Expect plenty more Champagne corks to pop in 2024, because engagements are expected to pick up steam after a pandemic-triggered drop-off.
According to Signet Jewelers, the largest jewelry company in the United States, the pandemic dented sales of engagement rings as relationships faltered – or never even blossomed in the first place – as people stayed inside or avoided socializing outside of the immediate family. This trend then created an “engagement gap” since couples get engaged, on average, about 3.25 years after they begin dating, according to Signet’s proprietary data.
“It’s our proprietary signals that tell how couples are progressing through the 3.25 years from when they meet to when they get engaged,” she said. “We have 14 million people right now in the dating funnel that we can identify in our database. Around 2.1 million couples will get engaged this year and we have significantly more people that we see in the dating funnel that we are now tracking into 2024.
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