31st July 2023
Weddings can be expensive, and that spending often starts with an engagement ring so last month we asked what you thought about the saying “an engagement ring should cost three months’ wages”. The phase was coined from De Beers’ 1930s marketing campaign that suggested an engagement ring should cost one month salary, which evolved over time to be three months, and increased the sales of diamond engagement rings over the 20th Century.
Nobody who participated in our survey agreed it’s a good marker of value; everybody was divided equally between dismissing it as an old marketing tactic, or not focusing on the cost at all as long as their partner likes the ring.
Following the three month rule on the UK national average salary of about £33,000* would set you back almost £8,000, and since the actual average cost of an engagement ring is closer to £2,000, it seems most of the UK is in agreement that spending three months’ salary is a bit extreme.
|What do you think to the saying “an engagement ring should cost three months’ wages”?||Results|
Irrelevant, I’m not bothered about the cost as long as my partner likes it
Just an old marketing tactic, you should spend what’s affordable to you ·
It’s a good marker of the expected value of the ring
*Office of National Statistics, July 2023 https://www.ons.gov.uk/employmentandlabourmarket/peopleinwork/employmentandemployeetypes/bulletins/averageweeklyearningsingreatbritain/july2023
With summer on the way, we’re asking for your opinion on staycations. Let us know your thoughts here.