As if the pandemic wasn’t already causing enough problems, it has also been blamed for a decline in the sales of engagement rings. According to Signet Jewelers, the parent company of several well-known jewelry brands, pandemic lockdowns led to the end of many early relationships and an overall decline in dating, resulting in a significant drop in engagement ring sales.
Jamie Singleton, Signet Jewelers’ group president and chief consumer officer, recently spoke about the “engagement gap” caused by the pandemic during the company’s investor day. He revealed that on average, couples get engaged roughly 3.25 years after they begin dating, and the decline in dating has led to fewer engagements.
However, Signet has some hope for the future. The company reported that dating is now up 8% compared to pre-COVID levels, and they anticipate some recovery in engagement ring sales in the future. Singleton added, “Engagement jewelry sales were lackluster in fiscal 2023, and we expect them to remain so for the balance of fiscal 2024, but we’re confident in the return that’s coming.”
Signet Jewelers’ bridal category, including engagement-related sales, has made up roughly 47% to 49% of its merchandise sales over the last five years. Despite the decline in engagement ring sales, Signet isn’t the only bridal-related business affected by the pandemic. David’s Bridal, one of the largest sellers of wedding gowns and formal wear, recently filed for bankruptcy protection due to several economic issues, including the decrease in the number of customers visiting their physical stores.
Although the pandemic has caused a lot of hardship for many businesses, Signet and David’s Bridal remain hopeful and committed to providing quality products and services to their customers.