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BRITS SPENDING LESS ON ENGAGEMENT & WEDDING RINGS 

As Brits look for more ways to cut costs, new research has revealed that lovebirds have spent less each year on engagement and wedding rings since 2019.  

Despite insurance coverage for engagement and weddings rings increasing by a staggering 554%1 and the total wedding spend increasing 90% in 2021 compared to 20202, the value of rings has decreased by £464 – according to data from top-rated insurance provider Urban Jungle.  

Urban Jungle, which uses technology to screen out fraud to ultimately make insurance more affordable and fairer for customers, analysed real time data of all listed items on customer policies to find out just how engagement and wedding ring spending has changed.  

The trend suggests that while more and more Brits are tying the knot, they’re spending their money elsewhere. Home Insurance provider Urban Jungle analysed all items valued at £2,000 and over on customer Out of Home cover to see just how much the nation is spending on the symbols of their love.  

Average cost of engagement and wedding rings since 2019: 

  • 2019 – £4,894 
  • 2020 – £4,787 
  • 2021 – £4,439 
  • 2022 – £4,430 

Interestingly, millennials are spending the most on engagement and wedding rings, the research revealed, with an average spend of £4,570 – £830 more than money-conscious Gen Z-ers who are spending just £3,740.  

Stephen Cowap, Insurance Director of Urban Jungle, said: “We all know that weddings can be expensive, and as costs continue to rise in all areas, combined with the pressures of the ongoing cost of living crisis, we’re not surprised that people are choosing less expensive engagement and wedding rings in favour of saving a bit of cash for the big day.  

“Engagement and wedding rings hold so much value to their owners, both sentimentally and monetary. Therefore, it’s important to ensure that those precious pieces of jewellery are covered by the correct insurance policy. At Urban Jungle, our policies start from just £5, and £7 with Out of Home cover, and we offer customisable plans that mean customers only pay for the cover that they need.” 

And while jewellery is one of the most popular items declared on Contents Insurance policies, the data analysis also identified some of the more unusual items being insured by customers too. Quirky items include a full skydiving and parachute rig, a traditional Norwegian National costume, telescopes and microscopes, snooker cues, a rocking horse as well as a cache of radio-controlled cars. 

Visit Urban Jungle’s website for further information: https://myurbanjungle.com/   

The post Diamonds are forever – but budgets are finite! appeared first on HR News.

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