We came across a great article by Emili Vesilind, editor of JCK magazine, in which she points out many insights into 2020 trends and consumer behavior patterns that will help you understand the market better.
As 2Shapes is the software of choice for leading jewelry companies, we want to share with you the most interesting metrics we have found in the original source.
New ways of buying from couples:
- Round center stones reign supreme: The most requested main stone cuts in engagement rings are round (43%), oval (15%) and princess (13%).
- White gold rings remain the most requested: Engagement rings are mainly requested in white gold (48%), followed by yellow gold (16%), and then a tie between rose gold and platinum (both 13%).
- Proposal preferences: The brides-to-be’s priorities for their engagement rings were firstly the style of the ring and gem setting, secondly the size of the main gemstone, and lastly the type of gemstone.
- Custom design makes more sales: As noted, 48% of the rings that were purchased included some form of customization.
- Average carat weight of rings and main stone: The diamonds in the rings had an average carat weight of 1.5 carats, while the main stone has an average carat weight of 1.3.
- Research online, buy offline: Approximately 33% of engagement rings were first researched online.
- Social engagement leads to more sales: 11% of submissions came from jewelers connecting through social media with proposers.
- Your stores are important: Although one-third of engagement rings were purchased online, the majority of sales occurred in person (63%), and of those, the local jeweler benefited the most (51%), followed by national retailers (33%).
- Cost of restrictions: Due to the restrictions applied, proposers visited on average 1 less retailer and saw 7 fewer rings compared to 2019 metrics.
- Affordable options win: The average cost of an engagement ring fell from $5,900 in 2019 to $5,500 in 2020.
- Involvement in the decision: In 2020, 72% of those proposed reported helping in the selection of the engagement ring.
So what do you think of the latest data, have you felt these changes in your business? Want to know how using 2Shapes can help you benefit from these new trends? Schedule a demo with our specialists now to find out how you can get your business up and running as soon as possible.