Average DER Cost $5,855 in 2014, +5% Over 2013
March 16, 15
(IDEX Online News) – The cost of the average diamond engagement ring (DER) rose 5 percent in 2014. The average amount spent on a DER in the US hit $5,855, up from $5,598 in 2013, according to the results of The Knot 2014 Real Weddings Study.
The survey revealed that wedding budgets are continuing to increase, with the average amount spent on a wedding reaching $31,213 (excluding the honeymoon).
The DER is the second-most expensive component of the wedding, following the venue hire (average $14,006) and more expensive than the photographer (average $2,556).
Changes noted in the survey included a reduction in the number of guests being invited to celebrate the nuptials – 136 at the average bash (down from 149 in 2009) – an increased hunt for unique venues, and a greater spending focus on the celebration rather than the reception.
In addition, said Rebecca Dolgin, Editor in Chief of The Knot, the number of couples using their mobile devices to plan their weddings has doubled in three years.
The survey found that the average age of marriage is 29 for the bride and 31 for the groom; the most popular month to get engaged is December (16%) while the most popular months to get married are June (15%) and October (14%).