The Independent reported on this topic on the 24th April 2017.
There are many myths about how much an engagement ring should cost. You may have heard the three month salary rule, the one month salary rule of even the split the difference rule.
Now, couples in the UK are spending almost a fifth less (19%) on engagement rings than they did 5-10 years ago, according to research by Protect your Bubble. The average spend on an engagement ring over the past 5 years stands at £1,080 compared to £1,333 spent up to 10 years ago.
Of the 1,235 adults surveyed the data also revealed that the number of couples spending less than £500 has seen a rapid surge with 18% more buying engagement rings for this amount compared to previous years. While almost half said their engagement ring costs less than three week's wages and 13% chose rings that cost less than a week's wages.
Interestingly, among those surveyed it was the millennials who chose to spend the most on their rings with average 16-24 year olds shelling out £1,473 on an engagement ring and £2,827 on a wedding ring, compared to £691 spent by 45-54 year olds.