Valentine’s Day Sparks 220% Surge in Engagement Ring Searches on eBay UK
- 6 in 10 consumers prefer to shop for an engagement ring online, to keep the proposal a secret
- The resale ring market is growing as over half of UK consumers stated they would buy a pre-loved engagement ring
- 60% of those who are engaged or married would consider purchasing a new engagement ring once married
February 2024: As February presents itself as one of the most popular months to get engaged, with Valentine’s Day and Leap Year traditions, leading luxury marketplace eBay UK, has seen an increased demand for engagement rings, as searches rise by over 220%.
Ahead of this Valentine’s Day, the marketplace is revealing the latest insights into consumer shopping habits as well as engagements, as more prefer to browse and purchase online.
With over 200,000 engagement rings available on the marketplace, eBay UK’s Authenticity Guarantee program, in collaboration with the GIA, vets and verifies eligible new and pre-loved fine jewelry from top designer brands including Cartier, Van Cleef & Arpels, Tiffany & Co. and Chopard, as well as unbranded and unique pieces.
Alice Marsden, Head of Luxury at eBay UK said:“It’s clear that February is one of our most exciting months, there’s lots of proposals with Valentine’s Day and perhaps even with 2024’s Leap Year. Offering a wide range of rings to choose from, we have witnessed a noticeable move to online and pre-loved purchases, alongside an increased appetite for colored stones and lab-grown rings.
It’s wonderful to see people come to the marketplace to find the right ring for that special moment, whether it’s a timeless round-cut diamond ring or a unique style. With our Authenticity Guarantee program, future fiancés and fiancées can now purchase an authentic ring with confidence, knowing that it is worthy of flaunting.”
- Shift to online shopping
The shift to online shopping for engagement rings is growing, with new research commissioned by eBay UK revealing that 6 in 10 prefer to shop online for this special purchase, as it allows them to browse at their own pace and it removes the pressure of in-store salespeople.
- Secondary market to become the first choice
The high-end pre-owned jewelry market will continue to grow in 2024 due to a shift towards sustainable and economic choices, as over half of consumers (54%) state they wouldn’t mind a preloved engagement ring.
Technological advancements, particularly eBay’s recent expansion of its Authenticity Guarantee program to include fine jewelry have also instilled greater confidence in online transactions. Verifying eligible jewelry pieces has significantly raised buyer and seller trust, redefining online luxury shopping.
- Classic cuts and colored diamonds
Revealing the top trending cuts and shapes, a classic and timeless cut is the preferred engagement ring style for a third of consumers (32%). This is followed by a ring that may have a deep history (18%) or a colored stone (16%) rather than a diamond. eBay UK has seen this first-hand as searches for engagement rings with sapphires and emeralds, have increased by over 20% and 25% respectively in the past year.
- The rate of lab-grown ring growth is accelerating
The rapid rise of lab-grown stones is resonating across the market. People are paying attention to the way diamonds are mined and increasingly choosing lab-grown diamonds instead, which can be more affordable in price.
On eBay, searches have increased by over 110% over the past year as the platform is proudly able to authenticate lab-grown diamonds as part of its Authenticity Guarantee program.
- Placeholder Engagement Rings
Purchasing a new ring following the proposal is also becoming increasingly popular, as three in five of those who are engaged or married would consider purchasing a new engagement ring once married (60%) with a quarter doing so to mark an anniversary (25%), and a fifth to have a ring that is unique to them (20%).
To discover and be inspired by engagement rings on eBay, look for the little blue verification tick and the words Authenticity Guarantee next to the listing.
-ENDS-