Mar 18, 2022 - Economy

Signet Jewelers sees weddings at "record-setting rates"

Nathan Bomey

Illustration of a very tall wedding cake. — Illustration: Brendan Lynch/Axios

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.

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Signet Jewelers sees weddings at "record-setting rates"

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