Bridal market to fuel jewelry sales in 2008
March 07, 2008
New York—Experts predict jewelry sales will increase in 2008, despite the sluggish
U.S. economy, thanks in large part to the bridal category.
The International Diamond Exchange forecasts a 3 percent increase in U.S. jewelry sales, from $64 billion in 2007 to $65.9 billion in 2008.
According to industry analyst
Ken Gassman, Millennials—the children of Baby Boomers—are likely to spend heavily on bridal jewelry since they are wealthier than preceding generations.
Gassman also predicts 30 percent growth in the number of weddings that will take place within the next 10 years.
A Condé Nast Bridal Group study revealed that the amount spent on bridal jewelry has grown more than 60 percent in recent years, with 81 percent of consumers surveyed saying they desire platinum for their engagement and wedding jewelry.
Platinum Guild International (PGI) says the strengthening bridal market is good news for platinum since choosing a metal is among consumers' primary considerations when purchasing bridal jewelry.
PGI says designers such as Scott Kay, Phyllis Bergman and Ritani have widened their platinum assortment and are offering the metal in lighter-weight designs and lower price points to appeal to price-conscious consumers.
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