Lockdowns Now Hitting Engagement Sales, says Signet
May 03, 23
(IDEX Online) - Signet, the US's biggest jewelry chain with 2,800 outlets, says an "engagement gap" is to blame for falling ring sales.
The Covid pandemic was a passion killer. Relationships that may otherwise have led to 2023 weddings faltered, or never happened in the first place, as lockdowns forced people to stay at home.
The average time from the first date to marriage is just over three years, according to Signet's own research, which is why it's now a problem.
"What's happened over the past couple of years is what we anticipated and what we planned for," Jamie Singleton, Signet's president and chief consumer officer, told CNN.
She said the sector would have to grow by 25 per cent by 2026 to return to pre-pandemic levels, but said there were encouraging signs that peopelwere dating again.
Bridal accounts for around half of Signet's business across its banners - Kay Jewelers, Zales, Jared, Banter by Piercing Pagoda, Diamonds Direct, JamesAllen.com, Rocksbox, Peoples Jewellers, H.Samuel and Ernest Jones.