CONSUMER

Get ready for a spike in marriage proposals after 2023, jewelry company reports

Sep 17, 2023, 4:32 PM

(File) Wedding Rings...

(File) Wedding Rings

(File)

(CNN) — Expect plenty more Champagne corks to pop in 2024, because engagements are expected to pick up steam after a pandemic-triggered drop-off.

According to Signet Jewelers, the largest jewelry company in the United States, the pandemic dented sales of engagement rings as relationships faltered – or never even blossomed in the first place – as people stayed inside or avoided socializing outside of the immediate family.

This trend then created an “engagement gap” since couples get engaged, on average, about 3.25 years after they begin dating, according to Signet’s proprietary data.

But with the return of many pre-pandemic lifestyles, including dating, Signet (owner of Zales, Jared, Kay Jewelers, Blue Nile and Diamonds Direct) said the lull in proposals is expected to bottom out this year, and engagements will likely rebound starting in early 2024.

“Covid created a temporary disruption in dating. We had predicted that we would see a lull in engagements caused several years ago by Covid,” said Signet CEO Virginia Drosos during a company presentation at the Goldman Sachs Global Retailing Conference on Wednesday.

About 2.8 million couples, on average, get engaged every year in the United States, said Drosos. Last year, the number slipped to 2.5 million. She said it will continue to head lower to level out at 2.1 to 2.2 million in 2023 before climbing back up and fully rebound over the next three years.

In 2024, Signet expects engagements will reach 2.4 to 2.5 million. That rebound is crucial to Signet since bridal jewelry accounts for 50% of its overall merchandise sales.

Drosos said Signet is able to closely track the yearly engagement cycle because of its customer data platform.

“It’s our proprietary signals that tell how couples are progressing through the 3.25 years from when they meet to when they get engaged,” she said. “We have 14 million people right now in the dating funnel that we can identify in our database. Around 2.1 million couples will get engaged this year and we have significantly more people that we see in the dating funnel that we are now tracking into 2024.”

Drosos provided more details about Signet’s ability to forecast engagement trends during the company’s most recent earnings call with analysts.

“Why are we confident that engagements will recover? Our confidence is based on 45 proprietary milestones we track to measure a couple’s journey toward engagement,” she said during the call last month. “Not every couple experiences all of the 45 milestones we track, but we know that once they reach 25 to 30 of these milestones, they become, statistically, significantly more likely to move on to engagement.”

One data point that has improved by 7% year over year is “early relationship triggers,” Drosos said, citing “going to a sporting event or a concert together.”

In its second quarter ended July 29, Drosos said Signet saw the pool of couples approaching 25 to 30 milestones increase by 700 basis points.

“Additionally, we are seeing states like Texas and Florida, which reopened earlier in the pandemic, 10 points closer to pre-pandemic engagement levels compared to California and New York, which reopened later in the pandemic,” she said.


The-CNN-Wire™ & © 2023 Cable News Network, Inc., a Warner Bros. Discovery Company. All rights reserved.

KSL 5 TV Live

Consumer

Utah Capitol where lawmakers passed a deal to possible raise a tax and quickly spend the money on d...

Lindsay Aerts

Lawmakers defend Sept. 1 contract deadline on downtown plans

The deal to raise Salt Lake City's sales tax to help house the new NHL team and revitalize downtown is moving fast and lawmakers are defending the deadline.

35 minutes ago

Ben Van Leeuwen scoops Kraft Mac & Cheese flavored ice cream Wednesday, May 15, 2024, in the Br...

Dee-Ann Durbin, The Associated Press

Sour Patch Kids Oreos? Peeps Pepsi? What’s behind the weird flavors popping up on store shelves

Van Leeuwen Ice Cream usually draws customers with gourmet takes on classics like vanilla and pistachio. But occasionally, the artisanal ice cream maker headquartered in New York slips in what it calls a “shock flavor,” like Hidden Valley Ranch or pizza.

2 days ago

ROHNERT PARK, CALIFORNIA - APRIL 17: In an aerial view, a sign is posted on the exterior of a Red L...

Michelle Chapman and Dee-Ann Durbin, AP Business Writers

Red Lobster seeks bankruptcy protection days after closing dozens of restaurants

Casual dining chain Red Lobster has filed for bankruptcy protection late Sunday, days after shuttering dozens of restaurants.

2 days ago

Abravanel Hall is pictured in Salt Lake City on Wednesday, May 8, 2024. Smith Entertainment Group, ...

Lindsay Aerts

Plan for updating Abravanel Hall estimated to cost hundreds of millions

Estimates for updating Abravanel Hall, home of the Utah Symphony, are estimated to cost over $200 million.

2 days ago

Protesters descend a staircase in the Minnesota State Capitol building in St. Paul, holding signs a...

Eva Rothenberg, CNN

Minnesota lawmakers strike minimum pay deal for Uber, Lyft drivers

Minnesota lawmakers successfully struck a deal with rideshare companies Uber and Lyft to establish a minimum wage standard for their drivers.

3 days ago

(FILE) Two signs advertising bedrooms for rent....

Daniel Woodruff

Rent costs are up nationally, but what about Utah?

While some aspects of inflation are cooling down, the cost of renting has continued rising.

5 days ago

Sponsored Articles

Electrician repairing ceiling fan with lamps indoors...

Lighting Design

Stay cool this summer with ceiling fans

When used correctly, ceiling fans help circulate cool and warm air. They can also help you save on utilities.

Side view at diverse group of children sitting in row at school classroom and using laptops...

PC Laptops

5 Internet Safety Tips for Kids

Read these tips about internet safety for kids so that your children can use this tool for learning and discovery in positive ways.

Women hold card for scanning key card to access Photocopier Security system concept...

Les Olson

Why Printer Security Should Be Top of Mind for Your Business

Connected printers have vulnerable endpoints that are an easy target for cyber thieves. Protect your business with these tips.

Modern chandelier hanging from a white slanted ceiling with windows in the backgruond...

Lighting Design

Light Up Your Home With These Top Lighting Trends for 2024

Check out the latest lighting design trends for 2024 and tips on how you can incorporate them into your home.

Technician woman fixing hardware of desktop computer. Close up....

PC Laptops

Tips for Hassle-Free Computer Repairs

Experiencing a glitch in your computer can be frustrating, but with these tips you can have your computer repaired without the stress.

Close up of finger on keyboard button with number 11 logo...

PC Laptops

7 Reasons Why You Should Upgrade Your Laptop to Windows 11

Explore the benefits of upgrading to Windows 11 for a smoother, more secure, and feature-packed computing experience.

Get ready for a spike in marriage proposals after 2023, jewelry company reports