The amount couples splash on engagement and wedding rings has held steady in the United States, one of the world’s biggest wedding markets, despite the fact that the number of weddings (and overall wedding day spend) has fallen.
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According to The Wedding Report, which conducts market research into the weddings market, the number of weddings in the United States edged down to 2.18 million in 2017 from 2.21 million in 2016.
The average cost of a wedding in the United States eased to $25,760 in 2017 from $26,720 in 2016, while total wedding sales in the United States fell to $56.27 billion in 2017 compared to $59.09 billion in 2016.
The Wedding Report has attributed the fall in the cost of weddings to less spending on transport, entertainment and beauty services, as couples increasingly seek non-traditional options.
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According to a recent report by Rapaport magazine, couples are prioritising the quality of experience at weddings.
The trend is to invite fewer guests, but to spend more per guest to enhance the experience.
Despite the declining outlay on weddings seen in the United States, spending on engagement and wedding rings has held steady.
The Wedding Report notes that the average groom spent $3,406 (£2,625.92) on a ring for the proposal during the first three months of 2017.
Wedding rings for the bride cost $786 (£606) on average, while the price of men’s wedding bands was stable at $456 (£351).
A potential bright spot for couples contemplating getting married is that the prices of the precious metals used in engagement and wedding rings, have slumped this year.
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Gold prices sank to the lowest in a year in mid-July, in part due to a buoyant dollar. The surging dollar has made dollar-denominated gold more expensive in other currencies.
Prices of two other important bridal metals, platinum and palladium, have dropped sharply so far this year, pressured by worries over industrial demand for the white metals which are used in catalytic converters in vehicles.
2018 Wedding Trends
According to leading wedding planning website, Hitched, there are some clear trends emerging for weddings in 2018. These include:
- Industrial-looking venues, including warehouse style buildings full of character
- Minimal and clean colour palettes and stripped back styling
- Fresh green foliage decorations without the usual flowers
- Rose gold and geometric, copper-toned table decorations
Woodland, Midsummer Night’s Dream-inspired jewellery and bridal jewellery collections may hit the mark in the summer of 2018, while minimal trilogy designs, inspired by the likes of the Duchess of Sussex, will undoubtedly continue to soar.
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IJL is #withyou offering insights into wedding jewellery and the international bridal market. Discover the Bridal Showcase at this year’s IJL from September 2-4, 2018. Register to attend today!
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