What are people spending on their engagement rings?
The average price is rising. The average person is spending on their engagement rings in the U.S. was $6,163, according to a newly released study by The Knot.
That was up from $5,871 in 2015, according to the site, which bills itself as the leading wedding brand and marketplace.
Figures from the 2016 Real Weddings Study are based on respondents who hired a professional vendor for the service. According to The Knot: “The 10th annual comprehensive report, the largest of its kind, surveyed nearly 13,000 US brides and grooms married in 2016 to uncover the financial spending habits and trends of real weddings in America.”
The average cost of a wedding reached an all-time high of $35,329. the average number of guests was 141.
A study by the Wedding Report found a substantially lower figure for the average cost of an engagement ring among U.S. couples. The typical ring cost $3,407 in 2016, up from $3,386 in 2015, according to the research firm.
Read the full press release to see how much people are spending on their engagement rings!