SurveysMay 19, 2022
5 Predictions for Jewelry Retail in the Second Half of 2022IndependentsMay 25, 2022
MVEye, Wedding Report Partner on New Jewelry Research Platform
“Today’s Wedding Jewelry Consumer” shares data about engagement ring market size, lab-grown and natural diamonds, and more.
Pictured here is a lab-grown diamond engagement ring from Kendra Scott’s new collection. Market research firms The Wedding Report and The MVEye have partnered on a new research platform providing information about wedding jewelry consumers.
Austin, Texas—Market research firms The Wedding Report and The MVEye have teamed up on a new platform designed to educate retailers about wedding jewelry consumers.
Today’s Wedding Jewelry Consumer operates as an interactive research platform, organizing statistical data by consumer demographics and key geographic markets.
“After someone gets engaged, their next step is to plan the wedding,” said Shane McMurray of The Wedding 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.”
This stage in consumers’ lives is the perfect time for jewelers to learn about the soon-to-be newlyweds’ recent and future jewelry shopping experiences, said Marty Hurwitz of The MVEye.
“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,” said Hurwitz.
The reports will be released three times a year and will be available on a subscription basis.
Related stories will be right here …
Today’s Wedding Jewelry Consumer operates as an interactive research platform, organizing statistical data by consumer demographics and key geographic markets.
“After someone gets engaged, their next step is to plan the wedding,” said Shane McMurray of The Wedding 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.”
This stage in consumers’ lives is the perfect time for jewelers to learn about the soon-to-be newlyweds’ recent and future jewelry shopping experiences, said Marty Hurwitz of The MVEye.
“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,” said Hurwitz.
The reports will be released three times a year and will be available on a subscription basis.
Report sponsors will be able to provide free or discounted subscriptions to their customers.
Beta interactive research reports are available now to demo for free. Retailers and potential sponsors can log on for free here.
The company shared some interesting statistics the platform has gathered about the engagement ring market size, lab-grown vs. natural diamonds, and more.
This year, about 2.1 million engagement rings will be sold at an average cost of $3,670, making the U.S. market worth $7.6 billion.
Personalization has been trending in the jewelry world. This year, an estimated 386,000 custom engagement rings will be created.
Sold at an average cost of $5,384, the custom engagement ring market is valued at $2.1 billion.
Couples that buy custom rings spend about 57 percent more than those who choose an existing style.
Engagement ring shoppers, particularly those on a budget, may consider lab-grown diamonds as an alternative to natural diamonds, as highlighted in a recent Fruchtman Marketing report.
This year, about one in four couples purchasing an engagement ring will purchase a lab-grown diamond engagement ring.
In terms of financing, about 545,000 couples will finance their engagement rings through their jeweler.
Couples that finance their engagement rings through the jeweler spend about 28 percent more than those that do not.
With an average cost of $4,512, the engagement ring finance market is valued at $2.46 billion.
As for wedding rings, 4.5 million will be sold this year at an average cost of $667, valuing the wedding ring market at $3 billion.
About 1.1 million couples will purchase a warranty for their engagement ring. Those that do will spend about 51 percent more than those who do not.
Nearly 14 percent of couples said they didn’t know about warranties, weren’t told, or didn’t think about it when asked why they didn’t purchase one. Most believed it was covered under their homeowners or renters’ insurance, said the company.
About 1.1 million couples will purchase insurance for their engagement, and those that do spend about 45 percent more than those who don’t.
Similar to warranties, 17 percent of customers said they didn’t know about engagement ring insurance, weren’t told, or didn’t think about it when asked why they didn’t purchase insurance.
More on Independents
The Latest
AuctionsMar 27, 2023
Jewels to Shine in Upcoming ‘Golden Age’ of Hollywood AuctionThe Kruse GWS Auctions sale will include the replica “Taj Mahal” necklace Elizabeth Taylor made with Avon as well as a costume piece Marilyn Monroe wore.
MajorsMar 27, 2023
Pandora Promotes GM to Chief of Retail OperationsMassimo Basei is moving up, while Chief Commercial Officer Martino Pessina is stepping down.
Events & AwardsMar 27, 2023
Registration Is Open for the HardRock SummitAGTA GemFair and the Denver Gem & Mineral Show also will have a presence on the show floor.
Brought to you by
Full Disclosure at Your FingertipsDistinguishing natural diamonds from laboratory-grown stones – now more available than ever – has been difficult for jewelers. Until now.
AuctionsMar 24, 2023
Piece of the Week: The $5.8M Patek Philippe ‘Sky Moon Tourbillon’Sold by Christie’s Hong Kong, this masterwork of complications now holds the record for most expensive watch ever auctioned online.
Weekly QuizMar 23, 2023
This Week’s QuizTest your jewelry news knowledge with this short test.
FinancialsMar 24, 2023
Movado Predicts Declining Sales Amid ‘Volatile’ Retail EnvironmentThe watch company expects first-quarter sales to fall as much as 15 percent due to inflation and tough comps.
Lab-GrownMar 24, 2023
Lightbox Promotes General Manager to COOAdam O’Grady, general manager of the Lightbox Lab, has taken on the new role and will report directly to Lightbox CEO Antoine Borde.
Brought to you by
Bringing Over 130 Years of Diamond Expertise to Modern GradingDe Beers Institute of Diamonds provides the very best in diamond verification, education and diamond services.
WatchesMar 23, 2023
Which Brands Do Watch Enthusiasts Love Most? Chrono24 Takes a LookThe watch marketplace gathered data from 1.3 million collectors, highlighting the most popular timepieces and exploring value appreciation.
SourcingMar 23, 2023
Burgundy Diamond Backing Out of Ellendale Mine Deal Burgundy has opted not to exercise its option to buy the mining claims Gibb River Diamonds currently owns.
GradingMar 23, 2023
GCAL Introduces 8X Cut Grade for Proprietary CutsPatented and specialty cuts now can receive an 8X Proprietary Certificate, which can be customized to include a company’s brand and logo.
Events & AwardsMar 23, 2023
Diamonds Do Good Names 2023 Award Recipients The organization said it will recognize those who exemplify the idea that doing good is good business.
CollectionsMar 22, 2023
Messika’s 2023 Campaign Pairs New Jewelry With Vintage CarsKendall Jenner once again is fronting the French brand’s campaign, joined by model and dancer Alton Mason.
Events & AwardsMar 22, 2023
Hari Krishna Exports Hosts Gala Amid UN Water ConferenceThe CEOs of Signet, Helzberg, and GIA spoke on a water conservation panel, and had lakes named in their companies’ honor.
Policies & IssuesMar 22, 2023
See Kwiat’s Bracelet for World Water DaySales of the sleek sterling silver and diamond design will go to nonprofit organization charity: water.
AuctionsMar 21, 2023
Marlene Dietrich’s Van Cleef & Arpels Bracelet Going Up for AuctionExpected to earn up to $4.5 million, the “Jarretière” bracelet is the star of Christie’s “The Magnificent Jewels of Anne Eisenhower” sale.
ColumnistsMar 21, 2023
Squirrel Spotting: Customer Retention Mindset—The New CRM With jewelry sales coming down from their pandemic highs, retailers need to do all they can to retain existing customers, Peter Smith says.
Events & AwardsMar 21, 2023
ASJRA’s May Conference Examines ‘Iconic’ Jewelry CompaniesJewelry historians, authors, and experts will explore the works of Tiffany & Co., Oscar Heyman, Verdura, and more.
Recorded WebinarsMar 20, 2023
Watch: Lab Grown Diamonds: What's Now? What's New? What's Next?Supplier Spotlight Presented by IGI
Events & AwardsMar 20, 2023
Gem Awards Shine Spotlight on Design, Dedication, and FamilyThe industry gathered to celebrate those who elevate the jewelry and watch industries.
CrimeMar 20, 2023
Jewelry Crime Reached Record Level in 2022, JSA SaysAt JSA’s annual luncheon, President John J. Kennedy said the organization recorded more than 2,000 cases last year.
CollectionsMar 20, 2023
A New Book on Chanel Is a High Jewelry Lover’s DreamIt highlights Gabrielle “Coco” Chanel’s lasting influence on modern design.
Recorded WebinarsMar 17, 2023
Watch: Lessons From GemsJewelers of America’s Amanda Gizzi explores the qualities and accomplishments that make this year’s Gem Award nominees shine.
Events & AwardsMar 17, 2023
JCK Industry Fund Announces Grant RecipientsHere’s what the nine chosen organizations plan to do with the funds.
TrendsMar 17, 2023
Piece of the Week: Anita Ko’s Award-Ready EarringsThe designer is nominated for a Gem Award for Jewelry Design.
FinancialsMar 16, 2023
Winter Weather, Declining Engagements Weigh on Signet’s Results The jewelry giant’s full-year sales were essentially flat, brought down by fourth-quarter declines.
FinancialsMar 16, 2023
Brilliant Earth Took a Record Number of Orders in 2022In its recent results, the company highlighted non-bridal jewelry sales and said its “inventory-light” showroom model may change.
