As a wedding vendor, you are probably aware of the impact engagement ring sales have on your business. And according to Signet Jewelers, the largest jewelry company in the US, engagement ring sales have decreased, resulting in fewer inquiries across the board among wedding vendors.
Now, as wedding pro, this probably doesn’t come as a surprise since we’ve seen a down-tick in inquiries across the country.
But why is this happening, you ask?
I figured you’d ask! So today, I’m sharing the why’s behind this slow engagement season.
Especially during the pandemic. For example, a lot of couples either progressed in their relationship (aka, moving in together in 2020), or flat-out took a break from dating altogether.
This created an “engagement gap.” So… what does this mean exactly?
According to Signet Jewelers: Couples, on average, get engaged about 3.25 years after they begin dating.
“So what’s happened over the past couple of years is what we anticipated and what we planned for,” their representative said. “Engagement jewelry sales were lackluster in fiscal 2023, and we expect them to remain so for the balance of fiscal 2024.”
“The category will need to grow approximately 25% by calendar year 2026 just to return to prior engagement levels.” In fact, “all product categories showed declines. Rings had the most significant decline, down 9.8% in unit sales and 8.0% in retail sales value. Within rings, bridal was down 9.4% by units sold, outperforming fashion rings which were down 13.8%.” -Tenoris Statistics – February 2023
However, there is a silver lining.
“Dating, in fact, is up 8% to pre-Covid.”
You can’t stop marketing it! If you stop posting anywhere for 4+ weeks, here is what happens: Couples think you have closed down shop.
This happened a LOT during the pandemic. People stopped posting, so people still planning thought certain vendors closed down. In fact, I’ve seen on numerous occasions in online groups couples posting comments that they’re worried their vendor isn’t open anymore because they aren’t online.
Trust me friends, couples are pretty traumatized by 2020 + 2021 after seeing so many people struggle with the planning process. So, it’s important to reassure them you’ll be accessible to them every step of the way!
Now, if you can’t find the budget to outsource your marketing, that’s okay! And as a marketing agency, you might be wondering why I’m telling you it’s okay to DIY your marketing, but hear me out:
Yes, hiring a pro will get you faster results and free up your time. But sometimes you just need to watch the budget – which is why we have The Ava & The Bee Shop! Inside the shop, we’re constantly adding new products to help you level-up your marketing.
One of my best-selling products so far are my Yearly Content Guides – so you never run out of things to say on your blog or social media (because I hear things like “what do I post?” all too often!)
Moral of the story? Just because business seems slow, doesn’t mean YOU have to be. Keep the momentum going and the right people will find you!
Need a push in the right direction without the hefty price tag? Then, check out my Yearly Content Guides here!