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.
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.
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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.
A unique research methodology has been utilized by TMR to conduct comprehensive research on the growth of the global wedding rings market and arrive at conclusions on the future growth prospects of the market. This research methodology is a combination of primary and secondary research, which helps analysts warrant the accuracy and reliability of the drawn conclusions.
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Secondary sources referred to by analysts for the global wedding rings market report include statistics from company annual reports, SEC filings, company websites, World Bank database, investor presentations, regulatory databases, government publications, and industry white papers. Analysts have also interviewed senior managers, service managers, CEOs, VPs, and market intelligence managers who contributed to the production of TMR’s study on the wedding rings market as a primary source.
These primary and secondary sources provided exclusive information during interviews, which serves as a validation from wedding rings industry leaders. Access to an extensive internal repository and external proprietary database allows this report to address specific details and questions about the global wedding rings market with accuracy. The study also uses the top-down approach to assess the numbers for each segment, and the bottom-up approach to counter-validate them. This has helped in making TMR’s estimates on the future prospects of the global wedding rings market more reliable and accurate.
