By Sarah Jacobs
Gleem & Co.
Diamond engagement ring.
The average American spends $5,871 on an engagement ring according to The Knot’s 2015 Real Weddings Study.
According to their team, Nevada, Montana, and Washington are at the top of the list, forking over $9,000 to $10,500 for one ring on average.
“About 65-70% of our customer base is the millennial male, and the second segment is a middle-aged male, which I would dub [as this may be] their second [marriage],” Mark Keeney, Ritani’s vice president of marketing, told Business Insider during a recent visit to the brand’s Manhattan diamond factory.
“But [these two customers] share similar characteristics, just as you’re older, you have a little more disposable income, so you’re willing to spend a little more,” he said.
Since Nevada has the highest divorce rates in the country, Keeney’s hunch about the “second marriage” could hold some truth.
South Dakota and Vermont come in at the bottom of the list, averaging up to $2,999.
Read more stories on Business Insider, Malaysian edition of the world’s fastest-growing business and technology news website.
Source:: Business By Insider