Making any kind of important purchase is a scary business!
But to be tasked with buying an object so loaded with love, that will act as a permanent symbol of the most important relationship of your life, could well be the most daunting purchase of all.
Yes, we’re talking about finding that all important engagement ring.
You’ve found ‘the one’ and the time has come to propose. You want everything to be perfect, including the ring… so where do you begin? It’s going to take a long time, debating (agonising) over making such an important purchase right?
Well according to new data complied by jewellery retailer Diamonds Factory; it could take less time than you think…
As according to research, the average customers purchase time on their site is just 14 minutes!
And in a claim that backs up the theory that the older you get, the more you act on impulse, data also suggests the older the customer, the quicker the purchase time.
Let’s break it down…
16 – 24 year olds are taking on average 20 minutes to complete their purchase
35 – 44 year olds are taking on average 11 minutes to complete their purchase
35 – 54 years olds are taking on average 5 minutes to complete their purchase
Of course, this wasn’t the case for everyone, as 1 in 5 customers took a far longer period of time to decide what ring would be the best fit for their partner, with 18% returning to the site 2 to 4 weeks after their initial visit to make their final purchase.
TIME VS. COST
As well as spending less time on choosing the perfect wedding ring, it would appear that loved up couples are also spending less, with the average cost of rings being purchased down by almost £400 since last year.
But although individual purchase prices may be down, collectively as a nation we are spending more on engagement rings, with a 27% increase from 2018 – meaning customers are buying a larger quantity of cheaper rings.
IS MARRIAGE AN OUT OF DATE TRADITION?
So, with people spending less time and money on weddings, is it simply a case that this tale as old as time ‘life tradition’ is becoming less of a priority for younger generations? Diamonds Factory data seems to suggest so, as more than 69% of purchases made in the U.K. this year have been made by people over the age of 34.
Though it must be noted, when younger couples do decide to ‘pop the question’, they do so in style! With loved up millennials spending on average 10% more on engagement rings than any other age group.
“It’s really interesting to see that people are waiting until later in life to get engaged.” Ben Stinson, Head of E-commerce at Diamonds Factory commented on the findings.
“It suggests that the younger generations are seemingly less interested in relationships and more focused on living their lives before settling down and tying the knot.”