Signet Jewelers stock shines as Valentine’s spending adds more sparkle

Signet, based in Hamilton, Bermuda, is the U.S.’s largest publicly traded specialty jewelry retailer, with about 2,600 stores under brands including Kay Jewelers, Zales, Jared, Banter by Piercing Pagoda, Diamonds Direct, and Blue Nile. Signet Jewelers stock could shine brighter with Valentine’s Day spending expected to hit a record $29.1 billion, including a record $7 billion on jewelry purchases.

Jewelry is expected to be the largest chunk of this year’s Valentine’s Day spending, with 25% of consumers expecting to give jewelry gifts, according to National Retail Federation’s annual survey conducted by Prosper Insights & Analytics. Another $6.3 billion is projected to be spent on an evening out, $3.5 billion on clothing, and $3.1 billion on flowers.

Last year, 22% of consumers expected to gift jewelry, spending around $6.5 billion.