MVI: Color to outpace Diamond Engagement Gems
Press Release from MVEye
THE MVEye, the premier market research firm for the gem, jewelry and watch industries, has released the results of a recently completed research study entitled:
So You Just Got Engaged– A Study of US Consumers Beginning to Plan their Wedding
As Diamond Industry Feuds, Colored Gemstones Gain Engagement Ring Market Share
New ground-breaking research from THE MVEye highlights preferences and buying behaviors of the recently engaged
In a trailblazing collaboration with The Wedding Report, THE MVEye has released its latest consumer market research study, based on the responses of 800 recently engaged US consumers who are now planning their wedding. The study sheds light on contemporary engagement and wedding trends that are shaping the industry.
Key Findings Include:
– Engagement duration: half of consumers responding shared that they dated for a span of 1 to 3 years before popping the question. However, post-engagement, many are on the fast track to wedded bliss, with over 29% planning to tie the knot within just six months.
– Engagement rings remain a staple: despite evolving trends, the time-honored tradition of gifting an engagement ring remains undiminished, with not a single respondent opting out of receiving a ring.
– Gemstone shift: As the diamond industry grapples with the transformative presence of lab-grown diamonds, over 30% of respondents mentioned their engagement ring featured either a mined or lab-grown colored gemstone, indicating a potential shift in consumer preference.
– Wedding budget insights: Just shy of 20% of those studied anticipate spending between $30,000 to $50,000 on their wedding celebrations.
Marty Hurwitz, CEO of THE MVEye, remarked, “These findings highlight the ever-evolving nature of the engagement and wedding industries. It’s crucial for stakeholders to recognize these trends and adapt to the modern couple’s preferences and values.”
To deep dive into these insights and more, the full “So You Just Got Engaged” report is available for download on THE MVEye’s official website.