How Much to Spend on An Engagement Ring

Thinking of popping the question in 2022? This is how much you should really spend on an engagement ring, according to new research.

Valentine’s Day 2022 is likely be a real romantic one for UK couples, as thousands have been asking Google for “proposing” tips in the last three months with searches up 22%. According to a study by UK jewellery retailer, Mappin & Webb, searches for “how to propose” are also up 14%, versus the same time last year. 

 

The Google search trend data also highlighted that UK searches for “diamond rings” went up by 49% in the past three months, with 1.71 million searches in November alone. Similarly, searches for “engagement ring ideas” has also increased by 23% over the quarter, and 23% year on year too.

Newcastle looks set to see the biggest increase in engagements over the festive break, with “proposing” searches on Google in the north-east city up 100% across the past three months. Searches are also up significantly in Brighton (+80%), Cardiff (+75%), Exeter (+75%), and Bath (+67%).

proposal-how-much-to-spend-on-an-engagement-ring

There are usually more proposals between 24th December and the 1st January than at any other time of the year, and 2021 appears to be no exception as Mappin & Webb’s own data has revealed a 9% rise in engagement ring sales in the lead up to Christmas, versus September 2021.

Average spend on an engagement ring

Mappin & Webb’s sales data also revealed that the average spend on engagement rings throughout 2021 was £3,686. According to CompareWeddingInsurance.org.uk, the average spend for weddings scheduled in 2021 and 2022 comes to £20,493, meaning an engagement ring can account for 18% of a couple’s wedding budget.

But when it comes to popping the question, what types of rings are we going for?  Well, Sapphire, Ruby, and Aquamarine stones were all equally popular with Brits looking for a more colourful engagement ring.

sapphire-ring- how-much-to-spend-on-an-engagement-ring

However, it may come as no surprise to you that diamonds are still most girls’ best friend (or guys’) as 92% of engagement rings bought this year had a diamond as the centrepiece, making it the clear favourite stone for couples in 2021.

Most Popular Stone Type in 2021%
Diamond92%
Sapphire2%
Ruby2%
Aquamarine2%
Emerald1%
Tanzanite1%
diamond-ring-how-much-to-spend-on-an-engagement-ring

More than three-quarters (77%) of buyers also opted for a brilliant cut, making it the most popular stone shape of the year.

One in ten rings sold featured an emerald cut stone, making it the perfect choice for those wanting to pick a less common but equally beautiful cut. A further 7% of people opted for an oval cut in 2021, bringing it in as the third most popular stone shape.

Most Popular Stone Cuts in 2021%
Brilliant77%
Emerald10%
Oval7%
Cushion2%
Princess2%
Pear1%
brilliant-cut-ring-how-much-to-spend-on-an-engagement-ring

When it comes to choosing a ring style, almost half (45%) of couples favour a solitaire (single) stone. However, one in five couples (20%) are going for three-stone engagement rings, often with a mix of two gemstone types as part of the design.

In 2021, one in six (16%) looked to make a statement with their engagement ring and chose to get a standout halo style ring – perfect for making an impact when popping the question.

Most Popular Ring Styles in 2021%
Solitaire45%
3 Stone20%
Halo16%
Solitaire DSS11%
3 Stone Halo7%

When choosing a metal type, platinum is the most common choice with over three quarters of rings bought featuring a platinum band. Gold came in second, with 23% opting for an engagement ring with a yellow or white gold band.

3-stone-ring-how-much-to-spend-on-an-engagement-ring

Speaking about the study, Head of Jewellery Buying at Mappin & Webb, Michelle Aherne said: “We can see that throughout 2021, a certain type of ring has been the most popular with UK couples. Mappin & Webb’s most popular ring sold in 2021 is the perfect representation of these trends, as a solitaire engagement ring featuring a round brilliant cut diamond in a classic platinum setting.

“It’s great to see that even though the last two years have been turbulent, people are still finding love and romance in their lives and are prioritising celebrating their partners and relationships. To all those planning to get engaged over the festive season and in to 2022, we wish you all the best.”

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