Discover the changing face of holiday shopping through the lens of Signet Jewelers Ltd., owner of iconic brands such as Kay Jewelers and Zales. Gina Drosos, Signet’s CEO, sheds light on the evolving patterns, notably among female shoppers.
Traditionally starting holiday shopping in September, this year, a significant cohort of female shoppers pivoted, kicking off their gift-buying spree around Black Friday in pursuit of optimal deals. This shift is redefining the jewelry shopping season, extending it beyond previous timelines.
Amid economic considerations, consumers are exhibiting caution in spending, actively seeking budget-friendly options despite a slowdown in inflation and low unemployment rates.
On the male shopper front, those who typically wait until the last 10 days before Christmas for jewelry purchases are adjusting behavior. Despite being less price-sensitive traditionally, this year sees them seeking better deals from smaller independent jewelers.
Signet, recognizing this shift, is prepared to meet consumer expectations with strategic promotions. With approximately half of sales coming from engagement rings and bridal merchandise, the company anticipates a seasonal boost due to an increase in engagements.
December, a prime month for engagement ring purchases, is already showing positive signs of a rebound. Google searches for engagement rings are up year-over-year, and Signet’s consumer database reveals a rise in couples moving in together—a promising precursor to potential engagements.
Signet’s adaptability to changing consumer behaviors positions it well in the market. As the holiday season unfolds, the company’s shares reflect positivity, up 4.1% in New York trading. Explore the evolving landscape of holiday shopping with Signet Jewelers, poised to navigate these shifts and cater to renewed interest in engagements.
