How Engagement Rings Explain Whats Happening in the Economy
The New York Times A major jeweler claims the pandemic may have prevented people from meeting their future fiancs, cutting demand for engagement rings. Inflation and anxiety among shoppers havent helped.
Aftershocks from the coronavirus pandemic continue to rumble across the U.S. economy, and Signet Jewelers shared a surprising one this week: The company is selling fewer engagement rings this year because, it says, singles who were stuck at home during lockdowns failed to meet their would-be fiancs in 2020.
As we predicted, there were fewer engagements in the quarter resulting from Covids disruption of dating three years ago, Virginia C. Drosos, the chief executive at Signet, which owns Kay Jewelers and Zales, told investors on Thursday. Shares of Signet, the largest jewelry retailer in the United States, tumbled after the company cut its forecasts for sales and profit for the rest of the year.
In a way, the engagement ring has become a sparkly microcosm of the American economy. The bridal jewelry business is being buffeted by the delayed effects of the pandemic, rapid inflation that is squeezing consumers and a growing sense of nervousness among shoppers.
