Signet Jewelers sees weddings at "record-setting rates"
You’ll be hearing a lot of wedding bells this year — and that’s music to the ears of companies in the matrimonial business.
Driving the news: Signet Jewelers — owner of Kay Jewelers and Zales — said Thursday it expects a nearly four-decade high in weddings in 2022, fueling sales of its jewelry, including engagement rings and wedding bands.
- The company reported better-than-expected earnings, leading its stock to build on recent gains. It’s up about 25% in the last week.
- “Weddings are back,” Signet CEO Virginia Drosos said on a conference call. “Couples are getting married at record-setting rates.”
Flashback: Two years ago, weddings ground to a halt as social distancing restrictions limited event capacity, roiling wedding venues, retailers, photographers, DJs and planners.
What’s next: If you attend a wedding this year with a significant other, just know that the wedding industry has its eyes on you.
- “Dating couples who attend (a) wedding together are among the most likely to get engaged shortly afterwards,” Drosos says.