The global wedding rings market is estimated to expand at a CAGR of ~6% during the forecast period, owing to numerous factors regarding which, study offers thorough insights and forecasts in the global wedding rings market report.
In this market report, study predicts that, increase in disposable income is anticipated to boost the wedding rings market. Growth in the population of youngsters along with an increase in the rate of marriages is resulting in the growth of the overall wedding market. In addition, increasing sales from online channels is also anticipated to fuel the growth of the wedding rings market.
However, the availability of counterfeit wedding rings is a key restraining factor in the wedding rings market. Counterfeit products are cheaper as compared to original diamond, gold, or platinum rings. Many consumers are reluctant to purchase authentic wedding rings due to availability of counterfeit products and mixing of impurities. This impacts companies offering wedding rings in terms of maintaining a relationship with the consumers, and is anticipated to be a key restraining factor for the growth of the wedding rings market.
However, legalization of LGBT has offered an opportunity to make specialized rings for this group of individuals. In 2004, Massachusetts was the first state to legalize same sex marriage, and in 2015, all states of the United States legalized same sex marriage. Most European countries have legalized/ recognized same sex marriages. Recently, Northern Ireland also legalized same sex marriages. Many brands are coming up with wedding rings for the LGBT community, and consumers are also becoming more comfortable in recognizing the 3rd gender. This is anticipated to create opportunity and demand for wedding rings during the forecast period, leading to new opportunities in the global wedding rings market.
According to the report, under the metal segment, diamond rings dominated the global wedding rings market, due to the growing preference of consumers for diamond rings for its shiny look. Diamond rings are expensive as compared to gold rings or platinum rings. This segment is further anticipated to expand during the forecast period.
Increasing retail jewelry outlets are creating new opportunities in the commercial and retail space, which is anticipated to proliferate the demand for wedding rings. In addition, shift in the population from rural to urban areas has resulted in increased demand for wedding rings. This, in turn, is anticipated to boost the wedding rings market. In the category segment, wedding rings are followed by engagement rings.
Wedding Rings Market: Prominent Regions
Asia Pacific dominated the global wedding rings market, followed by Europe. The dominance of the Asia Pacific region can be attributed to strong economic growth of many Asian and Southeast Asian countries, which has led to the high demand for wedding rings. Additionally, the growing young population in China and India are likely to increase the demand for wedding rings.
Major brands are likely to focus on research & development to strengthen their footprints in the global wedding rings market. Companies are focusing on the promotion of their brands through payment offers such as coupons, bulk discounts, and cashback options. They are also focusing on expanding their geographical presence through online distribution channels.
Wedding Rings Market: Key Players
Key players operating in the global wedding rings market include Cartier International SNC, Charles & Colvard, Ltd., CrownRing, David Yurman Enterprises LLC, H. Samuel, Harry Winston, Inc., Louis Vuitton, Pandora A/S, Robbins Bros. Jewelry, Inc., Swarovski AG, and Tiffany & Co.