TEILOR, the chain of luxury jewelry stores present across the CEE region, reports an 85% increase in the sales of wedding bands and a 40% increase in the sales of engagement rings in Romania in the summer period, between June 1st and September 30th, 2021, as compared to the same period of the previous year. On top of the increase in the number of pieces sold, Romanian clients are now investing more in the pieces as the average spending per wedding band sold by TEILOR increased in 2021 by 95%, while spending on the engagement rings grew by 70% compared to the summer of last year.
“After a difficult 2020, we can say that in 2021 we have witnessed a «Summer of Love». We have seen a double-digit increase in the demand for both wedding bands and engagement rings as due to the loosening of the restrictions, couples were eager to go ahead with their wedding plans. As TEILOR, we have sustained the «Summer of Love» and the return to normality by offering our clients a complimentary diamond on the wedding band, thus further increasing our sales between June and September 2021. We see the clients increasing their budgets for both engagement rings and wedding bands this year, and we expect this trend to continue in the coming years, as the young couples prefer to invest in unique but at the same time timeless pieces,” said Anda Jurca, Group Sales Director at TEILOR.
In 2021, Romanians are spending for an engagement ring, on average, 160% of the medium salary, almost a double compared to an average of 90% of medium salary in 2020. In terms of purchase of an engagement ring, approximately 75% of men choose the engagement ring themselves, the percent decreasing over the last years as there is a growing trend for the couples to choose the ring together. Moreover, more women choose the engagement ring on their own, with the partner making the acquisition and keeping it as a surprise just the moment of a proposal. In 2021, the biggest trend in engagement rings was the fancy cut diamond ring, meaning a ring with a diamond in shape other than the brilliant round cut. The most popular model in Romania remains solitaire and princess cut, but there is a growing demand for emerald and oval cut diamond rings.
TEILOR also remarked an increase in the spending on the wedding bands, which increased from 80% of the medium salary in 2020, to 88% in 2021. In terms of wedding bands, those are chosen together, but the decision on the style of the wedding band is generally made by women. In terms of trends, younger clients no longer go for matching sets for wedding bands, but instead, women prefer to go for eternity diamond bands, while men choose the band that best represents their style and character. More and more clients step aside from the classic wedding bands and choose a pair of bands that are simple in design and with a combination of white and rose gold.
In terms of other important trends in the Romanian jewelry market, TEILOR noted an increase in buying recurrence. Five years ago, clients bought jewelry on average 1.2 times per year, but in 2021, the average has reached 3.5 purchases per year. There is also a growing demand for high jewelry, as clients are now more inclined than before to make purchases in Romania instead of abroad, due to the diversity of the collections as well as the quality of the jewelry, thus indicating that Romania is moving to the category of a mature market in the jewelry segment.
TEILOR is the largest fine jewelry chain in Romania with 55 brick-and-mortar stores, out of which six stores are TEILOR Exclusive, offering clients limited series of handmade and carefully selected jewelry inlaid with diamonds and precious stones. By the end of 2021, TEILOR network will reach 61 stores, of which 53 are based in Romania, four in Poland, three in Bulgaria, and one in Hungary. For 2021, the company targets a turnover of 230 million lei, a 64% increase compared to a turnover of 140.4 million lei registered in 2020.
The total value of investments in the extension of the TEILOR network is 30 million lei before the year. Besides the investments in brick-and-mortar stores, the company is considering additional investments to develop its online platforms further to enhance customers’ omnichannel experience. TEILOR currently operates five e-commerce platforms – teilor.com, teilor.ro, teilor.hu, teilor.bg and teilor.pl.