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Average Engagement Ring Cost Now Exceeds Ten Percent of Yearly Income

Engaged couples are willing to pay a little extra for customization and distinction, even during shaky economic times

 

Royal Oak, MI -- (ReleaseWire) -- 12/17/2012 -- While the economy shows signs of an uneven recovery, and countless workers are still struggling to find full-time employment, the costs of taking a relationship to the next level seem to still be increasing. In 2011, the average cost for an engagement ring was $5200 according to XO Group's Engagement and Jewelry Survey. At the same time, per-capita personal income hovered at just around $41,560 on the national level.

These statistics show that while Americans are willing to sacrifice spending in other areas of their lives, purchasing an engagement ring is not one of them. Just 14% of husbands-to-be said they spent less on the engagement ring due to the economy. In fact, 25% of grooms claimed to have spent more than their original budget.

According to Andrea Maki of Paul Maki Bridal Jewelry, engaged couples are focusing on customization and distinction, even during shaky economic times. "Since the prices for similar quality engagement rings from high end retailers are comparable, we're finding that people are less willing to settle for the cookie-cutter designs," says Maki, whose husband has been designing jewelry for twenty two years. "They are looking for the small shops where you can still find custom jewelry designs, hand-crafted and intricately constructed."

XO Group's 2011 survey seems to support this assertion, as a higher percentage of grooms purchased from local or independent jewelers as opposed to national chains. Roughly two out of five grooms shopped locally or at independent jewelers, compared to approximately one in three (35%) who bought from a national jewelry chain. In addition, more than 40% of grooms opted for custom work and personal touches to the final engagement ring.

Abput Paul Maki Bridal Jewelry
Paul Maki Bridal Jewelry is the passion of husband and wife team, Paul and Andrea Maki. Paul has been a fine jewelry designer for more than 22 years and together the couple have developed a product line that is not only authentic to the eras they are passionate about, but also meticulously designed and intricately constructed to ensure complete client satisfaction. Paul Maki bridal jewelry is an heirloom fit to be passed down through each generation.

Andrea Maki
Paul Maki Bridal Jewelry
andrea@paulmaki.com
Royal Oak, Michigan
http://www.paulmaki.com