PRN: Research Reveals Average Amount UK Men Spend on Engagement Rings
Research Reveals Average Amount UK Men Spend on Engagement Rings
BIRMINGHAM, England, July 3, 2012 /PRNewswire/ --
Research into the buying habits of UK men has discovered the average amount budding husbands spend on an engagement ring for their bride-to-be.
According to the results of the research, carried out by http://www.marlowsdiamonds.com, UK men spend an overall average of Â£1,329 on an engagement ring.
Men in Northern Ireland are the biggest spenders, with an average of Â£1,874, followed closely by Scottish men, who spend an average of Â£1,816. Men in London spend only marginally less, with Â£1,681.91 standing as their average engagement ring budget. Wales came in as the region with the lowest figure at Â£603. However, the highest individual spend was Â£22,684 in Dorset, with Dagenham, Essex, claiming the lowest at Â£558.
For many years, there has been a widespread belief that a man should spend the equivalent of a month's salary on an engagement ring, yet research shows men have been breaking away from this in the past year. With a UK man's average salary now approaching Â£30,000*, the overall average spending price suggests men are actually paying well under a month's salary, after taxes and other deductions. In February, a survey by home insurance firm LV showed almost two-thirds of men now pay less than a month's salary**. Furthermore, less than 38 per cent of men tell their partner how much it cost, while 3 per cent confess to actually exaggerating the price.
"The UK is clearly still facing tough economic times in the recession, so it comes as little surprise to see men now spending less on an engagement ring for their fiancÃ©e. On the bright side for men, women will now settle for cheaper engagement rings", Steven Beer, Managing Director for Marlow's Diamonds said. "Clearly, some men have been lucky enough to maintain higher budgets despite economic problems, whereas others now have to be more careful, maybe choosing to save money to pay for the wedding day itself, instead. In their defence, BeyoncÃ©'s 'Put a Ring on It' didn't specify a price-range".
Below is a full breakdown of the average spending in each region:
Region Spend Northern Ireland GBP1,874.00 Scotland GBP1,816.87 London GBP1,681.91 East Midlands GBP1,471.30 West Midlands GBP1,436.43 Yorkshire & Humberside GBP1,356.78 North West GBP1,295.65 South East GBP1,278.64 North East GBP1,215.78 South West GBP971.08 East GBP955.07 Wales GBP603.97
More details on the Marlow's blog: http://www.marlowsdiamonds.com/news/engagement-rings/average-engagement-ring-spend.html
** The Daily Mail
About Marlow's Diamond Engagement Rings:
The Marlow family has been a fixture of Birmingham's historic Jewellery Quarter for more than three generations, and has worked hard to establish itself as a top name in the manufacture and wholesale of high-class jewellery. Now esteemed as one of the country's leading specialists in certificated diamonds, they use one of the world's top independent laboratories and offer diamonds sourced from around the world. With GIA- and IGI-certificated stones in their stock, they offer customers a startling selection of colour, cut, clarity and carat weight to suit every taste, with such luxurious items as custom engagement rings and eternity rings, to name just a few.