Most couples get engaged in the month of December, and as the holiday season approaches jewelry sales are expected to rise. A new survey from brite.co looks at how much Americans are paying for engagement rings, and if they insure their precious puchase.
What Happened: The poll found that among respondents who purchased an engagement ring, nearly two out of three or 61% spent from $2,500 up to $10,000 for a ring. The median price was $3,250.
In person sales of engagement rings at retail locations account for 81%, as most consumers prefer to buy directly from a jewelry store or department store.
Only 9% of respondents purchased their ring through an online-only jewelry website, while another 11% bought through a retail jewelry store’s website.
When it comes to making their selection, sustainability was a top priority, with 85% of respondents ranking it very or somewhat important in their purchase decision.
Almost Half Don't Ensure Their Ring: While making one of the major purchases of their lives, close to half or 41% of respondents did not get jewelry insurance coverage for their engagement rings. Most felt it was too expensive, or didn’t even know they could get insurance in the first place.
About 25% did purchase an engagement ring warranty, which does not protect their ring from loss, theft, or “mysterious disappearance.” That coverage only comes with insurance.
Meanwhile, 59% of those who did buy a jewelry insurance policy actually made a claim for a lost or damaged engagement ring within the past 10 years.
Related Link: Jewelry Black Friday Deals 2021: Early Swarovski, Pandora, Zales & More Sales Revealed by Spending Lab
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