Londoners in Love: How much are they spending on engagement rings?
18 May, 2019
New data reveals Londoners have spent a whopping £540,000 on engagement rings since this time last year, a 30% increase on the previous year – suggesting that love is most definitely in the air.
As it stands, London alone is spending on average 25% of the total amount the rest of the UK is spending collectively. The data comes from Jewellery Retailer Diamonds Factory, following research into their sales to see how the capital is spending when it comes to choosing ‘the one’.
When are they spending?
It’s no surprise to see an influx in engagements throughout February, however last Valentine’s Day saw a 1000% increase in the amount of rings purchased, surpassing the average daily spend of £1,700 by an eye watering £19,257.
Valentines may be a popular time to ‘put a ring on it’, but November and December came out on top as the most popular months for engagement ring purchases, with a combined spend of over £300,000 across London!
Where is splashing out the most?
According to the data the further out of the centre of London people live, the more willing they are to part with their money. Could it be the £869,586 difference in average house prices that is allowing people to spend the big bucks on love?
The top three areas of London spending the most on engagement rings were (based on total spend since July 2018):
So, who’s popping the question?
It’s clear that people aged 35-44 are the biggest spenders when it comes to engagement ring purchases, as the data reveals that they are spending on average £12,000 more than any other age group, and £813 more per order than those aged 25-34.
Despite having a lower budget, 25-34 year olds certainly don’t seem to be deterred from popping the question, as both age groups are buying just as many rings as the other, suggesting that budget has little to no effect on Londoners’ desire to get hitched.
Ben Stinson, Head of E-commerce at Diamonds Factory commented on the findings, “London is known for its acceptance of all things individual and unique, however when it comes to Londoners’ choice of times to propose, they seem to be sticking to the often cliché times, Valentines and Christmas. We often see a rise in sales during these times, but to see a 1000% increase from just one areas is pretty significant!”