Mar 18, 2022 - Economy

Signet Jewelers sees weddings at "record-setting rates"

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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