More than 40 Percent Of Jewelers Say Clients Are Spending More on Engagement Rings

MORE THAN 40 PERCENT of jewelers say their customers are spending more or a lot more on engagement rings this year. With less opportunity to travel and spend money on experiences, clients seem to be using their discretionary income on supersizing their center stones. Even some jewelers who answered “no” to that question noted that while individual sales prices are stable or lower than they were in 2019, they are selling more engagement rings this year than last, which they attribute to a pandemic-induced urgency to commit. “I think the pandemic has made more people get married,” said one jeweler from the Pacific Northwest, who noted an uptick in engagement ring sales. “They are saying `Why wait.”

“Our whole business has spiked up 50 percent this year,” said one Midwestern respondent. “Shopping local is huge now.”

QUESTION: Are you finding bridal customers spending more on the engagement ring this year because they’ve had to cut back on their wedding and honeymoon plans?

In Jewelers’ Words

Yes, they are spending a lot more

1. Not sure if it is because they had to cut back on wedding plans because a lot of them lost deposits. It may be due to the fact that they can’t travel, which is a big priority for young people, and they have more money in their expendable income funds.
2. Big diamonds are going out the door. The Midwest is always slower than both coasts on trends, but even here 1.50 to 2 carats are the new norm. I love it! Big juicy rocks with stunning bands to accent that disco ball of a diamond. What’s not to love?
3. I normally sell 1 to 1.50 carat. Since the pandemic started, the increase in the size of center stones is notable, and bigger ticket anniversary items are flying out the door!
4. Customers have spent more time designing, which has correlated with a higher price point.

Yes, they are spending more

1. I’ve sold more big (over 1 carat diamonds this year than any other, and we still have months to go!!
2. We have also sold double the number of engagement rings compared to last year.

No, our average engagement ring sale hasn’t changed.

1. Dollar spent average remains about the same, but the number of sales has increased. During shutdown, I researched the effects of the Great Depression. I noticed that marriages went up and I kind of expected increased engagement sales based on my findings. I theorize that global unrest like war and pandemic causes people to consider their mortality thus making them more likely to make a big decision such as marriage.
2. I think the pandemic has made more people get married. They are saying, “Why wait?”
3. We’ve been selling a significantly higher number of engagement rings. Many have been together for years and the pandemic shifted their focus.