Brits spend about £250 more on dining out in just one year than they do on their partners’ engagement rings, research suggests.
People in UK spend an average £1,865 ($2,480) on engagement rings, but this is nothing compared to the “three months’ salary” rule of thumb, with the average Brit earning about £7,650 over this period, jeweller Diamonds Factory found.
Comparing this to “every-day” expenses, Brits spend about £2,115 eating in restaurants in 12 months — £250 more than on engagement rings.
Office workers in the UK spend nearly as much — £1,712 — on travel, food and social activities, as they do on an engagement ring, the study found.
Meanwhile, Brits spend £526 on clothes each year. However, they splash out about £1,404 on package holidays.
Most people think they should be spending significantly more on engagement rings. In fact, Brits said they think an engagement ring should cost about £,2853 — nearly £1,000 more than what is actually being spent.
Those in the south-west spend the most on engagement rings — about £3,784 — surpassing Londoners, who typically earn the highest salaries. People in the capital think an engagement ring should cost the most, at about £4,968 — more than double what they actually spend.
Greater London residents follow closely behind, spending £2,335, followed by those in Northern Ireland, at £2,272.
The south-east (£1,877) and Yorkshire and the Humber (£1,769) round out the top five, but every region other than the south-west thinks they should be spending more than they currently are, the survey found.
READ MORE: Getting engaged costs Brits over £3,000
Men who think they should be spending more, saying an engagement ring should cost at least £3,354, while women said they would settle for one that cost about £2760.
They survey also found those over the age of 55 spend the most — about £3,610 — despite believing it should be significantly cheaper — about £2,237.
Meanwhile, millennials think they should spend about £3,045 — more than any other age group — but only actually spend about £1911, the research found.
“It’s very interesting how customers are seeking out value, and getting more for their money without spending the standard “three month’s salary.” With a big shift from traditional jewellers moving online, we’ve found customers are doing more research themselves, in finding exactly what they want — this doesn’t always mean spending big,” said Ben Stinson at Diamonds Factory.
“There are some regional surprises as well. There’s an undeniable expectation that London has the greatest spending power, but in actual fact it’s been overtaken by the south-west.”