New research reveals how much Brits are spending on engagement rings in 2024
· December is the most popular time of year to propose, as almost a third of Brits pop the question during the winter months, with the majority happening in December (17%)
· The average spend on engagement rings is between £1,000 and £3,000, with almost a fifth (18%) of Brits spending less than £1,000 on a ring
· The majority of people are dreaming of simple, classic engagement rings (72%), and 81% say that their dream engagement ring includes diamonds
Exclusive user data from leading free wedding planning website Hitched.co.uk reveals that December is the most popular month for Brits to propose, as almost a third (32%) of those married last year say they were engaged in the wintertime, and the majority (17%) choosing December as the time to pop the question to their partner.
As Brits around the country begin to plan their December proposals, the wedding experts have teamed up with luxury jewellers, Austen & Blake, who specialise in custom-made designs, to reveal the engagement ring trends for 2024 and beyond, to help those planning to pop the question.
Popular Ring Styles and Shapes for 2024
Analysing internal sales data from the last 12 months, the experts at Austen & Blake have revealed the top five engagement ring styles and centre stone shapes for 2024 and beyond.
Best-selling ring styles
- 1. Solitaire
- 2. Side stone
- 3. Halo rings
- 4. Three stone
- 5. Bridal set
Best-selling centre stone shapes
- 1. Round
- 2. Oval
- 3. Pear
- 4. Princess
- 5. Emerald
The Average Cost of an Engagement Ring
In a recent poll of Hitched and Austen & Blake followers, it was found that more than half of respondents (60%) paid between £1,000 and £3,000 for their engagement rings, while exclusive sales data from Austen & Blake revealed the average sale price of an engagement ring this year was £2,200.
While the majority of those who have been proposed to know exactly how much their engagement ring cost, there are still many who are none the wiser. More than a fifth (22%) say they have no idea how much their ring cost, and less than that (18%) say their sparkler cost less than £1,000.
Kat Hill from Austen & Blake says the best advice she can give to those looking at budgeting for an engagement ring is to “research costs when looking at designs you like. This will help indicate what styles are available in line with what you feel comfortable spending. There are also some savvy swaps you can make as well, such as lab-grown diamonds or gemstones.”
Who Chooses the Engagement Ring
According to the research, it seems that while more than half of respondents (52%) had their engagement rings chosen for them by their partners, there is more personal choice than ever when it comes to finding the right ring.
Almost a quarter of poll participants said they chose their own rings (24%), with just over a fifth (21%) saying their engagement ring was made bespoke to their requirements. Just 3% of those surveyed said their engagement ring was a family heirloom.
Zoe Burke, leading wedding expert and editor of Hitched.co.uk says: “With more couples than ever ripping up the rule book when it comes to their wedding days and which traditions they want to keep and which to throw away, it’s nice to see that the modern personalisation from couples starts long before the wedding, with the selection of their engagement rings.
“Most people only get one engagement ring in their lives, so it makes sense that it’s a piece you love and will want to wear forever.”
“As every ring we create at Austen & Blake is custom-made to celebrate individuality, we’re happy to see more couples choosing what’s right for them!,” Kat Hill adds.
The Dream Engagement Ring
The majority of people are looking for engagement rings that are simple, classic and timeless, as 72% said this was what their dream engagement ring would look like. Just over 1-in-10 people said their dream ring would be ‘big, bold and blingy’, and 10% said they dream of something a little more quirky, with vintage vibes.
When it comes to the stones that people are dreaming about, it seems that diamonds still really are a girl’s best friend, as a whopping 81% said their ideal engagement ring would be set with diamonds.
Kat Hill says: “We saw strong sales for both diamond types, but lab diamonds remain popular. As the time and cost of producing lab diamonds are less, the price reflects this. This means that customers can access a larger or higher-quality diamond within their budget. Customers may also be seeking lab-created diamonds to reduce the environmental and ethical impact of their jewellery choices.
“As more customers learn about the benefits of lab-created diamonds and more myths are busted industry-wide about their properties, we’re sure their rise in popularity will continue to grow.”
For more information on the top engagement ring trends for 2024, please visit: https://www.hitched.co.uk/wedding-planning/bridalwear-articles/engagement-ring-trends/