Stay updated on the latest news about marriage and divorce. Subscribe now to receive free updates from us through our myFT Daily Digest email every morning.
We’ll provide you with a comprehensive round-up of the latest news in the world of marriage and divorce.
The demand for engagement rings has diminished and it is impacting Signet Jewelers, causing a 10% decline in its market value. This decline can be attributed to a decrease in dating activities due to the Covid-19 pandemic. However, the company remains hopeful for a rebound as evidenced by the increased interest in “couples vacation” searches on TikTok.
Despite these hopeful signs, there are some concerning underlying trends. Marriage rates have decreased by half since 1970 in several countries, including France, Italy, and the UK. Additionally, the percentage of births outside of marriage in the EU has nearly doubled to 42% over the past 28 years.
You are seeing a snapshot of an interactive graphic. This is most likely due to being offline or JavaScript being disabled in your browser.
Interestingly, while the popularity of weddings has declined, the average value of weddings has increased. This may be due to a disparity between the rich and the poor when it comes to marriage rates. According to the US think-tank Brookings, marriage rates for middle-aged American men in the top decile of earnings have only dropped by 12 percentage points since 1970, whereas the decline has been three times as great for men in the bottom quartile of earnings.
Surprisingly, couples who are more conscious of costs may actually have longer-lasting marriages. Studies conducted in Singapore and the US have found an inverse association between the duration of a union and spending on engagement rings and wedding ceremonies. However, wedding costs can still be extravagant, with polls suggesting an average budget of nearly $30,000 in the US.
You are seeing a snapshot of an interactive graphic. This is most likely due to being offline or JavaScript being disabled in your browser.
Therefore, the wedding services industry remains a profitable sector, despite its fragmentation. Its significance to the tourism industry is evident, as seen in the €2,000 per couple subsidy offered by the Italian region of Lazio. In the UK, the wedding market is valued at £14.7 billion, surpassing the live sports and live arts events industry. The US wedding industry is even more substantial, with a value of $70 billion according to IbisWorld.
The industry experienced a post-pandemic boost due to pent-up demand; however, this was not enough to prevent the bankruptcy filing of David’s Bridal, the largest wedding gown retailer in North America. The popularity of casual weddings and thrift-store wedding dresses contributed to its failure. Scaled-down weddings, known as “minimonies,” have gained traction as a cost-saving and stress-reducing alternative, and they may prove to be more than just a passing trend.
The Lex team values your opinion. Please share your thoughts on the economics of marriage in the comments section below.
Denial of responsibility! VigourTimes is an automatic aggregator of Global media. In each content, the hyperlink to the primary source is specified. All trademarks belong to their rightful owners, and all materials to their authors. For any complaint, please reach us at – [email protected]. We will take necessary action within 24 hours.
