Ingle and Rhode, a UK moral jeweller, has forecasted decrease gross sales for each wedding ceremony rings and engagement rings on the finish of the yr because the Omicron variant provides “additional uncertainty”.
Whereas the figures are nonetheless being compiled, Ingle and Rhode has discovered “barely decrease gross sales” for each wedding ceremony rings and engagement rings over the past two months of the yr, because the Omicron variant appeared.
Throughout winter final yr, the jeweller noticed wedding ceremony rings gross sales up 3% on the earlier 5 years throughout this era, following the tip of the second lockdown in December.
Nonetheless, the gross sales dropped once more on the finish of the third lockdown in February 2021, which the jeweller mentioned was “decrease than ordinary” in comparison with the identical months between 2015 and 2019.
In the meantime, following the abolishment of restrictions on weddings in June this yr, Ingle and Rhode noticed its gross sales develop alongside individuals’s basic confidence, with gross sales reaching a excessive of 17% for engagement rings and wedding ceremony rings. It additionally achieved its highest recorded month-to-month gross sales in July at 19% as a result of ‘Freedom Day’.
Moreover, Ingle and Rhode’s gross sales of engagement and wedding ceremony rings virtually doubled in August to October final yr in comparison with the common from 2015-19.
A spokesperson for Ingle and Rhode mentioned: “What we have now seen thus far is when the nation ‘unlocks’ from a lockdown, we expertise a giant bounce. Throughout lockdowns individuals deferred their spending, so over the course of the final 12 months we have now skilled our greatest yr.
“There’s a noticeable lag between ‘unlocking’ and gross sales as a result of most of our jewelry is made to order so there may be typically a lead time of 1 to 2 months between somebody making an enquiry, inserting an order and receiving their completed ring.”
They added: “With the present Omicron variant, it’s not possible to foretell what 2022 holds by way of future demand for wedding ceremony and engagement rings.”