WOW: New Jersey Overspends On Engagement Rings

The countdown to Valentine's Day is on and the one gift that has been a traditional staple for lovebirds over the decades is Jewelry. This is the time of year for Engagement Rings and Anniversary Gifts, with some people spending wild amounts of money for their significant other.

According to the National Retail Federation, there is an expected $6.4 billion to be spent this year on jewelry in the United States. So where do New Jersey residents rank among Americans who are spending money on Engagement Rings in 2024?

The online diamond marketplace Rare Carat analyzed 22 million user purchases to find out what types of rings people are purchasing the most often and what states have been spending the most money on these Engagement Rings.  Well, the Garden State is certainly not cheap in this category.

The research from Rare Carat found that New Jersey is spending the third most money on Engagement rings, an eye-popping average of $10,445 per ring. The two states ahead of the Garden State on the list are New York (spending $11,434 per Engagement Ring) and California (spending $10,582 per ring).

Compared to New Jersey and New York, their neighboring northeast states are spending thousands of dollars less on engagement rings.  The state of Pennsylvania is shelling out $7,995 per ring, and Delaware is spending slightly more money, $8,576 per ring.

Here is the full list of the Top Ten States That Are Spending the Most Money on Engagement Rings:

1. New York: $11,434 per Ring
2. California: $10,582
3. New Jersey: $10,445
4. Connecticut: $9,744
5. Massachusetts: $9,636
6. Nevada: $9,458
7. Florida: $9,298
8. Texas: $8,915
9. Illinois: $8,801
10. Rhode Island: $8,787