Engagement ring sales plummet and COVID-19 is to blame

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Way of life

By Emilie Lefroy

April 26, 2023 | 7:42 p.m.

It sounds strange.

Engagement ring sales are down and COVID-19 is apparently to blame.

A plethora of failed romances due to the coronavirus pandemic has had a huge impact on the wedding industry, causing engagement ring sales to plummet, a phenomenon dubbed the engagement gap.

We were seeing it again today, Jamie Singleton, president of retailer Signet Jewelers and chief consumer officer, told CNN recently.

To return to pre-pandemic levels, sales of engagement rings for Signet jewelers, including Zales, Jared, Kay Jewelers and Diamonds Direct, are expected to increase 25% by 2026.

However, Singleton says the rings’ drop wasn’t a shock.

So what happened in the last two years is what we had expected and what we had planned, she explained. Engagement jewelry sales were lackluster in fiscal 2023, and we expect them to remain so for the remainder of fiscal 2024.

Singleton noted that bridal jewelry is essential for the company, as these purchases account for 50% of their sales.

And it’s not just engagement rings taking a hit, with the pandemic resulting in brides moving away from traditional weddings and dresses.

Fewer offers mean sales drop. Getty Images

Last week, national supplier Davids Bridal filed for bankruptcy, leading to the loss of more than 9,000 jobs across the country.

In an April 17 statement, Davids Bridal CEO James Marcum said the effects of the pandemic were having a lingering effect on their sales.

We have successfully modernized our marketing and customer interaction processes and brought our retail service levels to best-in-class, Marcum said. Nonetheless, our business continues to be challenged by the post-COVID environment and uncertain economic conditions, leading us to take this step to identify a buyer who can continue to operate our business in the future.

Engagement jewelry sales were lackluster in fiscal year 2023, and we expect them to remain so for the remainder of fiscal year 2024, a Signet representative said.Alamy Stock Photo

In a bankruptcy filing, the company claimed a change in customer preferences led to lower sales.

A growing number of brides are opting for less traditional wedding attire, including second-hand wedding dresses, the bankruptcy filing reads. These shifting consumer preferences greatly worsened the company’s financial crisis.

Data from the CDC earlier this year noted that marriages have yet to return to pre-pandemic levels as fewer couples decide to get married.

In the United States, marriage rates had already been falling since the early 1980s, according to the agency.

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