Signet Jeweler Sales Soar Because Millennials Are Eager to Get Married

Founded in 1949 and headquartered in Akron, Ohio , USA, Signet Jewelry is the world's largest diamond jewelry retailer . The company owns and operates well-known jewelry brands such as Zales, Kay Jewelers and Jared .

Drosos , CEO of Signet , said that millennials who had been on the sidelines about getting married during the pandemic are now preparing to get married . According to a survey by Signet , 15 % of couples (about 2.3 million couples) plan to get engaged this year.

Due to the epidemic, people have more time to spend with their families and partners, which has enhanced the relationship between couples to a certain extent. The survey data of Signet also mentioned that 90% of couples said that their relationship has become closer because of the epidemic.

These marriage- minded millennials are flocking to the Jared and Kay jewelry chain in malls to buy engagement rings, which is great news for its parent company, Signet .

In addition, Signet also owns brands such as Zales and Piercing Pagoda , which have strong demand in both online and offline stores , which has also improved Signet's sales performance to a certain extent .

Signet's stock price soared 6% on Thursday , hitting a 52 - week high . Its sales more than doubled from last year and increased 31% from pre- pandemic levels in 2019 , exceeding Signet 's expectations.

Meanwhile, Signet's bridal category sales increased by $150 million , or 25% year-over-year , compared with the same quarter two years ago . In addition, about 30% of couples this year said they purchased their rings through online stores , which is double the figure in 2019 .

In addition to the above factors, Signet's sales growth also benefits from the company's own advantages. As the largest jewelry retailer in the United States, Signet has more user data, website and store traffic than any other jewelry company.

In addition, its strong supply chain system cannot be ignored. Due to its leading position in the industry, it also has advantages when dealing with suppliers; in the case of rising freight rates caused by the global epidemic, Signet will also face much less pressure in these aspects.

According to the editor, Signet also has a complete set of measures to deal with the epidemic. The company's powerful e-commerce system allows customers to choose to buy online and pick up in the store or buy online and have it delivered to their home. It also provides customers with online consulting services to solve problems that may arise during the customer purchase process in many aspects.

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