Signet Boss Heralds Wedding Recovery
December 27, 23
(IDEX Online) - There are encouraging signs that more US couples plan to wed, says Signet, the jewelry giant that says bridal accounts for half its total revenue.
The number of marriages has been in steady decline for decades, and the Covid pandemic prompted an "engagement gap", with lockdowns limiting opportunities for romance.
But Gina Drosos, Signet Jewelers CEO, (pictured) says there are, finally, signs of a recovery.
"Couples moving in together, a late-stage milestone, was up nine points from early 2022, and Google searches for engagement rings are now 10 per cent higher than last year, the first time they've exceeded the prior year in nearly two years," she said in a call with investors.
"The percentage of couples moving to the engagement phase has improved by five points, a statistically significant movement over the last 18 months."
She said almost 80 per cent of non-married Millennial and Gen Z adults say they eventually plan to marry. According to Signet's latest research.
"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."