Consumer Behavior

Jewelry industry experiencing ‘engagement gap’

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April 27, 2023

The engagement jewelry segment still hasn't quite recovered since the pandemic with ring sales still on the decline.

The news comes as another big retailer in the love business, David's Bridal, is now in bankruptcy.

A top driver keeping ring sales down is that the pandemic didn't help early relationships grow and there was a big dip in dating, according to Signet Jewelers. The trends created an "engagement gap," according to a CNN report.

"We're still seeing it today," Jamie Singleton, Signet Jewelers' president and chief consumer officer, said during the company's recent investor day, calling engagement jewelry sales "lackluster" in fiscal 2023.