Engagement Season Galore
For most of 2020 and 2021, people were not spending much time with anyone outside of their immediate circle. Even fewer people got together and started dating, and that affected the engagement industry.
Will You Marry Me?
Roughly 2.8 million couples get engaged each year, according to data from Signet Jewelers (SIG) — the owners of Zales, Jared, Kay Jewelers, and more.
On average, it takes most new couples 3.25 years to get engaged. But in the years following the pandemic, the extended break from social interactions has given rise to what is referred to as the ‘engagement gap’. Last year, the number of engagements slipped to 2.5 million. It is expected to continue falling to 2.1 million this year before rebounding to 2.5 million in 2024. That’s a lot of engagement rings for those who choose to go that route.
Tracking this information is a key factor for Signet, which relies on bridal jewelry for roughly 50% of its merchandise.
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