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Watches and Jewellery Retailing - UK - September 2013

“While consumers are increasingly happy to browse and buy precious metal jewellery online, not being able to see the piece in person remains a big barrier to shopping online. Two fifths of women like to see the item before buying it and a quarter like to try it on meaning they prefer to buy in-store. Improving the way jewellery is displayed on websites, with extreme close-ups and videos of models wearing the pieces, could help drive online sales.”

– Tamara Sender, Senior Fashion Analyst

Some questions answered in this report include:

  • Which areas are performing best for the watches market?
  • How has the growth in popularity of costume jewellery impacted the precious jewellery market?
  • To what extent do consumers buy watches and jewellery online?
  • How is new technology affecting the traditional watches market?
  • How has the luxury-end of the market performed?

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Table of contents

  1. Introduction

      • Definitions
        • Abbreviations
        • Executive Summary

            • The market
              • Figure 1: Best- and worst-case forecast value sales of watches and jewellery, 2008-18
            • Market remains flat
              • Market factors
                • Hallmarked gold volumes continue to drop
                  • Figure 2: Average price of gold and platinum, 2003-12
                • Source: Kitco/Mintel
                  • Silver sees the biggest change
                    • Mobile phone ownership
                      • The Consumer
                        • Under-45s most likely to buy themselves a watch
                          • Figure 3: Purchasing of watches, precious metal jewellery and costume jewellery, for self or someone else in the last five years, July 2013
                        • Women opt to buy costume jewellery
                          • Silver is the preferred precious metal
                            • Where precious metal jewellery is bought
                              • Figure 4: Preferred outlets for buying precious metal jewellery, July 2013
                            • Independents attract over-45s
                              • Where watches are bought
                                • Figure 5: Preferred outlets for buying watches, July 2013
                                • Figure 6: Attitudes towards buying precious metal jewellery, July 2013
                              • A third choose unique designs
                                • Young are most cost-conscious
                                  • Figure 7: Attitudes towards buying watches, July 2013
                                • Women gifted watches more than men
                                  • Growth in fashion watches
                                    • Browsing and buying online
                                      • Figure 8: Attitudes towards shopping in-store and online for precious metal jewellery/costume jewellery/watches, July 2013
                                    • Under-44s see benefits of online
                                      • What we think
                                      • Issues in the Market

                                          • Which areas are performing best for the watches market?
                                            • How has the growth in popularity of costume jewellery impacted the precious jewellery market?
                                              • To what extent do consumers buy watches and jewellery online?
                                                • How is new technology affecting the traditional watches market?
                                                  • How has the luxury-end of the market performed?
                                                  • Trend Applications

                                                      • Trend: Why Buy
                                                        • Trend: The Nouveau Poor
                                                          • Mintel Futures: Old Gold
                                                          • Market Drivers

                                                            • Key points
                                                              • Gold prices stabilise in 2012
                                                                • Figure 9: Average price of gold and platinum, 2003-12
                                                              • Hallmarked gold volumes continue to drop
                                                                • Figure 10: Weight of gold hallmarked by all UK assay offices, 2003-12
                                                              • Silver sees the biggest change
                                                                • Figure 11: Number of hallmarks applied by four UK assay offices, 2011-13
                                                                • Figure 12: Average price of silver, 2000-12
                                                              • Popularity of palladium grows
                                                                • Conflict diamonds
                                                                  • Demographics that will impact growth
                                                                    • Mobile phone ownership
                                                                    • Strengths and Weaknesses in the Market

                                                                      • Strengths
                                                                        • Weaknesses
                                                                        • Who’s Innovating

                                                                          • Key points
                                                                            • Fashion watches and jewellery
                                                                              • Smart watches
                                                                                • New brands launching in the UK
                                                                                  • New concept stores
                                                                                    • Rising demand for pre-owned watches
                                                                                      • Advertising campaigns
                                                                                        • Celebrity ambassadors
                                                                                          • Technology
                                                                                            • Bespoke jewellery
                                                                                              • Charity campaigns
                                                                                              • Competitive Context

                                                                                                • Key points
                                                                                                  • Jewellery and watches underperform other fashion sectors
                                                                                                    • Figure 13: UK retail value sales of clothing, footwear and adornment, 2008-13
                                                                                                  • Jewellery and watches account for 8% of the fashion sector
                                                                                                    • Figure 14: UK retail value share of clothing, footwear and adornment, 2013
                                                                                                • Market Size and Forecast

                                                                                                  • Key points
                                                                                                    • Market remains flat
                                                                                                      • Figure 15: Best- and worst-case forecast value sales of watches and jewellery, 2008-18
                                                                                                    • The future
                                                                                                      • Watches and jewellery to grow by 5% over the next five years
                                                                                                        • Figure 16: Value sales of watches and jewellery, at current and constant prices, 2008-18
                                                                                                      • Factors used in the forecast
                                                                                                      • Segment Performance

                                                                                                        • Key points
                                                                                                          • Figure 17: UK retail value sales of jewellery and watches by sector, 2008-13
                                                                                                        • Precious metal jewellery
                                                                                                          • Watches
                                                                                                          • Retail Competitor Analysis

                                                                                                            • Key points
                                                                                                              • Figure 18: Jewellery retailers, by number of outlets, 2008-2013
                                                                                                          • Companies and Products

                                                                                                            • Signet Group
                                                                                                              • Company overview
                                                                                                                • Retail offering
                                                                                                                  • Financial performance/brand share
                                                                                                                    • Figure 19: Key financials for Signet Group UK, 2012 and 2013
                                                                                                                  • Recent developments
                                                                                                                    • Advertising/marketing
                                                                                                                      • Tiffany & Co
                                                                                                                        • Company overview
                                                                                                                          • Retail offering
                                                                                                                            • Financial performance
                                                                                                                              • Figure 20: Key financials for Tiffany & Co Ltd, 2011 and 2012
                                                                                                                            • Advertising/marketing
                                                                                                                              • Warren James
                                                                                                                                • Company overview
                                                                                                                                  • Retail offering
                                                                                                                                    • Financial performance
                                                                                                                                      • Figure 21: Key financials for Warren James (Jewellers) Ltd, 2011 and 2012
                                                                                                                                    • Aurum Holdings
                                                                                                                                      • Company overview
                                                                                                                                        • Retail offering
                                                                                                                                          • Financial performance
                                                                                                                                            • Figure 22: Key financials for Aurum Holdings Limited, 2012 and 2013
                                                                                                                                          • Advertising and marketing
                                                                                                                                            • Links of London
                                                                                                                                              • Company overview
                                                                                                                                                • Retail offering
                                                                                                                                                  • Financial performance
                                                                                                                                                    • Figure 23: Key financials for Links (London) Limited, 2010 and 2011
                                                                                                                                                  • Advertising and marketing
                                                                                                                                                  • The Consumer – Ownership and Purchasing of Watches & Jewellery

                                                                                                                                                    • Key points
                                                                                                                                                      • Ownership
                                                                                                                                                        • Figure 24: Ownership of watches, precious metal jewellery and costume jewellery, July 2013
                                                                                                                                                      • Purchases by type of jewellery
                                                                                                                                                        • Figure 25: Purchasing of watches, precious metal jewellery and costume jewellery, for self or someone else in the last five years, July 2013
                                                                                                                                                      • Three quarters of Britons own a watch
                                                                                                                                                        • Watch self-purchases twice as high as gifting
                                                                                                                                                          • Figure 26: Purchasing of watches, for self or someone else, by demographics, July 2013
                                                                                                                                                        • Under-45s most likely to buy themselves a watch
                                                                                                                                                          • Watch gift buying peaks among 45-54s
                                                                                                                                                            • Seven in ten women own gold and silver jewellery
                                                                                                                                                              • Women opt to buy costume jewellery
                                                                                                                                                                • Figure 27: Purchasing of precious metal jewellery and costume jewellery bought for yourself in the last five years, by demographics, July 2013
                                                                                                                                                              • Silver is the preferred precious metal
                                                                                                                                                                • Women buy silver as gifts
                                                                                                                                                                  • Figure 28: Purchasing of precious metal jewellery and costume jewellery bought for someone else in the last five years, by demographics, July 2013
                                                                                                                                                                • Men still favour precious metals as gifts
                                                                                                                                                                  • Palladium ownership remains low
                                                                                                                                                                  • The Consumer – Where are Jewellery and Watches Bought?

                                                                                                                                                                    • Key points
                                                                                                                                                                      • Where precious metal jewellery is bought
                                                                                                                                                                        • Figure 29: Preferred outlets for buying precious metal jewellery, July 2013
                                                                                                                                                                      • High street jewellery chains lead
                                                                                                                                                                        • Argos peaks among DEs
                                                                                                                                                                          • Independents attract over-45s
                                                                                                                                                                            • Online jewellery buyers
                                                                                                                                                                              • Men and parents favour premium chains
                                                                                                                                                                                • Department stores popular with older parents
                                                                                                                                                                                  • One in seven women buy from fashion stores
                                                                                                                                                                                    • Over-55s are main TV shopping channel customers
                                                                                                                                                                                      • Where watches are bought
                                                                                                                                                                                        • Figure 30: Preferred outlets for buying watches, July 2013
                                                                                                                                                                                      • Two fifths buy online
                                                                                                                                                                                        • A third buy watches from jewellery chains
                                                                                                                                                                                          • One in ten buy from watch specialists
                                                                                                                                                                                            • Women twice as likely to have bought from a fashion store
                                                                                                                                                                                            • The Consumer – Attitudes towards Buying Precious Metal Jewellery

                                                                                                                                                                                              • Key points
                                                                                                                                                                                                  • Figure 31: Attitudes towards buying precious metal jewellery, July 2013
                                                                                                                                                                                                • A third choose unique designs
                                                                                                                                                                                                  • Young are most cost-conscious
                                                                                                                                                                                                    • A quarter buy costume jewellery instead
                                                                                                                                                                                                      • High interest in hallmarking
                                                                                                                                                                                                        • Young show interest in ethical jewellery
                                                                                                                                                                                                          • Treat purchases
                                                                                                                                                                                                            • Demand for recycling old jewellery into new pieces
                                                                                                                                                                                                              • One in ten buy silver rather than gold
                                                                                                                                                                                                              • The Consumer – Attitudes towards Buying Watches

                                                                                                                                                                                                                • Key points
                                                                                                                                                                                                                    • Figure 32: Attitudes towards buying watches, July 2013
                                                                                                                                                                                                                  • Only half of watch owners wear it most of the time
                                                                                                                                                                                                                    • Watch wearing habits
                                                                                                                                                                                                                        • Figure 33: Attitudes towards buying watches, July 2013
                                                                                                                                                                                                                      • Women gifted watches more than men
                                                                                                                                                                                                                        • Growth in fashion watches
                                                                                                                                                                                                                          • Men see watches as a status symbol
                                                                                                                                                                                                                            • One fifth prefer specialist watch brands
                                                                                                                                                                                                                              • Young prefer to use other devices
                                                                                                                                                                                                                              • The Consumer – Attitudes towards Shopping for Watches & Jewellery In-Store and Online

                                                                                                                                                                                                                                • Key points
                                                                                                                                                                                                                                    • Figure 34: Attitudes towards shopping in-store and online for precious metal jewellery/costume jewellery/watches, July 2013
                                                                                                                                                                                                                                  • Browsing and buying online
                                                                                                                                                                                                                                    • Seeing and trying on are main barriers to online
                                                                                                                                                                                                                                      • Women and men like to see watches before buying
                                                                                                                                                                                                                                        • ABs value help from assistants in-store
                                                                                                                                                                                                                                          • Under-44s see benefits of online
                                                                                                                                                                                                                                            • Women worry about buying fake jewellery
                                                                                                                                                                                                                                              • Security when buying online is not a concern
                                                                                                                                                                                                                                              • Appendix – Market Size and Forecast

                                                                                                                                                                                                                                                  • Figure 35: Best- and worst-case forecast value sales of watches and jewellery, 2013-18
                                                                                                                                                                                                                                              • Appendix – The Consumer – Ownership and Purchasing of Watches and Jewellery

                                                                                                                                                                                                                                                  • Figure 36: Ownership of watches, precious metal jewellery and costume jewellery, by demographics, July 2013
                                                                                                                                                                                                                                                  • Figure 37: Purchasing of watches, precious metal jewellery and costume jewellery – Bought for myself in the last five years, by demographics, July 2013
                                                                                                                                                                                                                                                  • Figure 38: Purchasing of watches, precious metal jewellery and costume jewellery – Bought for someone else in the last five years, by demographics, July 2013
                                                                                                                                                                                                                                              • Appendix – The Consumer – Where are Watches & Jewellery Bought?

                                                                                                                                                                                                                                                  • Figure 39: Most popular preferred outlets for buying precious metal jewellery, by demographics, July 2013
                                                                                                                                                                                                                                                  • Figure 40: Next most popular preferred outlets for buying precious metal jewellery, by demographics, July 2013
                                                                                                                                                                                                                                                  • Figure 41: Other preferred outlets for buying precious metal jewellery, by demographics, July 2013
                                                                                                                                                                                                                                                  • Figure 42: Most popular preferred outlets for buying watches, by demographics, July 2013
                                                                                                                                                                                                                                                  • Figure 43: Next most popular preferred outlets for buying watches, by demographics, July 2013
                                                                                                                                                                                                                                                  • Figure 44: Preferred outlets for buying precious metal jewellery, by most popular attitudes towards shopping in-store and online for precious metal jewellery, July 2013
                                                                                                                                                                                                                                                  • Figure 45: Preferred outlets for buying precious metal jewellery, by next most popular attitudes towards shopping in-store and online for precious metal jewellery, July 2013
                                                                                                                                                                                                                                                  • Figure 46: Preferred outlets for buying precious metal jewellery, by most popular attitudes towards shopping in-store and online for costume jewellery, July 2013
                                                                                                                                                                                                                                                  • Figure 47: Preferred outlets for buying precious metal jewellery, by next most popular attitudes towards shopping in-store and online for costume jewellery, July 2013
                                                                                                                                                                                                                                                  • Figure 48: Preferred outlets for buying precious metal jewellery, by most popular attitudes towards shopping in-store and online for watches, July 2013
                                                                                                                                                                                                                                                  • Figure 49: Preferred outlets for buying precious metal jewellery, by next most popular attitudes towards shopping in-store and online for watches, July 2013
                                                                                                                                                                                                                                                  • Figure 50: Preferred outlets for buying watches, by most popular attitudes towards shopping in-store and online for precious metal jewellery, July 2013
                                                                                                                                                                                                                                                  • Figure 51: Preferred outlets for buying watches, by next most popular attitudes towards shopping in-store and online for precious metal jewellery, July 2013
                                                                                                                                                                                                                                                  • Figure 52: Preferred outlets for buying watches, by most popular attitudes towards shopping in-store and online for costume jewellery, July 2013
                                                                                                                                                                                                                                                  • Figure 53: Preferred outlets for buying watches, by next most popular attitudes towards shopping in-store and online for costume jewellery, July 2013
                                                                                                                                                                                                                                                  • Figure 54: Preferred outlets for buying watches, by most popular attitudes towards shopping in-store and online for watches, July 2013
                                                                                                                                                                                                                                                  • Figure 55: Preferred outlets for buying watches, by next most popular attitudes towards shopping in-store and online for watches, July 2013
                                                                                                                                                                                                                                                  • Figure 56: Preferred outlets for buying watches, by most popular attitudes towards buying watches, July 2013
                                                                                                                                                                                                                                                  • Figure 57: Preferred outlets for buying watches, by next most popular attitudes towards buying watches, July 2013
                                                                                                                                                                                                                                                  • Figure 58: Attitudes towards buying precious metal jewellery, by most popular preferred outlets for buying precious metal jewellery, July 2013
                                                                                                                                                                                                                                                  • Figure 59: Attitudes towards buying precious metal jewellery, by next most popular preferred outlets for buying precious metal jewellery, July 2013
                                                                                                                                                                                                                                                  • Figure 60: Attitudes towards buying precious metal jewellery, by other preferred outlets for buying precious metal jewellery, July 2013
                                                                                                                                                                                                                                                  • Figure 61: Preferred outlets for buying watches, by most popular attitudes towards buying watches, July 2013
                                                                                                                                                                                                                                                  • Figure 62: Preferred outlets for buying watches, by next most popular attitudes towards buying watches, July 2013
                                                                                                                                                                                                                                                  • Figure 63: Preferred outlets for buying precious metal jewellery, by retailers where clothes have been bought in-store or online in the last 12 months, July 2013
                                                                                                                                                                                                                                              • Appendix – The Consumer – Attitudes Towards Buying Precious Metal Jewellery

                                                                                                                                                                                                                                                  • Figure 64: Most popular attitudes towards buying precious metal jewellery, by demographics, July 2013
                                                                                                                                                                                                                                                  • Figure 65: Next most popular attitudes towards buying precious metal jewellery, by demographics, July 2013
                                                                                                                                                                                                                                              • Appendix – The Consumer – Attitudes Towards Buying Watches

                                                                                                                                                                                                                                                  • Figure 66: Most popular attitudes towards buying watches, by demographics, July 2013
                                                                                                                                                                                                                                                  • Figure 67: Next most popular attitudes towards buying watches, by demographics, July 2013
                                                                                                                                                                                                                                              • Appendix – The Consumer – Attitudes Towards Shopping for Watches & Jewellery In-store and Online

                                                                                                                                                                                                                                                  • Figure 68: Most popular attitudes towards shopping in-store and online for precious metal jewellery, July 2013
                                                                                                                                                                                                                                                  • Figure 69: Next most popular attitudes towards shopping in-store and online for precious metal jewellery, July 2013
                                                                                                                                                                                                                                                  • Figure 70: Other attitudes towards shopping in-store and online for precious metal jewellery, July 2013
                                                                                                                                                                                                                                                  • Figure 71: Most popular attitudes towards shopping in-store and online for costume jewellery, July 2013
                                                                                                                                                                                                                                                  • Figure 72: Next most popular attitudes towards shopping in-store and online for precious costume jewellery, July 2013
                                                                                                                                                                                                                                                  • Figure 73: Other attitudes towards shopping in-store and online for precious costume jewellery, July 2013
                                                                                                                                                                                                                                                  • Figure 74: Most popular attitudes towards shopping in-store and online for watches, July 2013
                                                                                                                                                                                                                                                  • Figure 75: Next most popular attitudes towards shopping in-store and online for watches, July 2013
                                                                                                                                                                                                                                                  • Figure 76: Other attitudes towards shopping in-store and online for watches, July 2013

                                                                                                                                                                                                                                              Companies Covered

                                                                                                                                                                                                                                              • Aurum
                                                                                                                                                                                                                                              • Biba
                                                                                                                                                                                                                                              • Breitling Uk Ltd
                                                                                                                                                                                                                                              • Cartier SA
                                                                                                                                                                                                                                              • Casio, Inc.
                                                                                                                                                                                                                                              • Chanel Ltd (UK)
                                                                                                                                                                                                                                              • Claire's Stores Inc
                                                                                                                                                                                                                                              • Ernest Jones Ltd
                                                                                                                                                                                                                                              • Facebook, Inc.
                                                                                                                                                                                                                                              • Folli Follie UK Ltd
                                                                                                                                                                                                                                              • Fossil
                                                                                                                                                                                                                                              • Guess
                                                                                                                                                                                                                                              • Juicy Couture, Inc.
                                                                                                                                                                                                                                              • Lacoste
                                                                                                                                                                                                                                              • Links London Ltd
                                                                                                                                                                                                                                              • Longines
                                                                                                                                                                                                                                              • Mappin & Webb Ltd
                                                                                                                                                                                                                                              • Nielsen Media Research, Inc.
                                                                                                                                                                                                                                              • Omega Ltd
                                                                                                                                                                                                                                              • Patek Philippe
                                                                                                                                                                                                                                              • Sanrio Company, Ltd.
                                                                                                                                                                                                                                              • Signet Group
                                                                                                                                                                                                                                              • TAG Heuer International SA 
                                                                                                                                                                                                                                              • The New York Times Company
                                                                                                                                                                                                                                              • Tiffany & Co.
                                                                                                                                                                                                                                              • Twitter, Inc.
                                                                                                                                                                                                                                              • Vera Wang
                                                                                                                                                                                                                                              • Watches of Switzerland Ltd
                                                                                                                                                                                                                                              • YouTube, Inc.

                                                                                                                                                                                                                                              Watches and Jewellery Retailing - UK - September 2013

                                                                                                                                                                                                                                              £1,995.00 (Excl.Tax)