Our Ring Cam team has seen a lot of interesting jewelry industry trends over the years. Shoot, we’re one of those interesting trends. It’s difficult to name an industry as steeped in tradition and elegance as the jewelry world.Yet, the Old World jewelry world has rapidly changed and transformed in the last decade, often in ways unimagined a few years prior. Here are Ring Cam’s three jewelry trends to keep an eye on in 2018.
1. Online Competition
A generation ago, one or two jewelry stores would solely compete with each other for the market in a small town. Now, a groom-to-be can order his ring online and get a South African diamond ring shipped via China to Utah for 20% less than what he would pay at the mom-and-pop down the street. On top of all of that, online competition allows for greater customization. That one website won’t customize? Well, there’s a jewelry website in India that’ll do that and get you the finished product in 48 hours. That one, specific niche diamond she wants, but your local jewelry store doesn’t carry? It can be shipped from Brazil tomorrow.
2. Delaying Marriage
We briefly talked about this phenomenon in our previous blog post, “Millennials and Marriage.” We encourage you to explore that page for more information on why marriage rates have been steadily declining. Jewelers can no longer depend upon a glut of ring purchases every October and November before the holiday proposal season. Some people may be engaged at 22;others at 30. Still others might wait until they’’re 35. Jewelers just aren’t almost exclusively selling engagement rings to people under 30 any more.
3. Experiential proposals
Proposals used to be relatively simple and straight-forward affairs. It’s really rather self-explanatory. However, our media-centric society has transformed proposals from private affairs to public events that can be shared with family and friends. When was the last time you heard about an engagement in person? I can almost guarantee you learn about the vast majority of proposals through social media, be that a Ring Cam video, hidden photos, or a Facebook life event. There’s nothing wrong with that. In today’s communication and information-laden age, couples are finding new and innovative ways to capture their proposals so that their audience can enjoy their happy moment with them. This trend was well-established before 2018, but the New Year will likely only exacerbate the integration of social media and proposals.
What do these trends mean for you, the consumer? You now have a plethora of options in purchasing a ring, which only increases the chances of finding a dream ring at a bargain price. (Relatively. I mean, diamonds aren’t light beer or milk.) You also are statistically more likely to delay marriage until after 30. You’re also more likely to utilize social media in proposals. These trends are certainly shaking up the jewelry and wedding industries, but change isn’t necessarily bad. Your Ring Cam blog team will keep an eye on future developments and keep you updated!