An engagement ring is one of the most significant investments that you will ever make in your life.
Before 2020, couples went for engagement rings shopping with utmost excitement, maybe considering the maximum budget they can spend. But post the pandemic, almost everything has changed.
Now people are questioning whether spending such a huge amount of money on precious custom engagement rings Brisbane is feasible. Even though diamonds retain their value, the additional investments can often become a burden to couples.
But there is good news for the jewelry retailers- there has been an increasing demand for engagement rings post the COVID-19 period. What has changed is the way shopping is done, and in some cases, the buyers’ preferences.
This article will discuss the top five ways shopping for engagement rings has changed since 2020.
- Significant increase in sales
As mentioned earlier, the sales of engagement rings have spiked since 2020. According to reports, it has gone as high as 20 to 30 percent of the previous value. It was a shock to see such a spike despite the economic and other uncertainties associated with the pandemic. People are now inclined towards classic styles that would last for years. For example, there has been an increased demand for classic solitaire or platinum bands. Industry experts predict that this will continue through the upcoming holiday seasons.
- Focus on wedding bands
Previously, couples used to focus on purchasing the engagement ring first. They preferred buying the wedding band after some time. But since the pandemic, people are trying to save and do one-stop shopping, which means considering the engagement ring and wedding band as one. People are now more focused on intimate weddings; they might also invest less on engagement rings and buy wedding rings soon after to complete the whole ceremony.
- Increased spending on engagement rings
Yes, that’s right, contrary to the way one might think, people, are spending more on engagement rings. A potential reason behind this might be the travel restrictions. People cannot go out for destination weddings or honeymoons at present, which means a lot of their wedding budget is saved. They might be utilizing this money in buying the engagement rings.
- Shift to online shopping
With social distancing norms and the fact that people cannot easily go out of their homes, everyone has shifted their focus to online shopping. Popular retailers are now more dependent on online orders than offline selling. Online brands are getting more popular, and those who previously did not have an online presence are working to gain it.
- Socially-distanced shopping
Even though online shopping is booming in the jewelry industry, one cannot completely ignore offline or in-store shopping. Like other companies and industries, jewelry retailers are also incorporating different norms so that the buyers’ shopping experience is safe yet seamless. It’s essential to maintain the COVID-19 protocols when anyone is coming for in-store shopping; but, it is equally important to give them the luxury experience that they used to have before the pandemic.