Jewellers sell more top-end wedding rings despite recession
By Catherine Woods, published 337 days ago in Sales & Marketing.
Weddings may seem an industry impacted by recession: getting hitched is a costly exercise so many couples might put off their nuptials until they’re more financially comfortable, right?
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Well, in some ways, yes. But there’s also evidence the wedding industry is fairly resilient, even when the country’s in the economic doldrums.
UK jewellers are noticing increasing sales for platinum rings, which are at the top-end of the wedding and engagement ring market.
Jason Hirsh of Hirsh Jewellers says: "We have seen our bridal sales increase considerably from last year and around 98 per cent of the engagement rings that we sell are in platinum."
Nicholas James's Nick Fitch comments: “We have always had a large platinum offering (accounting for more than 80 per cent sales) and our sales remain strong. Interestingly now we recently have seen a move toward higher value platinum engagement rings in spite of the economic climate." B&N Rings sales director Gary Williams adds: “More couples are prioritising their wedding ring spend. They see their rings as a symbol; they mark the day and are something couples will have with them every day afterwards." The global wedding industry was worth about £2bn in 2008, a figure that will fall slightly this year before recovering in 2010.
The trends the London jewellery retailers are finding are mirrored in a recent IBISWorld study on Australia, which found couples skimping on receptions and fancy extras, rather than the big-ticket items like rings and dresses.
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2 comments.
Jessica Dalan 336 days ago.
I find it quite hard to believe that all couples are spending more on their engagement ring. Maybe some are spending more but most must be spending less... I just read another article about how people are buying trio ring sets for anywhere between $500 and $1500. These sets contain the ladies engagement ring and the ladies and mens wedding rings.
Stephen C. 335 days ago.
That's interesting to hear people are opting for platinum rings despite the economy. I guess it makes sense, though, when you consider that platinum is more durable than other popular precious metals like gold...economy might be doing poorly, but people are still going to want to get wedding rings that will hold up well both in the long term and in their day-to-day lives.