In 2012, couples spent a little bit more for wedding and engagement rings, according to a new survey released by TheWeddingReport.com.
The survey’s results found the average price of an engagement in 2012 was $3,329, up 0.2 percent from last year’s $3,239. The average price of a wedding band was $1,186, up 0.6 percent from last year’s $1,179.
While spending on wedding and engagement rings has fluctuated a bit over the years, it has basically remained steady, says TheWeddingReport.com founder and CEO Shane McMurray.
Demand for rings has held steady, McMurray says, with 90 percent of brides getting wedding bands, and 85 percent acquiring engagement rings.
“It’s still a pivotal part of the process,” he says. “The biggest problem today is the price of gold. We see a big push toward alternative metals.”
The engagement ring and wedding numbers are roughly in line with overall spending on weddings, which increased less than 1 percent, said the survey.
“Things are definitely going in the right direction,” McMurray says. “The economy is growing slowly. To see the numbers go up is good for the industry.”
The site’s numbers are based on 5,650 survey samples that include both wedding businesses and couples.