Engagement Ring & Wedding Expenses on the Rise: The Knot Survey
Couples now reported spending an average of $5,855 on an engagement ring, a 5% increase from 2013. Over 16,000 newlywed couples weighed in on a wedding survey by The Knot, a multi-media content site catered to wedding planning and newlywed life.
Overall wedding budgets are also on the rise: the average total comes in at $31,213, increasing from $29,858 in 2013. The lion’s share of the budget is allocated to the venue, with reception hall costs tallying at approximately $14,005.
The engagement ring ranks as the second largest expense, followed next by reception entertainment ($3,587), photographer ($2,556), flowers and décor ($2,141), wedding planner ($1,973), ceremony site ($1,901), and other miscellaneous. The honeymoon is separate from the totals.
Even while budgets are increasing, guest lists have been shrinking in the past few years. The average wedding has about 136 attendees, down from 150 five years ago. “Couples are focusing on creating an amazing guest experience and reception details, including finding unique venues to reflect their personalities,” says Rebecca Dolgin, Editor-in-Chief of The Knot.
Couples have more outlets than ever before for engagement ring and wedding planning ideas, with the help of sites like Pinterest, Etsy, and The Knot. While many things can be done by yourself, it’s always best to have someone with expertise on your side.
Just like choosing a good wedding planner could save you a lot of time, effort, and even money with their expertise, so can choosing a good jeweler with your engagement and wedding rings. Contact us to find out how you can make the most out of your budget – whether it is an engagement ring, bridesmaid gifts, a wedding present – we work with you to create something beautiful with lasting value.
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