Wedding rings also known as engagement rings, are referred to as the finger rings or bands worn to celebrate the tradition of engagement or marriage in various parts of the world. The wedding ring is used according to different culture from ancient times and has gained popularity throughout the world. Gimmel rings, poesy rings, and byzantine rings were used as wedding rings in earlier times. As the innovation and technology took place in recent times, the variety of wedding rings extended in the market. The classic and simple wedding bands are generally made by the use of powerful machineries which apply huge amount of pressure on the metals and blending machine for shaping the ring followed by soldering, polishing, and buffing process.
COVID-19 Scenario Analysis:
- The COVID-19 pandemic caused due to communicable corona virus has highly impacted the wedding rings market in terms of sales and revenue. The weddings were cancelled due to the lockdown scenario and this led to decrease in the sales of wedding rings.
- Brands such as Kay Jewelers, Zales, and Jared stores had to temporarily shut down their stores and manufacturing units due to the lockdown being implemented which disrupted their sales.
- The distribution channel such as jewelry stores and specialty stores are the source for the sales of wedding rings whereas the e-commerce is not preferred much by the customers; therefore, the shutdown of the stores due to social distancing practices led to decrease in revenue of companies.
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Top Impacting Factors: Market Scenario Analysis, Trends, Drivers and Impact Analysis
Wedding rings and engagement rings are considered essential in many wedding cultures. The simplest forms of the rings were used since a long time and have created a huge market share, but as the fashion, innovation and designing have created new trends in the market the millennial and Z generation have been inclined toward luxurious wedding ring. The surge in technology and use of new machineries, optimization of designs through CAD, social media presence of customers, celebrity endorsements, remodeling of the shape and designs of rings, comfortable wedding rings, stipulation of customized rings, augmentation of investment in better quality of raw material, improvement in brief designing, and features of wedding rings drive the growth of the global wedding ring market. However, limitation of distribution channel, high prices of the luxury wedding rings, and increased competitiveness in the industry hinder the market growth. Contrarily, investments in automation and innovation, launch of new series in design, inclination toward customer satisfaction, and introduction of discounts and special offers present new pathway in the global wedding ring market.
The global wedding ring market trends are as follows:
Fascinating wedding rings market
Changes in fashion and trend with each year has led to the development of many new fascinating wearables. The use of wedding rings is being known from an era but the reinvention of the jewelry industry has created a new trend of wedding rings in the market. The investment of key players in improving efficiency of technology such as casting and plating by the use of software has created series of luxurious wedding rings in the market attracting the mainstream customers. The social media has influenced the customer purchasing behavior as the presence of brands on the social media platform is creating direct interaction with customers and the awareness about new trends has set new opportunities for the market segment. Brilliant Earth, a leading brand which deals with the ethically sourced and lab-grown diamonds, has introduced variants of wedding rings such as elongated diamond shapes, yellow gold ring, stacked and nested rings, fancy shaped eternity bands, and delicate halos for women segment and plain metal bands and contemporary rings for men. The concept of personalized engraving on inside and outside surface of the ring has also created the leading companies to grow in the wedding rings market.
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The customer’s requirement for a wedding ring is not only limited to the radiating designs but also comfortable and non-allergen rings; therefore, emphasis by the leading brands has been laid on providing customer satisfaction and comfort in the rings. The limitation of the wedding ring market lies within the market segment with low disposable income.
Key Benefits of the Report:
- This study presents the analytical depiction of the wedding ring industry along with the current trends and future estimations to determine the imminent investment pockets.
- The report presents information related to key drivers, restraints, and opportunities along with a detailed analysis of the global wedding ring share.
- The current market is quantitatively analyzed to highlight the global wedding ring growth scenario.
- Porter’s five forces analysis illustrates the potency of buyers & suppliers in the market.
- The report provides a detailed global wedding ring analysis based on competitive intensity and how the competition will take shape in the coming years.
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Questions Answered in the Wedding Ring market Research Report:
- What are the leading market players active in the wedding ring market?
- What the current trends will influence the market in the next few years?
- What are the driving factors, restraints, and opportunities in the market?
- What future projections would help in taking further strategic steps?
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