When you’re readying yourself to drop knee there must be a million thoughts running through your mind.
Whether or not your beau will say yes, how to make sure the occasion is memorable, how you’ll announce it on Facebook to get the most likes – although if you do THIS at any point we will all silently judge.
That’s an aside from how much moola you’ll splash out for the ring – for some it’s the chance to show how much their dearest means to them, and for others it’s a big waste of money that could be put to better use elsewhere.
The global diamond industry as a whole is taking a bit of a battering, and the reasons for that may be twofold. Firstly millennials (that dirty word again) are increasingly in strained financial positions, and they’re also more aware of the exploitation often inherent in the acquiring of the precious stone.
How does that affect our local spending? This from BusinessTech:
The “rule of thumb” with engagement rings has always been to spend two months’ gross salary on a band… [and] this rule seems to be what most South Africans go for.
In South Africa, the average spend is between R30,000 and R40,000 – though noting that there were extreme swings above and below that range. Financial journalist, Maya Fisher-French previously pegged the typical budget for an engagement ring at R20,000.
A recent poll conducted in North America showed these results:
BusinessTech conducted their own poll, and after 4 533 responses here’s how the options stacked up:
That’s all well and good, but you can imagine many people spending far in excess of what they deem appropriate for fear of being judged as thrifty.
Of course it all comes down to a matter of personal preference, but when you start looking at the absurd prices facing first-time home buyers in this country priorities may well be shifting.
You just do you, and I hope you get all the Facebook likes you’re after.
[source:businesstech]
