UK Jewellery and Watches Retailing Market Report 2021
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Providing the most comprehensive and up-to-date information and analysis of the UK Jewellery & Watches Retailing market, including the behaviours, preferences and habits of the consumer.
Costume jewellery has become the new lipstick as people treated themselves to stand out, lower-priced jewellery items during the pandemic. 54% of consumers purchased costume jewellery in 2021, up from 50% in 2020. The jewellery and watches retailing category has seen the biggest uplift in purchasing when comparing the data with last years’ report, particularly among people buying for themselves.
As mask-wearing increased as a result of COVID-19, women looked for alternative ways of making a statement, moving away from makeup to wearing statement jewellery such as necklaces and earring. These are currently the most purchased items of jewellery, both being clearly visible on Zoom calls.
The jewellery and watches market share is seeing a gradual recovery in 2021, driven by renewed consumer confidence and optimism as people buy pieces for socialising as restrictions lift. The watch market has also bounced back, although is increasingly polarised with lower-priced watches continuing to struggle thanks to the growing demand for smartwatches.
While consumers cut back on their spending on fashion, jewellery and watches during 2020, they are now looking to splash out on unique items. There are opportunities for jewellery and watch retailers to encourage consumers to trade up by offering bespoke and personalised items, as well as exclusive collaborations with designers. Two fifths of women aged 16-34 are interested in attending a jewellery class or workshop, indicating a scope to appeal to this demographic by inviting them to see how items are made, participate, and give them the opportunity to commission a bespoke piece.
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Brands: Pandora, Swarovski, Watches of Switzerland, Ernest Jones, Warren James, Goldsmiths, Swatch, Cartier, H Samuel, Tiffany & Co, Beaverbrooks the Jewellers, Claire’s Accessories, Warren James, DCK Concessions, F Hinds, Fraser Hart, Boodle & Dunthorne, Monica Vinader, Winchester holdings, Graff Diamonds, Graff Diamonds, Asprey Holdings, Links London, Glogau Gold of Wales, Argento Contemporary Jewellery Lovisa, Thomas Sabo, Clarie’s Accessories.
This report, written by Tamara Sender Ceron, a leading analyst in the Fashion sector, delivers in-depth commentary and analysis to highlight current trends and add expert context to the numbers.
As the jewellery and watches market rebounds from the harsh impact of COVID-19 on the sector, sales are estimated to recover gradually, but it will take several years to reach pre-pandemic levels. As consumers release pent-up demand for purchasing, there are opportunities for jewellery and watch retailers to encourage them to spend by tapping into growing trends for personalisation, more sustainable options and more diversified ranges and services.
Tamara Sender Ceron
Senior Fashion Analyst
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