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Watches and Jewellery Retailing - UK - September 2010

The watches and jewellery market has not been immune to the economic climate and the whole industry suffered in late 2008 and in 2009 as consumer confidence fell and people became more cautious about their spending.

  • The overall jewellery and watches market grew by 10% since 2005 to reach £4.8 billion in 2010 and Mintel forecasts 11% growth for the jewellery and watches market over the next five years.
  • Rocketing gold prices and the recession have led many consumers to buy silver jewellery instead of gold, with almost one in five people wearing more silver jewellery than gold, rising to nearly three in ten women, particularly young people aged 15-24.
  • Costume jewellery is the smallest sector of the watches and jewellery market, but has grown at the fastest rate. The market is expected to grow further, thanks to people buying pieces for accessorising more frequently and as young people under-25 continue to spend.
  • The affordability and disposability of many costume jewellery items means that customers are more willing to experiment and try new looks without denting their bank balances. Almost a third of women buy costume jewellery in different styles and colours to complement their outfits.
  • The high number of people who like to receive precious metal jewellery as a gift shows the importance of the gifting market for retailers, with four in ten adults enjoying receiving precious metal jewellery as a birthday or Christmas present.
  • Young men aged under-35 are more open to paying higher amounts for a watch as they typically do not wear jewellery to express their individuality or consumer spending power.
  • Some 86% of consumers wear a watch, but nearly 40% only buy a new one when their old one is broken. Converging the watch’s main function with health benefits would be one way of helping create new reasons for purchase.

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Table of contents

  1. Issues in the Market

      • Main themes
        • Definitions
          • Abbreviations
          • Future Opportunities

              • Making the most of the time you’ve got
                • Wear your heart on your (wrist)
                  • Shop till you drop
                  • Market in Brief

                    • Watches and jewellery sales remain flat
                      • Precious metals remain the largest product sector
                        • Most own a watch
                          • Price of gold rides high
                            • Switch to silver
                              • Low-priced watches best sellers
                                • Men willing to spend more on watches
                                  • Watch brand buyers
                                    • A watch for every outfit
                                      • Mobiles replace watches for telling time
                                        • Designer timepieces
                                          • Jewellery gifting
                                            • A quarter of women are self-purchasers
                                              • Silver more popular than gold
                                                • Cash for Gold
                                                  • Unethical jewellery
                                                    • Costume vs precious metal jewellery
                                                      • Jewellery to match an outfit
                                                        • High street chains remain most popular
                                                          • ABs prefer independent jewellers
                                                            • Young shop at high street costume jewellers
                                                              • Fashion stores draw impulse buyers
                                                                • Four main target groups
                                                                  • The future
                                                                  • Internal Market Environment

                                                                    • Key points
                                                                      • Most own a watch
                                                                        • Figure 1: Ownership of watches, 2005-09
                                                                      • Boom in mobiles
                                                                        • Figure 2: Trends in ownership of watches compared to mobile handsets, 2005-09
                                                                      • Price of gold rides high
                                                                        • Figure 3: Average gold and platinum prices, 2004-09
                                                                        • Figure 4: Gold prices, 2004-10
                                                                      • Price of silver edges up
                                                                        • Figure 5: Silver prices, 2004-10
                                                                      • Price of platinum drops
                                                                        • Figure 6: Platinum prices, 2004-10
                                                                        • Figure 7: Number of articles hallmarked, by metal, 2004-09
                                                                      • Switch to silver
                                                                        • Figure 8: ownership of gold or platinum jewellery* and silver jewellery, 2005-09
                                                                        • Figure 9: Ownership of jewellery, by type of metal, 2005-09
                                                                      • Gold spend
                                                                        • Figure 10: Amount spent on gold or platinum jewellery, not diamond set, 2005-09
                                                                      • Silver spend
                                                                        • Figure 11: Amount spent on silver jewellery, 2005-09
                                                                    • Broader Market Environment

                                                                      • Key points
                                                                        • Middle-aged to boost watch gifting market
                                                                          • Figure 12: Trends and projections in the UK population, by age group, 2005-15
                                                                        • 25-34s are precious about jewellery
                                                                          • Old go for gold
                                                                            • Passion for fashion among the young
                                                                              • Affluent to drive watch brand sales
                                                                                • Figure 13: UK population, by socio-economic group, 2005-15
                                                                              • ABs turn to silver
                                                                                • Rising unemployment poses a threat
                                                                                  • Figure 14: Employment and unemployment, by gender, 2005-15
                                                                                  • Figure 15: Trends in personal disposable income and consumer expenditure, at constant 2010 prices, 2005-15
                                                                              • Strengths and Weaknesses in the Market

                                                                                • Strengths
                                                                                  • Weaknesses
                                                                                  • Who’s Innovating?

                                                                                    • Changing the time
                                                                                      • Precision timepieces
                                                                                        • Watches that imitate jewellery
                                                                                          • Jewellery designed with balance in mind
                                                                                            • Jewellery has become acceptable for men
                                                                                              • Helping men with ring buying
                                                                                                • Accessorising to the full
                                                                                                • Competitive Context

                                                                                                  • Key points
                                                                                                    • Jewellery and watches compared to clothing and footwear
                                                                                                      • Figure 16: UK retail value sales of clothing and adornment products, at current prices, 2005-09
                                                                                                  • Market Size and Forecast

                                                                                                    • Key points
                                                                                                      • Total market for jewellery and watches
                                                                                                        • Figure 17: UK retail value sales of jewellery and watches, at current and constant prices, 2005-15
                                                                                                      • The future
                                                                                                        • Figure 18: UK retail value sales of jewellery and watches, at current prices, 2005-15
                                                                                                      • Factors used in the forecast
                                                                                                      • Segment Performance

                                                                                                        • Key points
                                                                                                          • Figure 19: UK retail value sales of jewellery and watches, by sector, 2007-10
                                                                                                        • Precious metal jewellery
                                                                                                          • Watches
                                                                                                            • Costume jewellery
                                                                                                            • Market Share

                                                                                                              • Key points
                                                                                                                • Specialist retailers dominate the market
                                                                                                                  • Figure 20: Brand shares in the uk retail jewellery and watches market, by value, 2007-09
                                                                                                                • Non-specialists led by Argos
                                                                                                                  • Signet closes stores
                                                                                                                    • Figure 21: Jewellery retailers, by number of outlets, 2005-09
                                                                                                                • Brand Communication and Promotion

                                                                                                                  • Key points
                                                                                                                    • Most retailers cut adspend
                                                                                                                      • Figure 22: Expenditure on advertising, by top jewellery and watches retailers, 2007-09
                                                                                                                    • Press ads dominate
                                                                                                                      • Figure 23: Expenditure on advertising by top jewellery and watches retailers, by media, 2007-09
                                                                                                                  • Companies and Products

                                                                                                                    • Signet Group
                                                                                                                        • Figure 24: Product offering – Signet Group 2010
                                                                                                                        • Figure 25: Key financials – Signet Group, UK, 2009-10
                                                                                                                      • Aurum (formerly The Goldsmiths Group)
                                                                                                                          • Figure 26: Product offering – Aurum, 2010
                                                                                                                          • Figure 27: Key financials – Aurum Holdings Limited, 2009-10
                                                                                                                        • Links of London
                                                                                                                            • Figure 28: Key financials – Links (London) Limited (Global), 2008-09
                                                                                                                          • Swarovski
                                                                                                                              • Figure 29: Key financials – Swarovski UK Limited, 2007-08
                                                                                                                            • Tiffany
                                                                                                                                • Figure 30: Key financials – Tiffany & Co. Limited, 2009
                                                                                                                              • Accessorize
                                                                                                                                • Warren James
                                                                                                                                    • Figure 31: Key financials – Warren James, 2008-09
                                                                                                                                • The Consumer – Amount Spent on Watches

                                                                                                                                  • Key points
                                                                                                                                      • Figure 32: Amount of money prepared to spend on a watch for self, June 2010
                                                                                                                                    • Low-spenders
                                                                                                                                      • Mid-spenders
                                                                                                                                        • Men willing to spend more
                                                                                                                                          • Middle-aged men aim high
                                                                                                                                            • Figure 33: Prepared to spend over £250 on a watch for self, by age and socio-economic group, June 2010
                                                                                                                                          • Young don’t buy watches for themselves
                                                                                                                                          • The Consumer – Attitudes Towards Shopping for Watches

                                                                                                                                            • Key points
                                                                                                                                                • Figure 34: Attitudes towards watches, June 2010
                                                                                                                                              • Most buy to replace
                                                                                                                                                • Figure 35: Replacement watch buyers, by age and socio-economic group, June 2010
                                                                                                                                              • Time is a gift
                                                                                                                                                • Buying time
                                                                                                                                                  • Watch brand buyers
                                                                                                                                                    • Figure 36: Prefer a well-known specialist watch brand, by age and socio-economic group, June 2010
                                                                                                                                                  • Designer timepieces
                                                                                                                                                    • Figure 37: Prefer to own a designer branded watch, by age and lifestage, June 2010
                                                                                                                                                  • A watch for every outfit
                                                                                                                                                    • Mobiles replace watches for time-telling
                                                                                                                                                      • Figure 38: Use of mobile phone instead of watch to tell the time, by age and lifestage, June 2010
                                                                                                                                                  • The Consumer – Attitudes Towards Buying Precious Metal Jewellery

                                                                                                                                                    • Key points
                                                                                                                                                        • Figure 39: Attitudes towards buying or receiving precious metal jewellery, June 2010
                                                                                                                                                      • A fine gift
                                                                                                                                                        • A quarter of women are self-purchasers
                                                                                                                                                          • Silver more popular than gold
                                                                                                                                                            • Figure 40: Wearing silver versus gold jewellery, by age group, June 2010
                                                                                                                                                          • Unworn pieces
                                                                                                                                                            • Cash for gold
                                                                                                                                                              • Figure 41: Have sold gold jewellery for cash, by age and socio-economic group, June 2010
                                                                                                                                                            • Ethical jewellery
                                                                                                                                                              • Contemporary designs
                                                                                                                                                                • Diamonds are a girl’s best friend
                                                                                                                                                                  • Unusual metals remain niche
                                                                                                                                                                  • The Consumer – Attitudes Towards Buying Costume Jewellery

                                                                                                                                                                    • Key points
                                                                                                                                                                        • Figure 42: Attitudes towards costume jewellery, June 2010
                                                                                                                                                                      • Costume jewellery as a gift
                                                                                                                                                                        • Figure 43: Receiving or buying costume jewellery as a gift, by women, by age and socio-economic group, June 2010
                                                                                                                                                                      • Costume vs. precious metal jewellery
                                                                                                                                                                        • Figure 44: Wearing more costume jewellery than precious metal jewellery versus wearing more precious metal jewellery than costume jewellery, by age, June 2010
                                                                                                                                                                        • Figure 45: Wearing more costume jewellery than precious metal jewellery versus wearing more precious metal jewellery than costume jewellery, by social group, June 2010
                                                                                                                                                                        • Figure 46: Attitudes towards costume jewellery, June 2010
                                                                                                                                                                      • Jewellery to match an outfit
                                                                                                                                                                        • Impulse buying
                                                                                                                                                                          • Figure 47: Buy inexpensive jewellery as a treat or on impulse, by age and socio-economic group, June 2010
                                                                                                                                                                        • Value buyers
                                                                                                                                                                          • Treating themselves
                                                                                                                                                                            • Costume jewellery is trendier
                                                                                                                                                                              • High-end costume jewellery worn by very few
                                                                                                                                                                              • The Consumer – Where Jewellery is Bought

                                                                                                                                                                                • Key points
                                                                                                                                                                                    • Figure 48: Preferred outlets for buying jewellery, June 2010
                                                                                                                                                                                  • High street chains remain most popular
                                                                                                                                                                                    • ABs prefer independent jewellers
                                                                                                                                                                                      • Figure 49: Independent jewellery shoppers, by age and socio-economic group, June 2010
                                                                                                                                                                                    • Argos loses ground
                                                                                                                                                                                      • Figure 50: Argos jewellery shoppers, by age and socio-economic group, June 2010
                                                                                                                                                                                    • Young shop at high street costume jewellers
                                                                                                                                                                                      • Fashion stores draw impulse buyers
                                                                                                                                                                                        • Department stores
                                                                                                                                                                                          • Other outlets for jewellery
                                                                                                                                                                                          • Target Groups

                                                                                                                                                                                            • Key points
                                                                                                                                                                                              • Identifying targets
                                                                                                                                                                                                • Figure 51: Target groups for jewellery, June 2010
                                                                                                                                                                                              • Accessorise to Maximise (17%)
                                                                                                                                                                                                • Who are they?
                                                                                                                                                                                                  • Reaching this group
                                                                                                                                                                                                    • Going for Gold (17%)
                                                                                                                                                                                                      • Who are they?
                                                                                                                                                                                                        • Reaching this group
                                                                                                                                                                                                          • Swayed by silver (16%)
                                                                                                                                                                                                            • Who are they?
                                                                                                                                                                                                              • Reaching this group
                                                                                                                                                                                                                • Plain Janes (50%)
                                                                                                                                                                                                                  • Who are they?
                                                                                                                                                                                                                    • Reaching this group
                                                                                                                                                                                                                      • Figure 52: Amount of money prepared to spend on a watch for self, by target groups, June 2010
                                                                                                                                                                                                                      • Figure 53: Attitudes towards watches, by target groups, June 2010
                                                                                                                                                                                                                      • Figure 54: Buying or receiving precious metal jewellery, by target groups, June 2010
                                                                                                                                                                                                                      • Figure 55: Buying or receiving costume jewellery, by target groups, June 2010
                                                                                                                                                                                                                      • Figure 56: Where jewellery is bought, by target groups, June 2010
                                                                                                                                                                                                                  • Appendix – Internal Market Environment

                                                                                                                                                                                                                      • Figure 57: Ownership of jewellery, by demographics, 2009
                                                                                                                                                                                                                      • Figure 58: Ownership of jewellery, by demographics, 2009
                                                                                                                                                                                                                      • Figure 59: Ownership of jewellery, by demographics, 2009
                                                                                                                                                                                                                      • Figure 60: Cost of other gold or platinum jewellery, by demographics, 2009
                                                                                                                                                                                                                      • Figure 61: Cost of silver jewellery, by demographics, 2009
                                                                                                                                                                                                                      • Figure 62: Cost of other jewellery, by demographics, 2009
                                                                                                                                                                                                                      • Figure 63: Ownership of watches, by demographics, 2009
                                                                                                                                                                                                                      • Figure 64: Statements on watches, by most popular amount of money prepared to spend on a watch for self, June 2010
                                                                                                                                                                                                                      • Figure 65: Statements on watches, by next most popular amount of money prepared to spend on a watch for self, June 2010
                                                                                                                                                                                                                      • Figure 66: Amount of money prepared to spend on a watch for self, by demographics, June 2010
                                                                                                                                                                                                                  • Appendix – Amount Spent on Watches

                                                                                                                                                                                                                      • Figure 67: Amount of money prepared to spend on a watch for self, by most popular statements on watches, June 2010
                                                                                                                                                                                                                      • Figure 68: Amount of money prepared to spend on a watch for self by most popular statements on watches, June 2010
                                                                                                                                                                                                                  • Appendix – Attitudes Towards Shopping for Watches

                                                                                                                                                                                                                      • Figure 69: Attitudes towards watches, by demographics, June 2010
                                                                                                                                                                                                                  • Appendix – Attitudes Towards Buying Precious Metal Jewellery

                                                                                                                                                                                                                      • Figure 70: Preferred outlets for buying jewellery, by attitudes towards buying or receiving precious metal jewellery, June 2010
                                                                                                                                                                                                                      • Figure 71: Preferred outlets for buying jewellery, by attitudes towards buying or receiving precious metal jewellery, June 2010
                                                                                                                                                                                                                      • Figure 72: Preferred outlets for buying jewellery, by attitudes towards buying or receiving precious metal jewellery, June 2010
                                                                                                                                                                                                                      • Figure 73: Attitudes towards buying or receiving precious metal jewellery, by demographics, June 2010
                                                                                                                                                                                                                      • Figure 74: Attitudes towards buying or receiving precious metal jewellery, by demographics, June 2010 (continued)
                                                                                                                                                                                                                  • Appendix – Attitudes Towards Buying Costume Jewellery

                                                                                                                                                                                                                      • Figure 75: Preferred outlets for buying jewellery, by attitudes towards buying or receiving costume jewellery, June 2010
                                                                                                                                                                                                                      • Figure 76: Preferred outlets for buying jewellery, by attitudes towards buying or receiving costume jewellery, June 2010
                                                                                                                                                                                                                      • Figure 77: Attitudes towards buying or receiving costume jewellery, by demographics, June 2010
                                                                                                                                                                                                                      • Figure 78: Attitudes towards buying or receiving costume jewellery, by demographics, June 2010 (continued)
                                                                                                                                                                                                                      • Figure 79: Attitudes towards buying or receiving costume jewellery, by demographics, June 2010 (continued)
                                                                                                                                                                                                                      • Figure 80: Attitudes towards buying or receiving costume jewellery, by demographics, June 2010 (continued)
                                                                                                                                                                                                                  • Appendix – Where Jewellery is Bought

                                                                                                                                                                                                                      • Figure 81: Most popular outlets to buy jewellery, by demographics, June 2010
                                                                                                                                                                                                                      • Figure 82: Most popular outlets to buy jewellery, by demographics, June 2010
                                                                                                                                                                                                                      • Figure 83: Most popular outlets to buy jewellery, by demographics, June 2010 (continued)
                                                                                                                                                                                                                      • Figure 84: most popular outlets to buy jewellery, by demographics, June 2010 (continued)
                                                                                                                                                                                                                  • Appendix – Target Groups

                                                                                                                                                                                                                      • Figure 85: Target groups, by demographics, June 2010

                                                                                                                                                                                                                  Companies Covered

                                                                                                                                                                                                                  • Accurist Watches Ltd
                                                                                                                                                                                                                  • Adidas
                                                                                                                                                                                                                  • Aldi Stores Ltd (UK & Ireland)
                                                                                                                                                                                                                  • Alliance Boots UK Retail
                                                                                                                                                                                                                  • Apple Retail UK
                                                                                                                                                                                                                  • Argent of London
                                                                                                                                                                                                                  • Argos
                                                                                                                                                                                                                  • Asda Group Ltd
                                                                                                                                                                                                                  • Audemars Piguet
                                                                                                                                                                                                                  • Aurum
                                                                                                                                                                                                                  • Baugur
                                                                                                                                                                                                                  • Baume & Mercier
                                                                                                                                                                                                                  • Beaverbrooks the Jewellers Ltd
                                                                                                                                                                                                                  • Boodle & Dunthorne Ltd
                                                                                                                                                                                                                  • Breil
                                                                                                                                                                                                                  • Breitling Uk Ltd
                                                                                                                                                                                                                  • British Market Research Bureau (BMRB)
                                                                                                                                                                                                                  • Bulgari S.p.A. [Bvlgari]
                                                                                                                                                                                                                  • Burberry Group Plc
                                                                                                                                                                                                                  • Butler & Wilson Ltd
                                                                                                                                                                                                                  • Calvin Klein, Inc.
                                                                                                                                                                                                                  • Cartier SA
                                                                                                                                                                                                                  • Chanel Ltd (UK)
                                                                                                                                                                                                                  • Channel 4
                                                                                                                                                                                                                  • Chimento
                                                                                                                                                                                                                  • Chopard & Cie SA
                                                                                                                                                                                                                  • Christian Bauer
                                                                                                                                                                                                                  • Christian Dior
                                                                                                                                                                                                                  • Citizen Watch UK Ltd
                                                                                                                                                                                                                  • Claire's Accessories
                                                                                                                                                                                                                  • Co-operative Group
                                                                                                                                                                                                                  • DHL USA
                                                                                                                                                                                                                  • Dolce & Gabbana
                                                                                                                                                                                                                  • Donna Karan International Inc.
                                                                                                                                                                                                                  • Ernest Jones Ltd
                                                                                                                                                                                                                  • F Hinds
                                                                                                                                                                                                                  • Facebook, Inc.
                                                                                                                                                                                                                  • Fairtrade Foundation (The)
                                                                                                                                                                                                                  • Folli Follie UK Ltd
                                                                                                                                                                                                                  • Fope
                                                                                                                                                                                                                  • Fossil
                                                                                                                                                                                                                  • Fraser Hart Ltd
                                                                                                                                                                                                                  • Giorgio Armani S.p.A.
                                                                                                                                                                                                                  • Girard-Perregaux
                                                                                                                                                                                                                  • Goldsmiths Group Plc
                                                                                                                                                                                                                  • Government Actuary's Department (GAD)
                                                                                                                                                                                                                  • Graff Diamonds Ltd
                                                                                                                                                                                                                  • Gucci Group N.V.
                                                                                                                                                                                                                  • Guess
                                                                                                                                                                                                                  • H Samuel Ltd
                                                                                                                                                                                                                  • Hot Diamonds
                                                                                                                                                                                                                  • HPJ Retail Ltd
                                                                                                                                                                                                                  • Hugo Boss
                                                                                                                                                                                                                  • J. Sainsbury
                                                                                                                                                                                                                  • Jean Paul Gaultier SA
                                                                                                                                                                                                                  • John Lewis Partnership
                                                                                                                                                                                                                  • Kantar Media
                                                                                                                                                                                                                  • Landsbanki Islands Ltd
                                                                                                                                                                                                                  • Lidl (UK)
                                                                                                                                                                                                                  • LinksofLondon.com
                                                                                                                                                                                                                  • Longines
                                                                                                                                                                                                                  • LVMH Moët Hennessy Louis Vuitton SA
                                                                                                                                                                                                                  • Mappin & Webb Ltd
                                                                                                                                                                                                                  • Marks & Spencer
                                                                                                                                                                                                                  • MetroCentre
                                                                                                                                                                                                                  • Monsoon Accessorize Ltd - UK
                                                                                                                                                                                                                  • Montres Rolex S.A.
                                                                                                                                                                                                                  • Netto Foodstores Ltd
                                                                                                                                                                                                                  • New Look Group Plc
                                                                                                                                                                                                                  • Next Group
                                                                                                                                                                                                                  • Omega Ltd
                                                                                                                                                                                                                  • Patek Philippe
                                                                                                                                                                                                                  • Peacocks
                                                                                                                                                                                                                  • Primark Stores Ltd
                                                                                                                                                                                                                  • QVC
                                                                                                                                                                                                                  • Raymond Weil
                                                                                                                                                                                                                  • Red Bull UK
                                                                                                                                                                                                                  • Roberto Cavalli
                                                                                                                                                                                                                  • Rotary Watches Ltd
                                                                                                                                                                                                                  • Selfridges Retail Ltd
                                                                                                                                                                                                                  • Signet Group
                                                                                                                                                                                                                  • Storm Watches
                                                                                                                                                                                                                  • Swarovski
                                                                                                                                                                                                                  • Swatch
                                                                                                                                                                                                                  • TAG Heuer International SA 
                                                                                                                                                                                                                  • Ted Baker
                                                                                                                                                                                                                  • Tesco Plc
                                                                                                                                                                                                                  • Theo Fennell Plc
                                                                                                                                                                                                                  • THOMAS SABO GMBH & CO.
                                                                                                                                                                                                                  • Tiffany & Co.
                                                                                                                                                                                                                  • Timex Corporation
                                                                                                                                                                                                                  • Topman old
                                                                                                                                                                                                                  • Topshop old
                                                                                                                                                                                                                  • United Nations
                                                                                                                                                                                                                  • Waitrose
                                                                                                                                                                                                                  • Wallis old
                                                                                                                                                                                                                  • Warren James (Jewellers) Ltd
                                                                                                                                                                                                                  • Watches of Switzerland Ltd
                                                                                                                                                                                                                  • Wm Morrison Supermarkets

                                                                                                                                                                                                                  Watches and Jewellery Retailing - UK - September 2010

                                                                                                                                                                                                                  £1,995.00 (Excl.Tax)