Marriage is a key life milestone and engagements are a step towards married life. However, the economic state of young Americans is so poor that fewer Gen Zers are choosing to get engaged.
Signet Jewelers, the parent company of Kay Jewelers and Zales reports that the upswing in engagements that they predicted post-COVID is not working out as planned.
Signet Jewelers Ltd., the parent company of Kay Jewelers and Zales, had previously signaled to investors that there would be an upswing in US engagements this year as dating patterns returned to normal. But that forecast was downgraded on Wednesday as the jeweler warned that persistently high inflation and job market uncertainty have forced some young folks to delay engagements."If right now they're worried about their jobs or they're still paying a little bit more for rent or for gas, then they might wait a few months for that engagement," Gina Drosos, the CEO of SignetSignet, explained in a Wednesday interview quoted by Bloomberg.
Drosos said 2.1 million couples were engaged last year, the lowest in years, but recovered from the dating dry spell during Covid. Still, the number is well below the 2.8 million level seen pre-2020.
The downshift in the outlook comes after three years of elevated inflation, which has strained consumers' finances.
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