NEW YORK--(BUSINESS WIRE)--Despite tough economic times, sluggish holiday season sales and soaring prices of metals and gemstones, industry leaders project an increase in jewelry sales for 2008. With inflation rates expected to jump as high as 7-8 percent, the International Diamond Exchange forecast for jewelry sales in the U.S. predicts a 3 percent increase in the upcoming year—from $64.0 billion (estimated) in 2007 to $65.9 billion in 2008.
In a recent article by Ken Gassman “State of the Jewelry Industry—2008 Jewelry Demand,” for Idexonline.com, Gassman highlights the bridal industry’s substantial influence on the forecast. Millennials, or the children of Baby Boomers, are influencing both the jewelry and bridal industries in significant ways. In fact, in less than ten years, the number of weddings is projected to increase by approximately 30 percent among Millennials.
“Not only are Millennials more likely to get married—rather than just live together like children of the 1960s—they are also more likely to spend heavily on bridal jewelry because they have more wealth than their predecessors.”
This trend is especially significant for Platinum wedding bands since the type and quality of metal is one of consumers’ primary considerations when purchasing bridal jewelry.