"How much should an engagement ring cost?" and "What's the average wedding cost in Australia?"
As Australians plan their special day, they grapple with significant financial decisions, particularly around the average cost of weddings and engagement rings.
|In 2023, couples spent an average of $6,000 on engagement rings, a reflection of changing attitudes towards traditional spending norms. Meanwhile, the average Australian wedding now costs around $34,715, with variations across states.
These figures pose essential questions for couples: "how much should an engagement ring cost, what does the average wedding ring cost, and how do these figures fit into the broader context of wedding planning in Australia?"
There Are No Rules
Before we dive into averages, types of weddings and budgetary concerns, we want to dispel a myth. You may have heard rules of thumb about how much to spend on engagement rings and weddings.
Generations ago, De Beers, a well-established diamond company, came up with a brilliant marketing strategy. They created the two-month salary rule, suggesting that would-be grooms spend two months of their salaries on engagement rings. Most men don’t buy fine jewellery regularly, so they’re seeking advice. De Beers’ rule of thumb has been perpetuated through the years, but we assure you: it’s utterly untrue.
The whole process of getting married and planning your wedding should be about you, your partner, and your future life together. So make decisions based on what you want. Your relationship matters much more than rules created by marketers or even tradition. There are no rules.
Expectations vs Reality
Whether you shop together for her engagement ring or you give her the surprise of her life, the decision to make the purchase is both emotional and rational. You’ve got to strike the right balance between what she loves and what you can afford. She’ll wear this ring every day, so it’s got to be a style she loves, but if you stretch yourself too far financially, it will burden your finances for some time.
When it comes to engagement rings, three things matter:
The style of the ring
Obviously, these three factors affect the ring’s cost. A diamond’s carat weight heavily influences its price. You can save money by purchasing a diamond with a carat weight just under a benchmark. For example, a .9-carat diamond may not appear much different than a 1.0-carat stone, but the price may be significantly less. Sparkle, determined by the quality of a diamond’s cut, can make an engagement ring truly special. Go for a diamond with a high cut rating if sparkle is essential to you.
When it comes down to it, you’ll have to weigh your priorities unless you have an unlimited budget.
How Much are Other Couples Spending?
We’ve established that there are no rules about how much you should spend on an engagement ring or your wedding, but people still like to know how they compare.
|According to a 2023 Australian wedding industry report, the average couple in Australia is spending $6,000 on their engagement ring.
Unfortunately, social media has put pressure on couples to spend more on rings than ever before. Headlines announce carat weight along with a couple’s engagement. We know, for instance, that Kim Kardashian’s engagement ring includes 15 carats, and Ariana Grande’s pear-shaped bauble weighs in at 3.03 carats.
Information like this may hurt more than it helps. The size of an engagement ring does not reflect on your love and commitment. Instead of automatically going for glamour, consider her style, and choose the perfect ring that fits your budget.
What to Look For in an Engagement Ring
We said there are no rules when it comes to your engagement ring and wedding, but here’s a bit of advice: do the bulk of your research before you step foot in a jewellery store. If you start shopping too soon, you run the risk of feeling overwhelmed by all the choices or spending beyond your budget.
What kind of information should you know before you shop?
Armed with knowledge of these topics, you can converse intelligently with jewellers and improve your odds of finding the perfect ring.
Average Wedding Costs
|In 2023, the average cost of a wedding in Australia is reported to be $34,715, a noticeable decrease from the average of $53,168 in 2019. Budget weddings came in at $10,000 to $20,000, whereas luxury weddings often exceeded the $100,000 mark.
Again, your wedding should reflect your tastes, family traditions, and personal budget. The two of you should decide how you want to spend your special day.
And what about the honeymoon? According to Easy Weddings, the average Aussie honeymoon costs between $5,000 and $10,000 and lasts just over two weeks. Unsurprisingly, the most popular overseas destination is Europe. Many Aussie couples head to the UK, France, Germany and Spain for their overseas honeymoon.
Fiji proves to be the second most popular destination for honeymooners, and the USA comes in third place, with many couples hitting up New York City, Los Angeles, Las Vegas and Portland. Other top contenders include Bali, New Zealand, Thailand, Maldives, Japan and Hawaii.
Reducing Your Financial Risk
Such an outlay can severely hamper your finances if you’re not careful. That’s why it’s so important to prepare a budget for your engagement ring and wedding expenses.
And while you can’t purchase insurance for every item on your wedding budget, you can protect your engagement ring with JewelCover insurance. If the unexpected happens to that gorgeous, carefully chosen ring while you’re honeymooning in Spain, we’ll repair or replace it.
Minimise your financial risks by insuring your engagement ring. You can get an instant quote here on our website. Best of luck with your wedding preparations, and congratulations!