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Young consumers are helping propel the jewelry industry.

Nov 29 2021

Young consumers are helping propel the jewelry industry. With 2022 weddings and engagements on the horizon, young people are playing a prominent role in fueling jewelry sales this season, and according to a forecast by The Wedding Report, nearly 2.5 million nuptials are expected to take place next year—a four-decade high. Engagement rings and wedding bands are the two biggest categories consumers are likely to splurge on, and for those who aren’t tying the knot next year, they’re buying jewelry to gift loved ones (and themselves) this holiday. Jewelry sales were expected to grow 39.7% during the week of Thanksgiving (not including Cyber Monday), according to Mastercard SpendingPulse, marking a major shift for the industry after sales fell by around 4.3% from October through December last year. With sustainability on their mind, young consumers are fueling the growth of lab-grown diamonds, and jewelers including Pandora, Tiffany, and Brilliant Earth, are finding ways to appeal to Gen Z and Millennials by offering more sustainable jewelry options (like lab-grown gems) and more gender-inclusive styles. (CNBC)