Table of Contents
Executive Summary
-
- The market
- Market predicted to reach £5.9 billion in 2019
-
- Figure 1: Best- and worst-case forecast value sales of jewellery and watches, 2014-24
- Watch sales grow due to sales of luxury timepieces
-
- Figure 2: Best- and worst-case forecast value sales of watches, 2014-24
- Demi-fine jewellery provides a boost for the sector
-
- Figure 3: Best- and worst-case forecast value sales of precious metal and costume jewellery, 2014-24
- Hallmarking declined in 2018 but things are looking up in 2019
-
- Figure 4: Number of items hallmarked across UK Assay Offices, by type of precious metal, 2017 and 2018
- Swiss watch exports are on the up
-
- Figure 5: Value of Swiss watch exports, by country, 2016-18
- Companies and brands
- The Watches of Switzerland Group has had a successful year
- Above-the-line advertising spending decreased in 2018
-
- Figure 6: Total above-the-line, online display and direct mail advertising expenditure on jewellery and watches, 2014-18
- Swarovski and H. Samuel benefit from high consumer awareness
-
- Figure 7: Attitudes towards and usage of selected brands, July 2019
- The consumer
- Purchasing of jewellery and watches has gone up
-
- Figure 8: Total purchasing of jewellery and watches, July 2018 and July 2019
- Necklaces are the most popular style of jewellery
-
- Figure 9: Types of jewellery purchased, July 2019
- Online is popular – particularly among watch shoppers
-
- Figure 10: Channels used for buying jewellery and watches, by item bought, July 2019
- People are most likely to buy for birthdays
-
- Figure 11: Occasions people buy jewellery and watches for, July 2019
- Good customer service creates customer loyalty
-
- Figure 12: Factors that encourage purchasing, July 2019
- People are concerned about the ethics of manufacturing
-
- Figure 13: Behaviours towards jewellery and watch purchasing, July 2019
- Jewellery retailers should be more diverse
-
- Figure 14: Attitudes towards the jewellery market, July 2019
- Digital innovations have disrupted the watch market
-
- Figure 15: Attitudes towards the jewellery market, July 2019
- What we think
Issues and Insights
-
- The end of ‘shrink it and pink it’: opportunities in luxury timepieces for women
- The facts
- The implications
- Jewellery retailers should do more to pursue the ‘pink pound’
- The facts
- The implications
-
- Figure 16: Tiffany & Co.’s ‘Will You’ campaign, 2015
- Reaching younger consumers with jewellery trends
- The facts
- The implications
-
- Figure 17: Astrid & Miyu’s Selfridges piercing studio, 2019
The Market – What You Need to Know
-
- Market predicted to reach £5.9 billion in 2019
- Watch sales grow due to sales of luxury timepieces
- Demi-fine jewellery provides a boost for the sector
- UK footfall is in decline
- Hallmarking declined in 2018
- Swiss watch exports are on the up
Market Size and Forecast
-
- Market predicted to grow by 3.5% in 2019
-
- Figure 17: Best- and worst-case forecast value sales of jewellery and watches, 2014-24
- Figure 18: Value sales of watches and jewellery, at current and constant prices, 2014-24
- Forecast methodology
Market Segmentation
-
- Watches continue on growth trajectory due to sales of luxury timepieces
-
- Figure 19: Best- and worst-case forecast value sales of watches, 2014-24
- Figure 20: Value sales of watches, at current and constant prices, 2014-24
- Demi-fine jewellery boosts the sector
-
- Figure 21: Best- and worst-case forecast value sales of precious metal and costume jewellery, 2014-24
- Figure 22: Value sales of precious metal and costume jewellery, at current and constant prices, 2014-24
- Watches share of the market has increased
-
- Figure 23: Estimated share of total UK jewellery and watch market, 2016-19
- Figure 24: UK retail value sales of jewellery and watches, by sector, 2014-19
Market Drivers – Retail and the Economy
-
- High street retailers are struggling
- UK retail footfall continues to decline
-
- Figure 25: Year-on-year footfall change, by location, January 2015-June 2019
- Uncertainty around Brexit curbs spending…
-
- Figure 26: Percentage point change in what extra money is spent on, June 2017-May 2019
- …as people fear the impact it will have on their cost of living
-
- Figure 27: Economic outlook consumer tracker, May 2019
- Online retailing has increased its share of the market
-
- Figure 28: Internet sales as a percentage of total retail sales, 2007-18
Market Drivers – Jewellery
-
- More people have bought jewellery in the last year
-
- Figure 29: Trends in items people have purchased for themselves, percentage point change, June 2018-June 2019
- Hallmarking declined in 2018
-
- Figure 30: Number of items hallmarked across UK Assay Offices, by type of precious metal, 2017 and 2018
- Figure 31: Number of items hallmarked across UK Assay Offices, by weight, year-to-date July 2018/July 2019
- Marriage is on the rise
-
- Figure 32: Number of marriages in Great Britain, 2006-16
Market Drivers – Watches
-
- Swiss watch exports on the up…
-
- Figure 33: Value of Swiss watch exports, by country, 2016-18
- ...but political unrest has led to a decline in its main market
-
- Figure 34: Value of Swiss watch exports, by country, January-June 2017-19
- The middle market continues to be squeezed…
-
- Figure 35: Percentage change in Swiss watch global exports, by price range, 2017-18
- …as the number of smartwatches sold increased by 11% in 2018
-
- Figure 36: Estimated unit sales of wrist-worn wearable devices, by product category, 2016-18
Companies and Brands – What You Need to Know
-
- It has been a good year for the Watches of Switzerland Group
- Links of London searching for a buyer
- More retailers are introducing personalised options
- Above-the-line advertising spending decreases in 2018
- Swarovski and H. Samuel benefit from high consumer awareness
Leading Specialist Retailers
-
- Sales performance
- Watches of Switzerland launches IPO and sees jump in sales
-
- Figure 37: Leading specialists’ revenues, 2013-18
- Thomas Sabo mulls CVA
- Links of London in search of new buyer
- Pandora struggling, but positive ahead of brand relaunch
- Outlet numbers
- Argento sells half of its estate to Pandora
-
- Figure 38: Leading specialists’ outlet numbers, 2013-18
- Monica Vinader continues expansion
- Signet Path to Brilliance plan leads to store closures
- Sales per outlet
-
- Figure 39: Leading specialists’ sales per outlet, 2017
- Figure 40: Leading specialists’ sales per outlet, 2013-18
Launch Activity and Innovation – Jewellery
-
- New collections
- Net-a-Porter launches new jewellery collection for the Make-A-Wish Foundation
-
- Figure 41: Net-a-Porter’s fine jewellery collection for the Make-A-Wish Foundation, 2018
- Gucci announces first fine jewellery collection
-
- Figure 42: Gucci’s fine jewellery boutique in Vendôme, 2019
- Net-a-Porter’s invitation-only jewellery collection
- Louis Vuitton launches B Blossom collection
-
- Figure 43: Louis Vuitton’s new fine jewellery collection, 2019
- Dior launches Gem Dior collection
-
- Figure 44: Gem Dior collection, 2019
- Astrid & Miyu unisex collection
- ChloBo launches children’s jewellery line
- Collaborations
- Pandora’s Lion King Collection
-
- Figure 45: Pandora’s new The Lion King Collection, 2019
- Dior and Fenwick launch Vintage Dior Edit
-
- Figure 46: Bringing vintage Dior to Fenwick: some of JGJ’s curated collection, 2019
- Sustainability
- Swarovski creates sustainable collections
- DSM launches sustainable fine jewellery collection
- Fairtrade Foundation supports Jewellery App
- byBiehl gives back to nature
-
- Figure 47: byBiehl’s Jungle Ivy collection, June 2019
- Experiences
- Ernest Jones hosts event at the Tower of London
-
- Figure 48: Model on the runway for Le Vian’s event at the Tower of London, 2019
- Tiffany & Co. to host an exhibition
- Swarovski launches interactive installation for Christmas
- Store openings
- Tiffany’s new concept store
-
- Figure 49: Inside Tiffany’s Cat Street store in Tokyo, 2019
- Chopard reopens London Bond Street boutique
-
- Figure 50: Inside Chopard’s re-imagined New Bond Street flagship boutique, 2019
- Pop-ups
- Azza Fahmy launches Harrods pop-up
- Maria Black opens Selfridges pop-up
- Bulgari hosts summer pop-up in Selfridges London
-
- Figure 51: Bulgari’s new Cinemagia high jewellery collection, 2019
- JewelStreet launches pop-up in Oxford’s Westgate
- Customisable Jewellery
- Jouer by Simone customisable jewellery on the go
- Peter Jackson allows customers to create their own jewellery
- Harrods’ new gem bar
-
- Figure 52: Amrapali’s Harrods concession including the new gem bar, July 2019
Launch Activity and Innovation – Watches
-
- Collaborations
- Swatch partners with artists
-
- Figure 53: The Joe Tilson Venetian Watch, 2019
- Figure 54: Spot Mickey watch, 2018
- UNDONE launches Peanuts watch
-
- Figure 55: UNDONE’s customisable Peanuts range, 2018
- Tudor unveils an ‘all-black’ watch in support of New Zealand’s rugby team
- Pop-ups
- IWC Schaffhausen opens Heathrow pop-up
-
- Figure 56: IWC Schaffhausen’s pop-up showcasing its iconic watches at Heathrow Airport, Terminal 2, 2019
- Payment innovation
- Swatch launches SwatchPAY!
-
- Figure 57: Swatch’s credit card watch, SwatchPAY!, 2019
- Store openings
- David M Robinson’s new flagship in Manchester
-
- Figure 58: Inside DMR’s refurbished flagship Manchester store, 2019
- Rolex store in Knightsbridge reopens
- Swatch drive-through store
Advertising and Marketing Activity
-
- Above-the-line spending decreases by 13.9% in 2018
-
- Figure 59: Total above-the-line, online display and direct mail advertising expenditure on jewellery and watches, 2014-18
- Leading Players
- Rolex decreases marketing spend
-
- Figure 60: Total above-the-line, online display and direct mail advertising expenditure on jewellery and watches, by advertiser, 2014-18
- Swatch has strong digital presence
- Tiffany & Co. concentrates on in-store experiences
- Increase in digital advertising spend
-
- Figure 61: Total above-the-line, online display and direct mail advertising expenditure on jewellery and watches, by advertiser, by media type, 2018
- Figure 62: Total above-the-line, online display and direct mail advertising expenditure on jewellery and watches, by media type, 2018
- Key Campaigns
- Patek Philippe campaign for its latest women’s watch
- Clash de Cartier
-
- Figure 63: Clash de Cartier campaign, 2019
- Chanel’s campaign for its latest fine jewellery collection
- Swarovski’s Follow the Light social media campaign
-
- Figure 64: Swarovski #followthelight, 2019
- New brand ambassadors for Thomas Sabo and Pandora
-
- Figure 65: Pandora launches partnership with Millie Bobby Brown, 2019
- Nielsen Ad Intel coverage
Brand Research
-
- What you need to know
- Brand map
-
- Figure 66: Attitudes towards and usage of selected brands, July 2019
- Key brand metrics
-
- Figure 67: Key metrics for selected brands, July 2019
- Warren James and H. Samuel appreciated for good value
-
- Figure 68: Attitudes, by brand, July 2019
- Swatch perceived as fun
-
- Figure 69: Brand personality – macro image, July 2019
- Consumers see Links of London as aspirational and worth paying more for
-
- Figure 70: Brand personality – micro image, July 2019
- Brand analysis
- Swarovski aims to reach a wide audience, but is most popular among higher earners
-
- Figure 71: User profile of Swarovski, July 2019
- Ernest Jones must do more to stand out from the crowd
-
- Figure 72: User profile of Ernest Jones, July 2019
- Swatch is seen as fun, but does not generate loyalty
-
- Figure 73: User profile of Swatch, July 2019
- Goldsmiths not unique enough
-
- Figure 74: User profile of Goldsmiths, July 2019
- Links of London popular among older Millennials
-
- Figure 75: User profile of Links of London, July 2019
- Warren James too similar to its competition
-
- Figure 76: User profile of Warren James, July 2019
- H. Samuel is viewed as the most trustworthy
-
- Figure 77: User profile of H. Samuel, July 2019
The Consumer – What You Need to Know
-
- Purchasing of jewellery and watches has gone up
- Body jewellery has increased in popularity
- Online is commonly used for purchasing jewellery or watches
- People are most likely to buy for birthdays
- Good customer service attracts customers
- People are concerned about the ethics of manufacturing
Purchasing of Jewellery and Watches
-
- Jewellery and watch purchasing has increased
-
- Figure 78: Total purchasing of jewellery and watches, July 2018 and July 2019
- Watches and costume jewellery are the most popular purchases
-
- Figure 79: Who jewellery/watches were bought for in the last five years, July 2019
- More men are purchasing jewellery for themselves
-
- Figure 80: Men who purchased costume and precious metal jewellery for themselves, July 2018 and July 2019
- Two thirds of young men purchased a watch
-
- Figure 81: Watch buyers over the past five years, by age and gender, July 2019
- The majority of buyers purchased three items
-
- Figure 82: Repertoire of jewellery and watches bought, by gender, July 2019
Types of Jewellery Purchased
-
- Necklaces are the most popular style of jewellery
-
- Figure 83: Types of jewellery purchased, July 2019
- Body jewellery grows in popularity
- Men aged 25-44 are most likely to buy charms
-
- Figure 84: People who bought bracelet charms in the last 5 years, by gender and age, July 2019
- Multi-style purchasing is driven by women
-
- Figure 85: Repertoire of types of jewellery purchased, by gender, July 2019
Channels Used
-
- Online purchasing continues to gain momentum
-
- Figure 86: Channels used for buying jewellery and watches, July 2019
- Watches are almost as likely to be bought online as offline
-
- Figure 87: Channels used for buying jewellery and watches, by item bought, July 2019
Occasions for Buying Jewellery and Watches
-
- Two fifths buy for birthdays
-
- Figure 88: Occasions people buy jewellery and watches for, July 2019
-
- Figure 89: Pandora’s chatbot pop-up in Westfield Stratford City, February 2019
- Men more likely than women to buy for an occasion
-
- Figure 90: Occasions people buy jewellery and watches for, by gender, July 2019
- 25-44s most likely to buy for multiple occasions
-
- Figure 91: Repertoire of occasions people buy jewellery and watches for, by age, July 2019
Spending on Jewellery and Watches
-
- A third would spend between £100 and £500
-
- Figure 92: Amount people would be willing to spend on jewellery, July 2019
- Men would be the biggest spenders
-
- Figure 93: Amount people would be willing to spend on jewellery, by gender, July 2019
- The middle market for watches is being squeezed
-
- Figure 94: Amount people would be willing to spend on watches, July 2019
- Men aged 25-44 are the highest potential spenders
Consumer Expectations from Retailers
-
- Good customer service brings in footfall
-
- Figure 95: Factors that encourage purchasing, July 2019
- Trusted recommendations are most important for young women
-
- Figure 96: Factors that encourage purchasing in women, by age, July 2019
- Exclusive items are appealing to women…
-
- Figure 97: Product types that encourage purchasing, by gender, July 2019
-
- Figure 98: The crafting of the MVxCarolineIssa collection, 2019
- …while men prefer brands
Jewellery and Watch Buying Behaviour
-
- People still prefer to make big purchases in-store
-
- Figure 99: Behaviours towards jewellery and watch purchasing, July 2019
- There is concern around the ethics of jewellery and watch manufacturing
-
- Figure 100: Pandora’s ‘Beautifully Different’ sustainable collection, August 2019
- Personalisation appeals to customers
Attitudes towards Jewellery Retailing
-
- Jewellery retailers should be more diverse
-
- Figure 101: Attitudes towards the jewellery market, July 2019
- People are ready to embrace man-made diamonds
-
- Figure 102: Lark & Berry’s podcast about the diamond industry, 2019
Attitudes towards Watch Retailing
-
- Digital innovations have disrupted the watch market
-
- Figure 103: Attitudes towards the watch market, July 2019
- People are keen to buy pre-loved watches
-
- Figure 104: Agreement with the statement ‘It is more worthwhile to buy a luxury watch second-hand than new’, by gender and age, July 2019
Appendix – Data Sources, Abbreviations and Supporting Information
-
- Abbreviations
- Consumer research methodology
Appendix – Market Size and Forecast
-
- Forecast methodology
- Best- and worst-case forecast
-
- Figure 105: Forecast consumer spending on jewellery and watches, 2019-24
- Figure 106: Forecast consumer spending on jewellery, 2019-24
- Figure 107: Forecast consumer spending on watches, 2019-24
Back to top