By Mitch Rice
One of the biggest investments you will ever make in your life is an engagement ring. An engagement ring is not just any other piece of jewelry. The sentimental value of the engagement ring is attributed to the significance of what it represents.
An engagement ring usually marks the beginning of a new commitment in addition to being an expression of love.
Before COVID-19, couples would browse for engagement rings with great anticipation, perhaps keeping in mind their maximum spending limit. However, practically everything has changed since the pandemic.
Just like the other sectors have been affected by the pandemic, couples’ shopping habits for engagement rings have also been influenced by COVID-19.
Now, people are debating whether it is practical to spend such a large sum of money on priceless handcrafted engagement rings. Even if diamonds continue to hold their value, couples frequently find the added costs to be a hardship.
The economic implication due to the pandemic is the main reason for the shift in engagement ring shopping habits post-COVID-19.
However, there is good news for jewelry retailers: following the COVID-19 period, there has been an increase in demand for engagement rings. This is a trend that has been reported in almost all parts of the world.
As a result, retailers have been making a killing as other sectors ensure the adverse effects of the pandemic. The way people shop has changed, and in certain cases, so have their preferences.
The top five ways that buying Moissanite rings has evolved since COVID-19 include the following;
1. Substantial growth in sales
As previously indicated, since 2020, engagement ring sales have increased significantly. It has reportedly increased to 20 to 30 percent of the former value. Despite the economic and other difficulties related to the epidemic, it was shocking to see such a jump.
This is a trend that no one anticipated. These days, people like timeless looks that will be in fashion for decades. For instance, classic solitaire jewelry or platinum bands are in more demand. This is expected to continue into the upcoming holiday seasons, according to industry analysts. This is an indication that the growth in the sales of engagement rings is something that is projected to continue in the future, which is good news for retailers all around the world.
2. Paying more on engagement rings
Contrary to popular belief, people are indeed spending more money on engagement rings. This is yet another shocking development that no one in the industry really anticipated. The limitations on travel can be one explanation for this.
People are currently unable to travel for destination weddings or honeymoons, which allows them to save a significant amount of money. They may use this money to purchase engagement rings. The habit is expected to persist among many people for quite some time.
No longer do couples have to wait months to purchase an engagement ring. When they find one, they like, they frequently buy it right away. They do not want to visit numerous shops in search of the ideal engagement ring. To be married as soon as feasible, many of them opt to get a wedding band swiftly.
3. Focus wedding bands
In the past, couples would prioritize getting the engagement ring first. After some time, they preferred to purchase the wedding band. However, since the pandemic, individuals have been trying to cut costs and perform one-stop purchasing, which means they are combining the wedding band and engagement ring.
Now that smaller weddings are more popular, people may spend less on engagement bands and get wedding rings soon after to complete the ritual. Furthermore, the period between engagement and the actual wedding has substantially reduced.
4. Socially-distanced purchasing
Even though internet buying is quite popular in the jewelry sector, offline or in-store purchasing cannot be fully disregarded. There are so many people who still prefer to physically pick the ring to purchase.
There is often that appeal that comes with the whole process of choosing the engagement ring to buy. As a result, jewelry shops are implementing various regulations, just like other businesses and sectors, to ensure that customers’ purchasing experiences are secure yet seamless.
When anyone comes in for in-store shopping, it is imperative to preserve the COVID-19 protocols, but it is also crucial to provide them with the opulent experience they were accustomed to prior to the epidemic. The regulations have helped convenience many people to embark on in-store purchasing of both wedding and engagement rings.
5. Switch to online purchasing
People’s attention has switched to internet purchasing as a result of social distance standards and the difficulty of leaving the house. Just like the in-store purchasing of engagement rings, there are quite a number of benefits associated with the online purchase of these rings.
One of the best things about the online purchase of engagement rings is convenience. As a result, many people today, prefer going buying their rings from online stores. Popular retailers now rely more on internet orders than on in-store sales.
As online brands grow in popularity, those who did not previously have an online presence try to establish one. E-commerce has gained so much ground over the past couple of years given the change in people’s purchasing habits.
Engagements between couples are still occurring notwithstanding COVID-19. Couples are still engaging each other even with the spread and after-effects of COVID-19. However, it is having a variety of effects on engagement ring purchasing that could alter how couples choose rings for years to come.
Data and information are provided for informational purposes only, and are not intended for investment, medical or other purposes.
