What is the Average Cost of an Engagement Ring
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What is the Average Cost of an Engagement Ring

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Here's the power point from my presentation on the average cost of an engagement ring bought online.

Here's the power point from my presentation on the average cost of an engagement ring bought online.

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What is the Average Cost of an Engagement Ring What is the Average Cost of an Engagement Ring Presentation Transcript

  • A Statistical Study Evaluating the Average Cost of Engagement Rings Purchased Online
    Presented by BuyDiamondRings.org
  • Many sources have reported different numbers, ranging from $3,000 to $6,000.
    About.com reports that the average cost is the range of $3,500 to $4,000 (link)
    Learnvest.com reports that the average engagement ring in 2009 sold for $3,150 (link).
    TheKnot.com reports that the average cost of an engagement ring in 2010 was $5,392 (link).
    What’s the Average Cost of an Engagement Ring?
  • The Wall Street Journal reported in 2006 that $5,600 was the average cost for an engagement ring purchased on the net(link).
    I focused on online engagement ring sales for my study.
    I took a sample of 829 engagement rings sold online in late 2010/early 2011 and analyzed the cost data.
    What about online, specifically?
  • Most expensive ring: $86,829.
    Lease expensive ring: $698 .
    Mean: $8,613.26.
    Median: $6,071.00.
    Mode: $3,379.00.
    Standard Deviation: $8,144.90.
    Skew**: 3.07
    ** The skew is important – notice it on the graph on the next slide.
    Here’s what I found…
  • As you can see, there were two things that stood out about the histogram.
    #1: The skewness. As reported a few slides back, there is a strong skew value of 3.07
    #2: The outliers. There were numerous outlies on the upper end of the distribution.
    What happens when I remove the outliers?
    The results
  • Mean: $7,696.63.
    Median: $5,969.00.
    Standard Deviation: $5,707.24.
    Skew: 1.36
    The mean changed drastically, but the median was almost unchanged. This is typical when there are so many outliers and a strong skewness. Here’s the graph without the outliers:
    Results with Outliers Removed
  • Even after removing the outliers, the distribution is still skewed.
    Given the skew and the outliers, the median is a better measure of the average cost of an engagement ring purchased online.
    In this study, the two medians were $6,071 and $5,969. Averaging these two medians out gives $6,020, almost exactly $6,000.
    Using these results, I would infer that the average price of an engagement ring purchased online is $6,000.
    Still skewed, but better…
  • This was a presentation by BuyDiamondRings.org.
    Data was provided by Blue Nile.
    If you are in the market for an engagement yourself, please read our engagement rings guide.