As of January 2022, the average spending on an engagement ring in the United States was around $5,500, but this figure is skewed by people who are spending anywhere from $20,000 - $50,000 because once you remove these people from the equation, you’ll see that the average couple actually spends about $1,000 to $5,000 on an engagement ring. This average varies depending on where you live. In general, those who reside in more expensive cities like New York or Los Angeles will likely spend more on a ring than those in less expensive cities.
Now, the traditional guideline suggests spending two to three months’ salary on an engagement ring. This “guideline” was actually set by diamond marketers, specifically, De Beers. Although this could be useful in determining how much to spend, I don’t recommend setting a budget for your fiancé’s engagement ring by looking at what other people are spending. Instead, it’s best to look at personal factors, from your personal financial situation, your fiancé’s expectations, and the style of ring you think she will like most. Communication with your partner about preferences and expectations is key, and it makes your jewelry designer’s life much easier too.
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