What you need to know
Temperate growth is forecasted for the watches and jewelry market in 2015 and beyond, as retail sales are slated to reach $79.3 billion this year and grow to $88.6 billion by 2020, or 12% versus 2015. While jewelry comprises the vast majority of purchases, watches should gain momentum as consumers’ interest in smartwatches builds. Fine jewelry has a slight edge over fashion/costume jewelry, and diamonds and gold continue to be favored. Although watches and jewelry preferences are highly personal, a focus on gifting should be front and center among retailers, especially for reasons none other than “just because.”
Definition
For the purposes of this report, jewelry includes costume jewelry (made with inexpensive materials or imitation gems) and fine jewelry (made out of precious metals, such as gold or platinum, and may contain precious gemstones). This includes, for example, earrings, bracelets, necklaces, and rings as well as watches for both women and men.
Smartwatches are referenced and included in this report, but will be covered in greater detail in Mintel’s upcoming Wearable Technology – US, December 2015. Smartwatches are defined as mobile devices with a touchscreen display, designed to be worn on the wrist.
This report builds on the analysis presented in Mintel’s Watches and Jewelry – US, September 2012.
