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The 2020 Jewelry & Engagement Study conducted by The Knot, a US-based wedding planning and registry resource, informed that the pandemic, the state of the economy, and overall uncertainty around the future did not impact engagement ring spend for most to-be-weds (86%).
The survey of more than 5,000 adults who got engaged between April and November 2020, revealed that the pandemic had resulted in minimal change to the national average cost of an engagement ring in 2020 ($5,500, compared to $5,900 in 2019).
“Despite challenging times and changes to many original proposal plans due to Covid-19, couples around the nation continued to strengthen and progress their relationships, showcasing how even in the most challenging times love cannot be cancelled,” said Kristen Maxwell Cooper, editor in chief of The Knot.
The survey found that Covid-19 placed additional pressure on proposers—including limited ability to shop in person for engagement jewellery, along with planning their proposal within a shorter time frame to account for constantly evolving pandemic conditions.
It also revealed that the pandemic accelerated a reliance on technology throughout every stage of proposal planning, whether by asking for a family member’s blessing via video chat, conversing with jewellers through online chat boxes or video conferencing platforms when shopping for an engagement ring (13%), or connecting with loved ones for virtual post-proposal celebrations (10%).
“Like fellow newly engaged couples, individuals planning to propose this Proposal Season may also need to be flexible with their plans in order to accommodate shifting pandemic conditions and local regulations. However, this will not deter them from declaring their love in a special way and curating intimate, unique moments to ask their partner to spend forever together,” Maxwell added.
Additional 2020 Engagement Ring Trends:
| Most Popular Centre Stone Cuts: | Round (43%), Princess/Square (13%), Oval (15%) |
| Most Popular Ring Setting Material: | White gold (48%), Yellow gold (16%), Rose gold (13%), Platinum (13%) |
| Most Important Ring Features for Proposees: | Style & Setting, Centre Stone Shape, Type of Stone |
| Average Total Ring & Centre Stone Size: | 1.5 carats (total), 1.3 carats (centre stone) |
| Percentage of Rings With Customisations: | 48% |
Source: GJEPC 21-12-2020
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