Demand for engagement and wedding rings slumps after post-pandemic boom
Demand for engagement and wedding rings is slumping after last year’s post-pandemic boom
The owner of jewelry stores Mappin & Webb said demand for engagement and wedding rings has fallen after a post-pandemic boom last year.
Brian Duffy, CEO of Watches of Switzerland, said demand for the accessories was “still very strong” as sales for the year to April 30 increased by a quarter to £1.5 billion.
But he said there has been a slowdown in bridal jewelery purchases, after couples rushed to wed when Covid curbs were lifted last year.
Sales drop: Demand for engagement and wedding rings is down after a post-pandemic boom last year
He told the Mail: “Last year there was still a catch-up of people throwing weddings and then buying engagement rings.”
The company sells rings in the UK through its jewelery brands Goldsmiths, Mappin & Webb, as well as Mayors and Betteridge in the US.
The retailer expects to post a profit of between £163m and £167m for the year to April 30, compared to £130m last year.
But yesterday, shares fell 5.8 percent, or 43 pence, to 697.5 pence after it warned it was preparing for a more “challenging trading environment” in the first half of its new fiscal year.