Top U.S. retailers report that engagement ring and wedding dress sales have not rebounded since the pandemic. The beginning of the lockdowns in the early spring of 2020 led to an “engagement gap,” according to Signet Jewelers, the largest jewelry company in the United States. Signet reports that engagement ring sales were down in 2023 and are projected to remain low in 2024. As another indication of lower engagement and marriage rates, David’s Bridal, the largest wedding dress retailer, recently declared bankruptcy.
According to president and chief consumer officer of Signet, Jamie Singleton, the average couple in the United States dates for 3.25 years before getting engaged. Thus, the company needs the number of engagements to grow by 25% by the year 2026 in order to return to pre-Covid sales.
Singleton, though, is hopeful that numbers will trend upward in the coming years, quoting the statistic that dating is back up 8% to pre-Covid levels.