299 Engagement Ring

Alexandra Ysabelle P. Palma

9-Resilience

In this issue from 2 months ago, this issue about a 299 ₱ peso engagement ring surfaced and got
viral within the bound of gossip and media. The post made by the receiver of the engagement
ring gathered quite a lot of attention. Saying “Ganito lang ba ako kababa sa kanya?” . Many
stated their thoughts about this issue, stemming thoughts of how they would feel unhappy and
etc. ; to economic relations, like value and the more people encouraged to buy these rings
because of inflation.
In my opinion, take note that it is not from a professional view, this issue about the ring is but a
personal one, connecting it to economic relations is concerning. As I watched the news about this
issue, I can’t help but think how trivial this is. To this problem would get as far as being
mentioned in the news. But as I read the majority of hearsay in the media, many are concerned
about the importance of the ring in the engagement as it is a symbol of commitment and the
amount of importance the receiver means to the giver. Some sympathized to the giver, saying
that if that was the only one he could afford, it was alright as long as he loved the girl.
As I said earlier, many are encouraged to buy these cheap alternatives rather than a real one.
What could this do to our economy? Since rings are usually made by expensive materials like
gold, gems and brilliant craftmanship. It is safe to say that if many people are choosing the
cheaper alternatives more than the expensive, it would greatly affect the economy negatively
based on my knowledge. If these low-cost options widen its access, our economy will definitely
suffer. For instance, gold always raises its value, if the demand for it lessens what will happen?
Consider the long-term consequences of such trends. Will the popularity of inexpensive
engagement rings endure, or is it a passing fad? How might it influence future spending habits
and cultural norms related to marriage and relationships?
This theory suggests that the value of a good or service is not inherent in the item itself, but
rather it is determined by the preferences and perceptions of individuals. its value is subjective
and varies from person to person. While some may perceive it as a symbol of love and
commitment, others may see it as cheap or inadequate. The value attached to the ring depends on
the cultural, social, and personal factors influencing the buyer's perception. From an economic
standpoint, this situation highlights the importance of understanding consumer preferences and
the role of perception in determining value. It also underscores the fact that price alone does not
dictate value; rather, value is determined by the satisfaction and utility derived from the item by
the individual consumer.
In summary, this is all based just on the consumers’ behavior about/of the product, can it affect
the economic standpoint of this issue. A simple demand issue. As I said, none of this is based on
a professional’s perspective but of a student. I cannot guarantee the factfulness of this
opinionated essay.