No doubt about it, an engagement ring is a big purchase. It’s probably one of the biggest single purchases many of us will ever make, so you might probably guess that it takes the average customer absolutely ages to decide.
Actually, it seems as though that’s not the case.
So how long does it take to choose an engagement ring?
Jewellery retailer Diamonds Factory has done some research and revealed that their customers’ average purchase time on their site is 14 minutes – just 14 minutes!
You might think that this points to a lot of impulsive spending by young lovers, but no – their data says that the older the customer, the quicker the purchase:
- Customers aged 16-24 are taking on average 20 minutes to complete their purchase
- Customers aged 35-44 are taking on average 11 minutes to complete their purchase
- Customers aged 45-54 are taking on average 5 minutes to complete their purchase
What could be the reasoning behind this?
I think it’ll be a combination of disposable income increasing with age, as well as an increase of confidence in your own personal taste.
Some of us are still shopping around for a ring
That’s not to say that we’re all rushing ahead – 18% of customers came back to the site 2-4 weeks after their initial visit to complete their purchase. It seems as though shopping around is still happening, but maybe there’s a lot of off-site research before the online buying.
Prices are falling, but rising…
The average cost of rings purchased on the site has fallen by almost £400 – that’s huge! Price is definitely a major consideration for us all, but it seems as though the nation as a whole is spending more on engagement rings.
The research claims to show a 27% increase from 2018 to 2019, so more rings are being purchased, but at lower prices. Interesting, right?
So are we becoming less romantic?
I don’t think so at all. I think we’re becoming a bit more practical in many ways. Especially when the data shows that 69% of purchases in the last year were made by people aged over 34.
Weddings can be incredibly expensive. Lots of couples in their 30s and up are looking for the perfect ring to symbolise their new lives together, and I like to imagine that many are picking rings together that act as a beautiful symbol of their commitment… and I would also like to think that older couples have a better financial footing and are more able to afford a big purchase.
So, fourteen minutes to make that big buy of a dream diamond engagement ring? I can certainly believe it!