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MATRIMONIAL SECTOR RETURNING TO PRE-PANDEMIC LEVELS
REPORTS LEADING WEDDING PLANNING RESOURCE

While there is a fair deal of nervousness about the potential impact of COVID’s new Omichron variant, research just published by The Knot, a leading all-in-one wedding-planning resource, reveals that activity in the matrimonial sector is returning to normal, after a devastating 2020 and a very tentative first half in 2021.

The Knot surveyed more than 5,000 respondents who got engaged from January through November 2021 and that found engagement planning timelines were back to pre-pandemic behavior, as the majority of 2021 proposals were planned more than a month out, versus 2020 when nearly 50 percent of proposals were planned within the month.

“We’re thrilled to see that proposals are returning to pre-pandemic behaviors. The majority of couples are already booking their weddings for 2022, as the wedding boom is upon us,” said Shelley Brown, Senior Fashion and Beauty Editor, The Knot.

Nearly 90 percent of couples surveyed said that hey talked about at least one aspect of their wedding prior to getting engaged, with nearly 70 percent of couples taking at least one wedding planning action prior to getting engaged.

Of those who got engaged in 2021, The Knot survey showed that more than 75 percent have already set a date for 2022, with Fall being the most popular time frame. Roughly 85 percent of couples started planning within less than two months, with 60 percent planning within a month of getting engaged.

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86 PERCENT PREFER DIAMONDS

According to the survey, the vast majority – indeed 93 percent – of couples continue to exchange rings, with the diamond as the preferred center stone in 86 percent of the cases.

Round cuts continue to be the most popular, with 41 percent of survey respondents expressing their preference for such shapes. However, oval shapes have seen a steady increase in popularity over the years, moving up from 2 percent in 2015 to 19 percent in 2021.

Shape and setting continue to be the most important ring features, while size has become less important.

The popularity of white gold engagement rings has declined over the years, The Knot stated, with 61 percent of rings being white gold in 2017 to now  about 45 percent of the total. In contrast, yellow gold engagement rings are once again gaining popularity, with an 11 percent increase since 2017.

 The average size of an engagement ring is 1.5 carats in total, the Knot stated, with one in four engagement rings being more than 2 carats in total.

Among the 10 percent of respondents who chose a gemstone for their center stone, the most popular is moissanite, which now accounts for 28 percent of non-diamond stones, up 9 percentage  from 2019. It is even more popular among Gen Z consumers, with 35 percent of non-diamond sales.  

Some 34 percent that they are finding it increasingly less important that the stone be natural, with with Gen Z (28 percent) finding it less important than Millennials (35 percent, and Gen X (41 percent).

Nearly one in four engagement rings in 2021 featured a center stone that was man-made, up 11 percent in the past two years.

 

SHOPPERS FAVOR IN-STORE RING PURCHASING

While online channels, such as social media and jewelry websites, continue to be the leading resource for ring research and inspiration, proposers value the importance of in-store shopping. According to the survey,67 percent of rings were purchased in-store, with half of in-store purchases happening at local jewelers in 2021. Proposers visited two to three retailers and checked out 10 rings on average in-store before purchasing.

Total engagement ring spend remained steady in 2021 at $6,000, in-line with pre-pandemic spend in 2019 at $5,900. Ring costs vary by type of stone, with the average cost of a clear diamond engagement ring being $6,800, versus an average of $2,500 for a gemstone.

When comparing Millennials (ages 25-34) to Gen Z (ages 18-24), Millennials spent $6,700 and Gen Z spent $4,100 on the engagement ring in 2021. Additionally, of those that set a budget for the engagement ring, roughly two out of three stuck to that budget, while nearly 30 percent spent more than planned, up 9 percent since 2020.

Photo by Alekon Pictures on Unsplash.com

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