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Jewellery Retailing - UK - September 2015

“The jewellery retail market follows a strong year in 2014 when falling precious metal prices and economic improvements boosted spending in the market. Young women stand out as being the biggest purchasers of jewellery for themselves, driven by their appetite for branded jewellery and the trend for layering and stacking multiple items together. Going forward, men’s jewellery will be a key area of growth.”
– Alice Goody, Retail Executive

This report answers the following key questions:

  • What is driving growth in the jewellery market?
  • How are jewellery retailers performing on the high street?
  • What would encourage more jewellery purchasing?

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Table of contents

  1. Overview

    • What you need to know
      • Products covered in this report
      • Executive Summary

          • Jewellery market grows 1.2% in 2015
            • Figure 1: Best- and worst-case forecast value sales of jewellery, 2010-20
          • Companies, brands and innovation
            • Pandora is associated with fun and vibrant traits
              • Figure 2: Attitudes towards and usage of selected brands, December 2014 and June 2015
              • Figure 3: Leading jewellery specialists’ compound annual growth rate (CAGR) in net revenues, 2010-13*
            • Fast-growing brand taps into the charm bracelet trend
              • The consumer
                • The young drive self-purchasing activity
                  • Figure 4: Jewellery types purchased in the last five years and/or being considered for purchase in the next six months, June 2015\
                • Argos becomes the top retailer for precious metal jewellery
                  • Figure 5: Retailers used for purchasing precious metal jewellery, either in-store or online, June 2015
                • Fashion stores dominate for costume jewellery
                  • Figure 6: Retailers used for purchasing costume jewellery, either in-store or online, June 2015
                • Half have bought jewellery online
                  • Consumers find it tricky to choose jewellery for others
                    • Figure 7: Consumer attitudes towards purchasing jewellery, June 2015
                  • Good value for money is the most important quality of precious metal jewellery
                    • Figure 8: Factors influencing precious metal jewellery purchases, June 2015
                  • Costume jewellery a popular gifting option
                    • Figure 9: Occasions that jewellery is bought as a gift, June 2015
                  • What we think
                  • Issues and Insights

                    • What is driving growth in the jewellery market?
                      • The facts
                        • The implications
                          • How are jewellery retailers performing on the high street?
                            • The facts
                              • The implications
                                • What would encourage more jewellery purchasing?
                                  • The facts
                                    • The implications
                                    • The Market – What You Need to Know

                                      • Jewellery market grows by 1.2% in 2015
                                        • Jewellery sales to reach £4.5 billion by 2020
                                          • Falling precious metal prices correlate with rise in hallmarking
                                            • Consumer confidence beginning to rise
                                              • Consumers buy costume jewellery more regularly than precious metal
                                                • Increase in 25-34s could boost the precious metal jewellery market
                                                  • Watches market estimated to grow by 4.5% in 2015
                                                  • The Market

                                                    • Jewellery market grows 1.2% in 2015
                                                      • Figure 10: UK value sales of jewellery, 2010-20
                                                    • Precious metal jewellery
                                                      • Costume jewellery
                                                        • Figure 11: UK value sales of jewellery by segment, 2011-15
                                                      • Jewellery sales to reach £4.5 billion by 2020
                                                          • Figure 12: Best- and worst-case forecast value sales of jewellery, 2010-20
                                                      • Market Drivers

                                                        • Falling precious metal prices boost the jewellery market
                                                          • Figure 13: Average yearly prices of gold, platinum and palladium, in dollars, 2000-15
                                                          • Figure 14: Average yearly prices of silver, in dollars 2000-15
                                                        • Hallmarking continues to grow, but at a slower rate than 2014
                                                          • Figure 15: Number of gold and silver items hallmarked, 2006-15
                                                        • Rising consumer confidence drives luxury spend
                                                          • Increase in 25-34s could boost the precious metal jewellery market
                                                            • Marriages rise by 5.3%
                                                              • Consumers buying more costume jewellery than handbags
                                                                • Figure 16: Spending habits for clothing, footwear and accessories, May 2014 and June 2015
                                                              • Watches market estimated to grow by 4.5% in 2015
                                                              • Key Players – What You Need to Know

                                                                • Argos launches bespoke diamond jewellery service
                                                                  • Fast-growing brand taps into the charm bracelet trend
                                                                    • Pandora is associated with fun and vibrant traits
                                                                      • Michael Kors suffers a lack of awareness
                                                                        • Swarovski ramps up advertising to tap into rise in self-purchasing
                                                                          • Department stores invest in their jewellery offering
                                                                            • Costume jewellery retailers suffer falling sales
                                                                            • Launch Activity and Innovations

                                                                              • 3D-printed jewellery is brought to the high street
                                                                                • Figure 17: 3D-printed jewellery from Zazzy
                                                                              • Argos launches bespoke diamond jewellery service
                                                                                • Figure 18: Argos’ Exclusively Yours bespoke jewellery service
                                                                              • Wearable technology adds function to fashion
                                                                                • Ethically sourced diamonds are brought to the UK market
                                                                                  • Discount jewellery chain launch caters for price-driven consumers
                                                                                    • Costume jewellery marketplace is given an ethical stance
                                                                                      • Fast-growing brand taps into the charm bracelet trend
                                                                                        • Figure 19: A leather charm bracelet Endless’ autumn/winter 2015 collection
                                                                                      • Tiffany brings New York to London’s Selfridges
                                                                                        • Jewellery delivered straight to your door
                                                                                          • Figure 20: A Wifty subscription box
                                                                                      • Brand Research

                                                                                          • What you need to know
                                                                                            • Brand map
                                                                                              • Figure 21: Attitudes towards and usage of selected brands, December 2014 and June 2015
                                                                                            • Key brand metrics
                                                                                              • Figure 22: Key metrics for selected brands, December 2014 and June 2015
                                                                                            • Brand attitudes: Tiffany associated with being consistently high quality
                                                                                              • Figure 23: Attitudes, by brand, December 2014 and June 2015
                                                                                            • Brand personality: Pandora benefits from fun and vibrant traits
                                                                                              • Figure 24: Brand personality – Macro image, December 2014 and June 2015
                                                                                            • Michael Kors and Pandora share a trend-led image
                                                                                              • Figure 25: Brand personality – Micro image, December 2014 and June 2015
                                                                                            • Brand analysis
                                                                                              • Pandora attracts high proportion of 16-24s
                                                                                                • Figure 26: User profile of Pandora, June 2015
                                                                                              • Michael Kors needs to increase exposure
                                                                                                • Figure 27: User profile of Michael Kors, December 2014
                                                                                              • Swarovski has the highest usage over time
                                                                                                • Figure 28: User profile of Swarovski, June 2015
                                                                                              • Tiffany & Co retains a trusted status
                                                                                                • Figure 29: User profile of Tiffany & Co, June 2015
                                                                                              • Links of London struggles to differentiate among strong competition
                                                                                                • Figure 30: User profile Links of London, June 2015
                                                                                            • Brand Communication and Promotion

                                                                                              • 15.6% uplift in advertising expenditure
                                                                                                • Figure 31: Recorded above-the-line, online display and direct mail total advertising expenditure on jewellery, 2011-14
                                                                                              • Advertising peaks over the festive period
                                                                                                • Figure 32: Recorded above-the-line, online display and direct mail total advertising expenditure on jewellery, by month, 2014
                                                                                              • H Samuel overtakes Pandora as biggest spender
                                                                                                • Figure 33: Recorded above-the-line, online display and direct mail total advertising expenditure on jewellery, by advertiser, 2011-14
                                                                                              • Press adverts account for 60% of spend
                                                                                                • Figure 34: Recorded above-the-line, online display and direct mail total advertising expenditure on jewellery, by media type, 2014
                                                                                                • Figure 35: Recorded above-the-line, online display and direct mail total advertising expenditure on jewellery, by media type, 2011-14
                                                                                              • A note on adspend
                                                                                              • Companies and Products

                                                                                                • Leading specialists: Compound annual growth rates
                                                                                                  • Figure 36: Visual merchandising in a Pandora concept store, encouraging multiple purchases of stacking rings
                                                                                                  • Figure 37: Leading jewellery specialists’ compound annual growth rate (CAGR) in net revenues, 2010-13*
                                                                                                • Leading specialists: Revenues
                                                                                                  • Figure 38: The Lola and Grace stand within Swarovski’s Oxford Street store
                                                                                                  • Figure 39: Leading jewellery specialists’ revenues, 2010-14
                                                                                                • Leading specialists: Outlet numbers
                                                                                                  • Figure 40: Leading jewellery specialists’ outlet numbers, 2010-14
                                                                                                • Leading specialists: Sales per outlet
                                                                                                  • Figure 41: Leading jewellery specialists’ sales per outlet, 2013
                                                                                                • Department stores
                                                                                                  • Independent jewellers
                                                                                                    • Figure 42: A ring from Mococo’s own-brand Kiss collection, tapping into the trend for rose-gold and mixed metals
                                                                                                  • Costume jewellery retailers
                                                                                                    • Figure 43: Accessorize’s Z collection, featuring gold-plated and sterling silver items of jewellery
                                                                                                  • Fashion stores and mixed goods retailers
                                                                                                    • Figure 44: A necklace from Topshop’s gold plated jewellery collection
                                                                                                    • Figure 45: Topman’s ‘Create your own necklace’ range
                                                                                                • The Consumer – What You Need to Know

                                                                                                  • Young women drive self-purchasing activity
                                                                                                    • Young men buying precious metal jewellery for themselves
                                                                                                      • Costume jewellery is a popular gifting option
                                                                                                        • Argos is the retailer of choice for precious metal jewellery
                                                                                                          • The inability to try on jewellery may be holding back online purchases
                                                                                                            • Value for money and metal type are the most important qualities to jewellery buyers
                                                                                                              • More consumers buy jewellery for Mother’s Day than Valentine’s
                                                                                                              • Purchasing of Jewellery

                                                                                                                • Silver is the most purchased metal type
                                                                                                                  • Figure 46: Jewellery types purchased in the last five years and/or being considered for purchase in the next six months, June 2015
                                                                                                                • Precious metal jewellery associated with higher-income households
                                                                                                                  • Costume jewellery is more popular than gold
                                                                                                                    • Figure 47: Jewellery types purchased in the last five years and/or being considered for purchase in the next six months, June 2015
                                                                                                                  • Women buying more precious metal jewellery for themselves
                                                                                                                    • Figure 48: Purchasing of precious metal and costume jewellery – Women, by age, June 2015
                                                                                                                  • Young men buying precious metal jewellery for themselves
                                                                                                                    • Figure 49: Purchasing of precious metal and costume jewellery – Men, by age, June 2015
                                                                                                                  • Young women favour silver; gold appeals to 45-64s
                                                                                                                    • Figure 50: Purchasing of silver jewellery – Women, by age, June 2015
                                                                                                                    • Figure 51: Purchasing of gold jewellery – Women, by age, June 2015
                                                                                                                  • Men’s jewellery purchasing for someone else peaks among 25-34s
                                                                                                                    • Figure 52: Purchasing of any precious metal jewellery – Men, by age, June 2015
                                                                                                                • Where Jewellery is Purchased

                                                                                                                  • Consumers choose Argos for precious metal jewellery
                                                                                                                    • Figure 53: Retailers used for purchasing precious metal jewellery, either in-store or online, June 2015
                                                                                                                  • Profile of precious metal jewellery shoppers
                                                                                                                    • Figure 54: Profile of precious metal jewellery shoppers, by age and affluence, June 2015
                                                                                                                  • Fashion stores dominate for costume jewellery
                                                                                                                    • Figure 55: Retailers used for purchasing costume jewellery, either in-store or online, June 2015
                                                                                                                    • Figure 56: Costume jewellery from the Freedom by Topshop range
                                                                                                                  • Profile of costume jewellery shoppers
                                                                                                                    • Figure 57: Profile of costume jewellery shoppers, by age and affluence, June 2015
                                                                                                                  • Loyalty among jewellery shoppers
                                                                                                                    • Figure 58: Repertoire of retailers from which precious metal jewellery is purchased, either in-store or online, June 2015
                                                                                                                    • Figure 59: Repertoire of retailers from which costume jewellery is purchased, either in-store or online, June 2015
                                                                                                                  • A third of precious metal jewellery buyers have bought online
                                                                                                                    • Figure 60: Online purchases of jewellery, by gender, June 2015
                                                                                                                • Attitudes towards Purchasing Jewellery

                                                                                                                    • Figure 61: Consumer attitudes towards purchasing jewellery, June 2015
                                                                                                                  • Choosing jewellery for others is tricky
                                                                                                                    • Figure 62: Gender and age breakdown of consumers who find it tricky to choose jewellery for someone else, June 2015
                                                                                                                  • Multi-wear jewellery taps into consumer desire for customisation
                                                                                                                    • Little interest in additional services such as manicures
                                                                                                                      • Over one in 10 want a relaxation area
                                                                                                                        • Profile of precious metal jewellery shoppers
                                                                                                                          • Figure 63: Profile of precious metal jewellery shoppers and their attitudes towards buying jewellery, by age and affluence, June 2015
                                                                                                                        • Precious metal jewellery buyers are promotionally driven
                                                                                                                          • Figure 64: Gender and age breakdown of consumers who are more likely to buy jewellery that is on promotion, June 2015
                                                                                                                        • Trying on jewellery remains integral to the purchase process
                                                                                                                          • Figure 65: Pandora’s touch-and-feel ring unit encourages trying on in store
                                                                                                                        • Young women are significantly more brand-driven
                                                                                                                          • Figure 66: Breakdown of those who like to buy branded precious metal jewellery, by gender and age, June 2015
                                                                                                                        • Consumers want reassurance on where metals are sourced from
                                                                                                                          • Costume jewellery is bought with an outfit in mind
                                                                                                                            • Figure 67: Women’s attitudes towards buying costume jewellery, by age, June 2015
                                                                                                                        • Factors Affecting the Purchase of Precious Metal Jewellery

                                                                                                                          • Value for money overrides metal type
                                                                                                                            • Figure 68: Factors influencing precious metal jewellery purchases, June 2015
                                                                                                                          • Profile of jewellery shoppers based on the qualities they look for
                                                                                                                            • Figure 69: Profile of precious metal jewellery shoppers and the factors that are most important to them, by age and affluence, June 2015
                                                                                                                          • The young are less concerned with hallmarking
                                                                                                                            • A unique design is more important than being on-trend
                                                                                                                              • The brand and designer are not as vital as other design aspects
                                                                                                                                • Platinum jewellery buyers the most concerned with ethical sourcing
                                                                                                                                  • Personalisation important to Millennials
                                                                                                                                  • Gifting Occasions for Jewellery

                                                                                                                                    • Costume jewellery is a popular gifting option
                                                                                                                                      • Figure 70: Occasions for which jewellery is bought as a gift, June 2015
                                                                                                                                    • Birthdays are the biggest gifting occasion
                                                                                                                                      • Men drive spend for anniversaries and weddings
                                                                                                                                        • Figure 71: Most popular gifting occasions – Men, June 2015
                                                                                                                                      • Young women drive spend for Mother’s Day
                                                                                                                                        • Figure 72: Most popular gifting occasions – Women, June 2015
                                                                                                                                      • Repertoire of gifting occasions jewellery has been bought for
                                                                                                                                        • Figure 73: Repertoire of gifting occasions that precious metal jewellery has been bought for, May 2015
                                                                                                                                        • Figure 74: Repertoire of gifting occasions that costume jewellery has been bought for, May 2015
                                                                                                                                    • Appendix – Data Sources and Abbreviations

                                                                                                                                      • Data sources
                                                                                                                                        • Fan chart forecast
                                                                                                                                          • Abbreviations

                                                                                                                                          Companies Covered

                                                                                                                                          To learn more about the companies covered in this report please contact us.

                                                                                                                                          Jewellery Retailing - UK - September 2015

                                                                                                                                          £1,995.00 (Excl.Tax)