The American wedding industry, and everything that comes with it, is on a serious upward trend. Statistics analyzed by wedding gurus The Knot show that 2022 was a record year for those tying the knot, with 2023 set to be another bumper year. This is not just a rebound from the restrictions of 2020 and 2021, either; there is more money about, more happy couples, and, as a result, a booming industry. That’s true in all sectors, starting with the jewelry industry that supports the engagements and the big day itself, and that’s going to benefit the wider economy.
Engagement Ring Spend
There’s one major trend pushing forward engagement ring spend – and that’s sustainability. There has been something of a regression in the engagement ring trend as consumers turn away from non-ethical or unsustainable diamonds and other gems. Of course, engagement rings come in all shapes and sizes and can meet any consumer profile, and this is now something being identified by the wedding market. Indeed, as CNN highlights, there has been a huge jump in jewelry-grade diamond manufacturing, up 63% over 2022, and the spend on the average diamond ring is now up to $2,318 as consumers seek to make the most of these synthetic products. Verified Market Research have found that US and Canada diamond engagement ring markets have grown to $280 million, with a growth rate of 4.81% per year – a huge contribution to the economy while providing value to the consumer.
Focusing On Quality
The average wedding cost has increased over 2022, and now reaches over $20,000. That’s a median, too – the higher end reaches up to $28,000, according to CNBC. Among this, there is a clear focus on a handful of key areas, according to Brides.com. These are wedding bands and jewelry – already subject to cost increases – venue booking, and catering. All of these areas are seeing an increase in spend, and there may be a good reason for this – Brides’ analysis focuses on the need to get the knot tied and to make the most of the big day, following the scare of lockdowns and the social restrictions it posed.
It’s not all entirely rosy. The increasing costs have been prohibitive for some couples and, while this hasn’t deterred them, it has led couples to budget more in some areas, according to CNBC. That includes invites (many couples choose to construct them at home) and receptions held at home, cutting venue costs. Unfortunately, if service is restricted then prices will only increase – meaning that there needs to be a middle point found to ensure that the industry can continue to grow and benefit both parties.
On the whole, however, the US wedding industry is providing good news. It’s in rude health, and couples have more choice than ever – in addition to value for their hard earned money. As 2023 and its own wedding season rolls in, it’ll be time to see if the trend is sustainable.