Survey finds customers under 35 are shopping around for the best deal.
Shoppers under the age of 35 are visiting up to 100 retailers and websites in the hunt for engagement rings, according to a survey by online jewellery retailer DaimondManufacturers.co.uk.
The retailer surveyed more than 1,000 shoppers under the age of 35 and found that 24 percent of those asked had visited between 50 and 100 retailers before making a decision on a ring in order to get the best price.
DiamondManufacturers.co.uk’s Adrie van der Luijt said: “We see at the moment that customers spend more time than ever researching best buys before they purchase.”
The rising cost of diamonds and gold, plus the pressures of the credit crunch have spurred bridal shoppers to look around for the best deal. Tight budgets have also meant that 19 percent of shoppers under 35 are borrowing money from parents and grandparents to help pay for engagement rings, according to the survey.
Van der Luijt said: “With the average wedding now costing around £15,000 and no bank loans, overdraft facilities or credit cards to fall back on, you are often left with few alternatives but to ask parents to lend a hand financially.”
DiamondManufacturers.co.uk said that it expects the trend of shopping around for the best deal to continue in 2010 as rising rough diamond prices, which have experienced double-digit growth since March 2009, push the price of engagement rings up further.
Van der Luijt said: "Shopping around for the lowest prices on engagement rings and diamond jewellery will be more important than ever this year."