Wedding Rings Market: Surging Demand for Cost-effective and Lightweight Rings
Wedding and engagement rings have a long and varied history, dating back to the ancient Egyptian era. Centuries later, they still continue to remain a classic and popular tradition associated with engagements and marriages. The millennial population continues to be the most prolific consumer segment, giving a significant uptick to the growth of the wedding rings market. Leading stakeholders in the market are redefining the retail experience of wedding rings by innovating designs, sharing, and curating in order to stay on top.
The wedding rings market is receiving tailwinds from cost-effective and lightweight creations. In 2018, wedding rings accounted for ~US$ 66 Bn in sales, up 4.9% from the previous year. Sales will continue to witness an upward growth trajectory, and will hurtle toward an impressive valuation of ~US$ 107 Bn by the end of the forecast period (2019-2027). With women accounting for a significant chunk of the market share, the market for wedding rings will see a steady climb in the foreseeable future.
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High Penetration in e-Commerce; Customization Gaining Significant Traction
The market for wedding rings is making significant inroads, capitalizing on the growing penetration of e-Commerce. The most effective differentiation strategy of E Commerce vis-à-vis traditional store formats is its deep understanding of customer needs at a granular and behavioural level. The proliferation of e-Commerce is further bolstered by a diverse product portfolio as compared to offline channels.
Stakeholders are offering a whole new suite of services when it comes to wedding rings. This includes customization of wedding rings to the minutest of details, from band shapes, size of the stone or diamond, colour selection, texture, and engravings. The market is abuzz with customized, Georgian-inspired trends, such as wedding rings with rose cut diamonds, pearl accents, and cluster settings. Bucking convention with an ample dose of sparkle, these trends will act as growth levers in the wedding rings market.
Wedding Rings Market: Diamond Rings Reign Supreme; Gold Buckling Up
Within the metal category, diamond wedding rings will reign supreme and continue to maintain their sheen over the forecast period, on the back of their superlative texture and appearance. Following close behind are gold wedding rings, occupying the second slot, foraying ahead boldly, as demand for gold continues to soar. Together, both, diamond and gold cumulatively account for ~78% of the market share for wedding rings. Companies will continue to pursue market share gains as consumers show an increased preference for wedding rings over engagement rings. The demand for wedding rings will continue to skyrocket, as it expands at a CAGR of ~6% during the forecast period.
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While women steal the spotlight and emerge as the top buyers of wedding rings, the segment of men will bring in noteworthy opportunities for market leaders. Men in the age category of 28-45 are in the peak of their careers, earning higher disposable incomes, and are more often than not ready to embark on a matrimonial journey. As a result, men will bring in an incremental dollar opportunity of ~US$ 31 Bn over the forecast period.
Asia Pacific’s Appetite for Wedding Rings Remains Unmatched; North America Closing in
Regionally, Asia Pacific will maintain its hegemony in the wedding rings market, with North America following close behind. Together, these two regions will account for ~65% of the market share at the end of the forecast period. Asia Pacific, one of the largest producers of gold, is witnessing a spurt in jewellery purchases for investment purposes. This will be one of the key driving factors fuelling the growth of the wedding rings market. Engagement and wedding rings are a sizeable industry in North America, where manufacturers are hedging their bets on creating a unique shopping experience for love-struck customers. Many companies in North America are using the Internet to showcase their offerings before customers enter their brick and mortar stores.
