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2.07 Million Engagement Rings To Be Sold in 2022: Today’s Wedding Jewelry Consumer Report May 25, 2022 (0 comments)
Austin, TX--Shane McMurray of The Wedding Report, and Marty Hurwitz of the global gem, jewelry, and watch industries market research company, THE MVEye, announced the launch of Today’s Wedding Jewelry Consumer (TWJC), an interactive research platform to help jewelry retailers learn more about the next generation of wedding jewelry consumers.
“After someone gets engaged, their next step is to plan the wedding,” said McMurray in a press release announcing the report. “The Wedding Report’s Wedding Cost Estimator captures about a quarter-million consumers per year who have just gotten engaged and now seek to understand the cost of their upcoming wedding. It’s the perfect time to learn about their recent jewelry shopping experience and their likely future jewelry shopping experience. This is research data that jewelry retailers have never had access to before, and it will be extremely valuable for product development, marketing efficiency, and sale presentations.”
Statistical data will be segmented by consumer demographics, key geographic markets in the USA, and the entire country. Learnings and predictive modeling from the research include:
Engagement ring market size:
In 2022, 2.07 million engagement rings will be sold at an average cost of $3,670, making the engagement ring market in the US worth approximately $7.6 billion.
Custom design engagement rings:
In 2022, about 386k complete custom engagement rings will be sold at an average cost of $5,384, making the entire custom engagement ring market worth approximately $2.1 billion. Couples that purchase a complete custom engagement ring spend about 57% more than those that select an existing style.
Lab-Grown vs. Mined:
In 2022, approximately 1 in 4 couples purchasing an engagement ring will purchase a lab-grown engagement ring.
Financing:
In 2022, about 545k couples will finance their engagement rings through the jeweler with an average cost of $4,512, making the engagement ring finance market worth approximately $2.46 billion. Couples that finance their engagement rings through the jeweler spend about 28% more than those that do not.
Warranties:
In 2022, about 1.13 million couples will purchase a warranty for their engagement ring. Couples that purchase a warranty for their engagement ring spend about 51% more than those that do not. Interestingly, almost 14% of couples, purchasing an engagement ring, said they didn’t know about warranties, no one told them, or they didn’t think about it, as a reason they didn’t buy a warranty. Most believe rings are covered under their homeowners' or renters’ insurance.
Insurance:
In 2022, about 1.07 million couples will purchase insurance for their engagement ring. Couples that purchase insurance for their engagement ring spend about 45% more than those that do not. Interestingly, almost 17% of couples purchasing an engagement ring said they didn’t know about insurance for it, no one told them, or didn’t think about it, as reasons they didn’t buy insurance.
Wedding rings:
In 2022, 4.5 million wedding rings will be sold at an average cost of $667, making the wedding ring market worth approximately $3 billion.
TWJC beta interactive research reports are now available to demo for free.
Future TWJC reports will be released on a triannual schedule and will be available on a subscription basis. Participating report sponsors will be able to provide free or discounted subscriptions for their customers.