Number of weddings to rise slightly in 2014

New York--Researchers predict the number of weddings in the United States will increase 2 percent in 2014 due to a small increase in the total marrying age population combined with a marginal rise in the proportion of couples choosing to wed.

London-based economist Tim Jackson, chief executive of the Jewelry Industry Research Institute (JIRI), the company founded by longtime industry analyst Ken Gassman, forecasts 2.2 million marriages in 2014, up from 2.15 million in 2013.

Marriage rates have been holding steady at 2.1 million per year at the last five years, down from 2.2 million from 2006 to 2008.

The reason is a combination of factors, Jackson said, including people putting off marriage--and the costly weddings that are often attached to them--due to economic conditions and more couples choosing to live together but not tying the knot. 

The Wedding Report Inc., a research company based in Tucson that tracks and forecasts the number of U.S. weddings, spending and consumer trends in the wedding industry, makes predictions similar to those of the JIRI in its 2014 Wedding Market Insight Report.

In the report, Wedding Report founder Shane McMurray states that he expects the number of weddings to stay flat or increase slightly this year. In addition, the report states that the U.S. nuptials will remain between 2.1 million and 2.2 million per year “for many years” to come.

“There is a long-term trend to a lower proportion of people getting married as the wider society becomes more secular and co-habiting becomes more widespread,” Jackson said. 

What it means for jewelers
According to JIRI, roughly three-quarters of all brides who tie the knot a get diamond engagement ring. The remaining quarter get a variety of different rings, or no ring at all.

This translates to 1.65 million engagement rings being sold in the U.S. in 2014.

Jackson said ring trends JIRI believes will be popular include a move toward smaller, multiple diamonds mixed with colored gemstones, in lieu of the traditional solitaire.

For those sticking with the solitaire, Jackson said they see the average center stone size increasing very slightly in 2014.

He said the overall average size is now approaching one carat. He notes that JIRI’s number includes all engagement ring sales, including those sold through mass retailers such as Walmart. Therefore, the average carat size may be lower than those provided by other sources, such as The Knot.