Why Have Engagement Ring Sales Increased During COVID-19?
An engagement is a wonderful chance to announce that you intend to spend the rest of your life with another terrific person. Many couples choose to exchange meaningful rings as visible symbols of their love and commitment. At the same time, when the coronavirus that became a pandemic first showed up, it put the kibosh on many formal celebrations. Jewelers, like many other retailers, were expecting to take a hit.
While COVID-19 closed some doors, it opened others. More people stayed home. This meant they were spending less money on certain forms of entertainment such as vacation travel. For many people, this freed up disposable income to be used for other purposes. Many retail stores were closed during the early days of the pandemic. However, as officials began to get a handle on the problems imposed by the coronavirus, they began to ease the process of lockdown and allow for more in-person gatherings.
Jewelry as a Symbol
Part of the process of recovering from the pandemic for many people in the United States has been couples choosing to spend more money on tangible items. Many couples choose to have smaller engagement parties and weddings because of COVID restrictions. They cut down on food and drink, the number of guests and even the number of floral arrangements they buy. Instead, they choose to treat themselves to something that will last much longer than a single day. Engagement rings have been a very strong sector of the jewelry market even in the middle of the pandemic.
The pandemic has also created fluctuations in the market as a whole. Many couples look at the rising markets but aren’t sure where to invest. Jewelry has proven to be an asset they can own easily. Metals like gold, silver and platinum have proven to be particularly popular for modern couples. This has been particularly notable for items that are priced under $50,000. Many couples consider them affordable luxuries as well as a good place to put their extra funds. Sales have been growing in the United States as well as other parts of the world, such as Asia, that have increasingly adopted American engagement and wedding customs.
Individuals about to propose marriage, as well as already engaged couples, are using many ways to buy rings. They’re buying them in traditional stores. They’re also buying them on the internet since online buying provides a wider range of options. At the same time, many customers appreciate the chance to buy items in a store where they are assured of personalized service and attention. Brides-to-be are also taking the lead. They know what they want in an engagement ring. They’re happy to work with their partner to discover that very special piece of jewelry to mark their love.