Data from Wisevoter found that people in one state spend over $7,000 more on an engagement rings than in another.
Whenever lists of "most expensive" anything appear on the internet, California and New York usually end up at the top -- certain Bay Area cities are notorious for having average down payments more than 100% times higher than the typical salary while the disproportionate number of billionaires in New York lead many to assume that the city has the highest numbers of big spenders on various luxury goods.
But at least when it comes to those preparing to ask that very important question, the highest spenders are in neither of those states.Â
When educational platform Wisevoter ran the numbers on how much people spend on engagement rings, Washington state came out with the highest national average -- $10,109 compared to the $3,005 spent in South Dakota.
They Paid How Much For That Engagement Ring?
California was next on the list with an average $9,482 while Illinois was not far behind with $9,197. But the state that came in fourth is surprising given that its average income is below the national average -- Kansas residents spend an average of $8,947 on engagement rings while that number is at $8,785 in New York and $8,842 in New Jersey.
Whether it is due to the presence of less expensive options or the generosity of their residents, states in the top ten also include Florida, Michigan, Massachusetts and Texas. At the same time, Delaware, Utah, Maine and Mississippi round out South Dakota as the states where people spend least to get engaged.
"Though not all states are equal when it comes to purchasing that special sparkly token of love (and financial commitment!), there's no shortage of options available no matter which part of America you call home," write the study's authors.
TheStreet
Amid A Looming Recession, Luxury Spending Is Going Strong
Even as inflation has been causing many to tighten their belts and analysts are increasingly warning about a potential recession, luxury goods have not felt the same hit as many other sectors of the economy -- luxury car maker Rolls-Royce (RYCEF)  reached, in 2022, a 119-year milestone when it sold 6,021 cars in one year while luxury giant LVMH (LVMHF)  saw a 34% increase in profits between January and June 2022 compared to the same time in 2021.
While other studies show that more than 57% of U.S. households have been cutting back on groceries in the face of inflation, luxury sales are going no less strong. Everything from high-end handbags from brands like Dior (CHDRF)  and Hermès to fine art and luxury wines has been selling better in 2022 than the year before.
A study by global management consultancy firm Bain predicts sales of personal luxury goods to be 22% higher globally when numbers for 2022 are calculated. The total number of 353 billion euros ($367 billion USD) reflects a wealth gap in which large numbers of high earners who are not as affected by the recession and just getting out of the pandemic-related lull ready to spend.
"Consumption is back at pre-crisis levels, but it is also a rebirth, since there is a new consumer base that is younger, and some pockets of consumers that have been unlocked during covid are here to stay and growing, like subcultures and ethnic groups in the U.S," co-author Claudia D’Arpizio said in a statement on the findings.
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