ERA Real Estate - a residential real estate company, ‘polled 1,000 people in committed relationships and half of the women surveyed said they’d forgo a big engagement ring,’ reports Huffington Post. The preferred option was to spend, instead, toward the down payment of a house. 17 per per cent of the survey respondents claimed to have done exactly that.
60 per cent of the respondents also stated a similar preference toward spending on a house rather than splurging on expensive honeymoons. Despite an obvious effort by ERA to portray spending on real estate as sensible, the survey does bring to light a cultural shift. Today, spending on anything of significant value is seen as an investment rather than an extravagance.
Interestingly, only young survey respondents in their 20s picked a house down payment over expensive engagment rings. Daily Finance reports: “While 50 percent of women in their 20s would choose the home rather than diamonds, only 8 percent of women in their 50s and only 2 percent of women in their 60s would give up the bling.”