After a period of decline in marriage proposals following the COVID-19 pandemic, the tide seems to be turning, promising a potential boon for various industries. Major jewelers, whose revenues were impacted by fewer marriage proposals, are now anticipating a positive shift, signaling a potential revival in the engagement sector.
Signet Jewelers, the parent company of renowned jewelers like Kay, Zales, and Jared, expects the first increase in customers seeking engagement jewelry in years. Historically, 50% of Signet’s business is tied to weddings, making this projection particularly significant for the industry.
The holiday season, especially between December 24 and January 1, is crucial for marriage proposals, with Valentine’s Day being considered the top day of the year for such occasions. Signet’s data indicates that engagements were down by 25% from pre-COVID levels. However, heading into the holiday season, there are optimistic signs of a rebound.
Gina Drosos, CEO of Signet Jewelers, highlighted several indicators beyond sales that suggest a recovery is underway. Factors such as an increase in couples moving in together, a surge in Google searches for engagement rings (10% higher than the previous year), and a rise in the percentage of couples moving to the engagement phase are all positive signals. Drosos noted that general attitudes toward marriage are improving among younger generations, with nearly 80% of non-married Millennials and Gen Z adults expressing a desire to eventually get engaged and married.
“In our most recent survey, nearly 80% of non-married Millennial and Gen Z adults say they want to eventually get engaged and married, which is a notable improvement to younger adults from a 2018 survey,” said Drosos. “That’s encouraging, as are the multi-cultural changes we’re seeing in engagements. Moving forward, the majority of engagements in the US will be multicultural, led by growth in Hispanic Americans.”
As couples express a renewed interest in marriage proposals, the industry anticipates a positive shift, offering a glimmer of hope after the challenging period brought about by the pandemic.
