While many individuals are self-purchasing jewelry, they’re not spending a huge amount when doing so. The majority of BriteCo survey respondents said they had spent under $500 on a piece of jewelry.
While that is still far off from the cost of the average engagement ring or a piece of fine jewelry from a luxury brand, it’s within the price range for a large array of pieces available from nationwide jewelry chains as well as online retailers — particularly if the shopper is willing to purchase more affordable options like lab-grown gemstones.
Here, too, there is a generational divide in how much shoppers are willing to spend. Gen Z and Baby Boomers are the least likely to splurge on a big jewelry purchase.
Millennials are willing to spend the most, with about 20% saying they’d pay $2,500–$5,000 on a single piece of jewelry for themselves. Meanwhile, 8% say they’d be willing to spend over $5,000.
Gen X is similar, with 12% willing to spend $1,000–$2,500 and 11% open to spending $2,500–$5,000.