Consumer Trends for Engagement Rings

There are few purchase decisions in a person’s life quite as big as when you buy an engagement ring. The traditional extravagant diamond ring has been around since the late 1400s and has always been a piece of jewellery of great importance in a person’s life, whether they are giving or receiving it.

Although the tradition and ritual of giving the engagement ring are timeless—tastes and trends are changing. A recent survey tells us that Irish consumers, in 2019, will search for new looks and are able to spend more on their chosen symbol of eternal love than in recent times. The boom is back lads!

Economic Expansion Means Disposable Income

Consumer trends in Ireland for 2019 will follow the rising affluence of the nation. Ireland’s remarkable recovery has placed more disposable income into the hands of consumers, enabling them to have more choices than ever. Jobs expanded by 1,300 per week through 2018 and the growth in hourly wage earnings rose from 2.1 per cent to 3.2 per cent currently. Meanwhile, Ireland has not seen the rising wages translating into inflation, meaning that consumers have more disposable income to use on big-ticket items.

This trend includes engagement rings. Three out of four in Ireland say that they may spend over €5,000 on their ring in the near future, according to the engagement ring trends survey carried out by Stonechat Jewellers, of Westbury Mall in Dublin 2.

A willingness to spend more opens up broader opportunities for both vendors and consumers in making sure that the buyer gets exactly the ring they want.

More Women Choose Their Own Rings

When it comes to who selects the engagement rings, consumer behaviour has changed.

The Stonechat Jewellers survey also showed that 80% of women expressed a desire to choose their own ring.

Traditionally the groom surprises his bride to be, but in recent years it has become increasingly common that the bride would select the ring, which is not unreasonable, considering that the ring is to grace her hand for a lifetime. It’s a big decision and one that she will be reminded of on a daily basis.

Style Trends for Engagement Rings

Halo settings, or those that encircle a centre diamond with a ring of smaller stones, have exploded in popularity across Europe. Besides the unique beauty of the ring, many consumers prefer halo settings because they create the illusion of a larger centre stone. In Ireland, halo settings take a 25 per cent majority preference over other styles. Classic solitaires, however, still remain popular among one in four purchasers of engagement rings. Twenty percent of customers select vintage or antique styles, but four in ten seek out a look that reflects contemporary or minimalist tastes.

Gemstone Trends

In the past, only a traditional white diamond would do for an engagement ring. Shifting consumer trends now reflect a desire to experiment with colours that earlier generations would never select.

Almost half of engagement ring buyers seek coloured gemstones over the classic look. Most of these gravitate to the soft pink hue of Morganite over other popular gemstones, such as rubies and emeralds. With conventions in flux, sellers of engagement rings should anticipate that consumer behaviours will continue to change, especially if the growing economy continues to put more Euros into young peoples’ pockets.

Consumer Trends in Gemstone Cuts and Ring Materials

The trend among couples purchasing engagement rings indicates less complex cuts are set to remain popular during 2019.

Round cuts remain popular, with four out of ten purchasers selecting this option. Consumers also continue to enjoy the princess cut choice with 25 per cent of buyers choosing it.

Another significant change in recent ring buying trends lies in the colour of the metal. Although approximately one-fourth of purchases set the ring on traditional yellow gold, lighter colours now dominate the market. Nearly two-thirds of engagement rings now come set on white gold or platinum.

The Future for Engagement Ring Vendors Should Shine

Engagements serve as some of the biggest and most exciting days in the lives of most people. For those who sell engagement rings, opportunities abound for vendors across the country. Buyers have more money and this has expanded the opportunity to get the perfect ring, even if that means spending a few bob extra, than people may have done in the past few years.

These market trend changes should signal to jewellers that they can no longer count on selling the same rings that adorned the hands of their mothers and grandmothers. —nor can we count on today’s consumer trends to extend into tomorrow. While morganite on white gold may prove a popular choice in 2019, tastes could change completely by the end of 2020. It’s always important to keep an eye on trends, and even the latest fads popping up on Instagram, to stay ahead of the curve set by the market.

While the market brings more unpredictability and excitement, it also creates opportunity. Those willing to keep their finger on the pulse of the engagement ring customer will find that they can maintain their advantage and thrive no matter what changes come.