% compared to the other age groups.
Diamond Factory also gathered data that highlighted the areas of the country that were spending the most on engagement rings in 2019 which highlighted the West Midlands being the top region that were spending the most amount of money on engagement rings.
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."