Don’t Buy an Engagement Ring During This Time of Year
Written by
Ashleigh Ray, AI Editor
Edited by
Ashleigh Ray
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When it comes to popping the big question, timing is everything — and we’re not just talking about the right moment to get down on one knee.
Believe it or not, the time of year you choose to buy that dazzling engagement ring can have a big impact on your wallet.
So, before you start ring shopping, take a look below to find out when you should hold off on making that significant purchase.
The Holiday Season: A Sparkly Trap
November to February: This period — spanning Thanksgiving, Christmas and Valentine’s Day — is like the Super Bowl season for engagement ring sales.
It’s romantic, festive and everyone seems to be in the mood for love. Sounds perfect, right? Not so fast.
The demand for engagement rings skyrockets, and as basic economics teaches us, high demand often means higher prices.
Jewelers know they’ve got a captive audience during these months, and while you might find sales, the markdowns are often on the pieces they’re trying to clear out, not the ones you’re eyeing.
What You Can Do Instead
If you’re set on a holiday proposal, consider buying the ring well in advance. Shopping during the summer months can snag you a better deal. Plus, it gives you plenty of time to plan the perfect proposal.
Spring Fever: High Prices Bloom
Late March to Early June: Spring symbolizes new beginnings, making it a popular time for proposals. However, this popularity comes at a cost.
With wedding season kicking off, couples are hunting for the perfect ring to seal the deal, driving up prices.
What You Can Do Instead
Patience is a virtue, and waiting until late summer or early fall can lead to significant savings. During these off-peak times, jewelers may be more willing to negotiate on price, especially for high-ticket items like engagement rings.
Tax Refund Season: Spending Temptation
April to May: Who doesn’t love the idea of using a sudden windfall, like a tax refund, to buy something as meaningful as an engagement ring? This thought is more common than you might think, and jewelers are well aware.
Prices may not spike as they do during the holiday season, but don’t expect any amazing deals either.
What You Can Do Instead
Resist the urge to spend that tax refund immediately. By delaying your engagement ring purchase, you could allocate your funds more wisely and even add to your savings, allowing for a bigger budget when prices are more favorable.
Tips for Timing Your Purchase
- Shop Off-Season: Aim for periods outside of major holidays and wedding season. Late summer and early fall are often your best bets.
- Research and Compare: Don’t buy on your first visit. Take your time to shop around, compare prices, and even explore online options.
- Ask About Sales: Inquire with jewelers about upcoming sales or promotions. Some may offer discounts during slower business periods.
- Consider Alternative Gemstones: Diamonds are the traditional choice, but other gemstones can be just as beautiful and significantly less expensive.
- Negotiate: Yes, you can negotiate at many jewelry stores. It never hurts to ask for a better price or perks like free resizing or an extended warranty.
Editor's note: This article was produced via automated technology and then fine-tuned and verified for accuracy by a member of GOBankingRates' editorial team.
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