How Much Should You Spend on an Engagement Ring?
Although about half of younger millennials (ages 18-24) and older millennials (ages 25-34) surveyed said less than $3,000 should be spent on an engagement ring, an even greater percentage of older adults felt this way. More than 60 percent of adults ages 55 to 64 and nearly 70 percent of adults 65 and older said the appropriate amount to spend on a ring is less than $3,000. Across all age groups, however, the most popular answer is “less than $1,000.”
A staggering 44 percent of adults 65 and older believe less than $1,000 should be spent on an engagement ring, which isn’t surprising. After all, these adults — at least the ones who have been engaged — probably spent less than $1,000 on an engagement ring or they have an engagement ring that costs less than $1,000. Because of inflation, the price of an engagement ring 40 or so years ago was likely much lower than engagement ring prices today. Using an inflation calculator, you’ll find that $250 in 1975 dollars has the same buying power as $1, in 2015 dollars.
The survey also found that millennials are more likely than any other age group to believe that money should be no object when buying an engagement ring.
Engagement Ring Spending Limits by State
The most popular amount to spend on a ring in most states is “less than $1,000.” But, a few states have slightly bigger spenders.
In Connecticut, Maine, Montana and South Dakota, the most popular amount to spend on a ring is $1,000 to $2,999. In Vermont, there was a tie between “less than $1,000” and “$1,000 to $2,999.”
Hawaii residents appear to be willing to spend more on engagement rings that most other Americans. Continue reading «How Much Should You Spend on an Engagement Ring?»
