Study highlights traditions, shopping behaviors and growing insurance needs
NEENAH, Wis. (December 5, 2024) – Jewelers Mutual® Group, the insurer dedicated to protecting jewelry and jewelry businesses for over a century, has announced new insights from its latest engagement ring study. The research, which examines the evolving preferences and behaviors of over 1,500 engagement ring shoppers and wearers, offers a unique look at the tradition, practicality and protection practices surrounding engagement rings today.
“Our recent research showcases how consumers are currently approaching engagement ring purchases and the value they place on protecting these meaningful pieces,” said Krystle Craycraft, Senior Vice President of Marketing and Digital at Jewelers Mutual. “Staying up to date on the latest trends is critical for Jewelers Mutual as we guide jewelry owners toward confident and informed decisions at every stage of their jewelry journey.”
Key findings from the study include:
Engagement Ring Shopping Together: Nearly half of respondents (46%) are choosing to shop for their engagement rings with their significant other, reflecting a shift towards collaborative decision-making in ring selection.
Research and Planning: An impressive 8 out of 10 engagement ring wearers research rings before making a purchase. Across the board, the study shows that engagement ring purchasers tend to start their research 1-3 months before buying, whether they’re buying at traditional jewelry stores, online or through custom designers.
Everyday Wear, Travel and Vulnerability: Half of engagement ring wearers wear their ring daily, and the majority travel with their rings. Respondents indicated that over 90% of ring losses and over 70% of ring damage happen while traveling.
Growing Role for Insurance in Jewelry Ownership: Engagement rings are often the first significant piece of jewelry insured by their owners. The study reveals that the strongest influence to protect the engagement ring comes from their jeweler. This trend is particularly strong among younger generations, who are more inclined to secure specialized jewelry insurance than older generations.
When is the right time for jewelry insurance? Jewelers Mutual recommends insurance as soon as possible after purchasing the ring to ensure it is covered should loss, theft or damage occur. For more information on Jewelers Mutual’s engagement ring study or to learn about jewelry insurance, visit jewelersmutual.com/engagement-ring-study-2024.
*The Jewelers Mutual study was conducted in August 2024 via an online survey through Qualtrics. A sample of over 1,500 adults in the U.S. aged 18+ who have purchased or received an engagement ring in the last five years were recruited via an online research panel and surveyed via online self-completion.