One-Third of Consumers Favor Engagement Rings That Cost Less Than $1,000

One in three respondents think engagement rings should cost less than $1,000, according to a new survey by conducted by Google Surveys on behalf of website

The poll, which surveyed more than 1,000 Americans, also found that 26 percent of respondents think that an engagement ring should cost at least $1,000, 17.3 percent think it should cost at least $3,000, and 19 percent think it should cost more than $5,000.

In addition, three out of five women don’t expect a ring of more than $3,000—though millennials, a group often considered frugal, have higher cost expectations than other groups. Only 28.5 percent of women aged 25 to 34 think an engagement ring should cost less than $1,000, compared to 41 percent of those 35 to 44.

Other findings:

– Almost half the respondents—45 percent—said they wouldn’t mind receiving a lab-grown diamond: 43 percent of men and 47 percent of women.

Younger people were more receptive to the idea, with 59 percent of 18- to 24-year-olds saying they are fine with lab-created, versus 49 percent of 25-to-34s, 45 percent of 35-to-44s, 43 percent of 45- to 54-year-olds, and 37 percent of those 55 to 64.

– In addition, 40 percent of respondents said that even a totally fake ring was acceptable—with slightly more women (44 percent) saying yes to the idea than men (35 percent).

– More women than men believe a diamond ring is a good investment (61 percent to 43 percent).

– When asked whether diamonds are rare, 62.3 percent say that they are not, while 37.7 percent say that they are. (The CreditDonkey write-up includes out-of-date information that De Beers still controls diamond supply; as most people in the industry know, rarity depends on the diamond.)

– An overwhelming 81 percent of respondents said that diamond quality is more important than size—though more men (20 percent) thought size was more important.

– Almost half of women (45 percent) said an engagement ring is not necessary, compared to 41 percent of men.

– When asked if they would rather spend more money on the engagement ring or honeymoon, almost three in four respondents answered, “honeymoon.”

– People still want surprise proposals. About two-thirds of respondents (66 percent men and 69 percent women) think it should be a surprise. Younger people are more likely to want a surprise—the idea was favored by 76.5 percent of millennials, versus 52.2 percent of those aged 55 to 64.

The full CreditDonkey survey can be seen here.

(Image courtesy of Tacori)

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JCK News Director

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