Engagement rings, symbols of love and commitment, have a long history in our society. This case study aims to analyze the impact of engagement rings on consumer behaviour and the implications they may have in marital satisfaction.
The engagement ring serves as a potent symbol, both socially and emotionally. It reflects the promise of a future marital union, broadcasting the status of a committed relationship publicly. Most of the modern society identifies this concept with the widespread ad slogan, “A Diamond is Forever”, introduced by De Beers in the 1940s. The investment in an engagement ring, particularly in diamonds, has significantly influenced consumer behavior since then.
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Purchasing an engagement ring often represents a significant financial decision. A study by Ebates found that 38% of Americans believe an engagement ring should cost at least one month’s salary, while another 21% believe that it should be equivalent to two months’ salary. This mindset has a massive impact on consumer behavior, making the decision emotionally loaded, socially influenced, and financially significant.
However, the size and cost of the ring doesn’t determine the success of marriages. A study conducted by Emory University—”‘A Diamond is Forever’ and Other Fairy Tales: The Relationship between Wedding Expenses and Marriage Duration”—found a negative correlation between the expenditure on engagement rings and the duration of the marriage. It states that men, who spent between $2,000 and $4,000 on engagement rings, were more likely to get divorced compared to those who spent between $500 and $2,000.
Robert H. Frank, a professor of economics at Cornell University, theorizes that high spending on the engagement ring and wedding may be linked to financial stress in the marriage, which is one of the primary causes of divorce.
Contrary to the belief that a more expensive ring correlated to the prospective spouse’s level of commitment, the research conducted by Julia McQuillan, an associate professor of Sociology at the University of Nebraska, found no significant connection between the cost of the ring and the level of commitment.
The research by Professor Lalin Anik of Duke University showed that couples who spent more on their engagement ring and wedding ceremony tended to have shorter marriages than those who kept costs lower. It also revealed a shift in consumer behavior, where many young, well-educated professionals prefer less expensive, personal, and sustainable options, focusing not on the price, but the emotional symbolism of the ring.
In the current market, a growing number of consumers are opting for lab-grown diamonds. They are less expensive than mined diamonds and more sustainable, which is a crucial factor influencing this buying decision.
The research suggests that ring cost and size can have a paradoxical effect on marriage satisfaction, causing undue pressure and possible relationship strain. The trend now leans towards sustainability, affordability, and personal meaning rather than grandeur. Therefore, jewelers should consider reformulating their marketing strategies, focusing more on the symbolic significance of engagement rings rather than promoting high-cost options.
In conclusion, while engagement rings continue to be a significant part of the marriage tradition, the influence they have on consumer behavior and marital satisfaction is shifting. Trust, love, commitment and understanding are becoming the cornerstone of marriages, with less emphasis on the materialistic aspects of the engagement ring.