How much are Londoners spending on engagement rings?
Guest post by Debbie Fletcher
According to new data, love is in the air in the capital, with London dwellers having spent a huge £540,000 on engagement rings since this time last year – a 30% increase on the previous year.
The data comes from jewellery retailer Diamonds Factory, following research into their sales to see how London is spending their hard earned cash when it comes to tying down ‘the one’. The research revealed that currently, London alone is spending around 25% of the total amount the rest of the UK is spending collectively.
Whilst you may not be surprised that February is a popular time for people to be buying engagement rings, there was a 1000% increase in engagement ring purchases last Valentine’s Day, suggesting that Londoners are a little more cliché than they might like to admit. This Valentine’s Day sales saw the average daily spend of £1,700, surpassed by a whopping £19,257!
Valentine’s Day doesn’t hold the title as ‘most popular time to buy engagement rings’ however, that title sits with November and December, with a combined spend of over £30,000 across London. It looks like London knows just how to get in the Christmas spirit.
Recurring keyword trends show that we are officially entering engagement ring shopping season, with searches for ‘engagement rings’ shown to pick up around this time of year, increasing gradually as summer progresses and peaking towards the end of the year – a trend that has been recurring for the last 5 years!
Now we know when they are buying, but aren’t you interested in who is buying?
Well, if you live in Croydon, Woking or Crawley you could be in for a sparkly surprise, as these three London areas are the biggest spenders in the engagement ring department (based on total spend since July 2018)
Londoners aged 35-44 seem to be splashing the cash the most, with the data revealing that on average they are spending £12,000 more than any other age group, and £813 more per order than their millennial counterparts, the 25-34’s.
Although they are working with a smaller budget, people aged 25-34 still have no qualms about getting hitched, as they seem to be buying the same quantity of rings as people aged 35-44 – ain’t no budget stopping these millennials getting wed!