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Watches and Jewellery Retailing - UK - September 2014

“Bespoke jewellery is a growing trend, particularly among young people who want to buy precious metal jewellery that can be personalised. Innovations such as 3D printing offer growth opportunities for the precious metal jewellery market allowing customers to create their own unique designs.”
– Tamara Sender, Senior Fashion Analyst

This report answers the following questions:

  • What is driving growth in the precious metal jewellery market?
  • How is the watches market performing?
  • Which retailers are standing out as the winners?
  • How has the luxury end of the market performed?
While young people are increasingly buying watches for themselves, they tend to view them as a fashion accessory. This poses a threat for the long-term future of the watches market as the younger generation tend to use other devices to tell the time and therefore have no need for a watch. When a new fashion accessory becomes popular they will buy into that trend rather than spend their money on watches.
 
Interest in smartwatches is highest among young people, with a quarter of 16-24s and a fifth of 25-34s showing an interest in these devices, meaning that there is potential for smartwatches to compete with traditional timepieces, although the high cost of early models and the bulky design necessary to include the latest technology is putting people off. More smartwatch models are being launched with the Apple Watch coming to the market in early 2015 and available in three versions including the luxury edition in rose or yellow 18-carat gold.
 
While the watch will allow users to answer calls made to their iPhone, share personalised health information, send and receive messages and will feature the voice-activated digital assistant Siri, one of the limitations is that the device cannot be charged while it is being worn. At present, the focus of smartwatches has been as a technology device, with people having to be willing to compromise on design in order to get the features. Apple is hoping that its smartwatch will change this and it will become the latest desirable fashion accessory.

 

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Table of contents

  1. Introduction

      • Definitions
        • Abbreviations
        • Executive Summary

            • The market
              • Figure 1: Best-and worst-case forecast of value sales of watches and jewellery, 2009-19
            • Market factors
              • Resurgence in gold as prices drop
                • Figure 2: Average price of gold and platinum, 2003-13
              • Silver prices fall and volumes rise
                • Companies, brands and innovation
                  • The consumer
                    • Figure 3: Ownership of watches, precious metal jewellery and costume jewellery, June 2014
                  • Women more likely than men to own a watch
                    • Young drive watch self-purchases
                      • Men opt for gold for gifting
                        • Where precious metal jewellery is bought
                          • Figure 4: Preferred outlets for buying precious metal jewellery, June 2014
                        • Where watches are bought
                          • Figure 5: Preferred outlets for buying watches, June 2014
                        • Making precious metals more fashionable
                          • Figure 6: Attitudes towards buying precious metal jewellery, June 2014
                        • Young buy branded jewellery
                          • Women as likely as men to wear a watch
                            • Figure 7: Attitudes towards watches, June 2014
                          • A quarter of 16-24s use other devices for time
                            • Special offers remain key motivator
                              • Figure 8: What would encourage purchases from a particular retailer, June 2014
                            • Men want bigger range of brands
                              • What we think
                              • Issues and Insights

                                  • What is driving growth in the precious metal jewellery market?
                                    • The facts
                                      • The implications
                                        • How is the watches market performing?
                                          • The facts
                                            • The implications
                                              • Which retailers are standing out as the winners?
                                                • The facts
                                                  • The implications
                                                    • How has the luxury end of the market performed?
                                                      • The facts
                                                        • The implications
                                                        • Trend Applications

                                                            • Trend: Fauxthenticity
                                                              • Trend: Many Mes
                                                                • Mintel Futures: Access Anything Anywhere
                                                                • Market Drivers

                                                                  • Key points
                                                                    • Figure 9: Average price of gold and platinum, 2003-13
                                                                  • Hallmarked volumes rise in 2014
                                                                    • Figure 10: Weight of gold hallmarked by all UK Assay Offices, 2001-13
                                                                  • Silver prices fall and volumes rise
                                                                    • Figure 11: Average price of silver, 2003-13
                                                                  • Demographics that will impact growth
                                                                    • Figure 12: Trends in the age structure of the UK population, percentage change, 2014-19
                                                                  • Swiss watchmakers output
                                                                    • Figure 13: Percentage share of all COSC certificates accounted for by leading Swiss-watch brands, 2012 and 2013
                                                                • Strengths and Weaknesses in the Market

                                                                  • Strengths
                                                                    • Weaknesses
                                                                    • Who’s Innovating?

                                                                      • Key points
                                                                        • Watches and technology
                                                                          • Figure 14: Apple watch
                                                                        • Fashion-led precious metal jewellery
                                                                          • New companies entering the UK market
                                                                            • New concept stores
                                                                              • Collaborations
                                                                                • Bespoke jewellery
                                                                                • Market Size and Forecast

                                                                                  • Key points
                                                                                    • Market to grow 1.8% in 2014
                                                                                      • Figure 15: Best-and worst-case forecast value sales of watches and jewellery, 2009-19
                                                                                    • Watches and jewellery to grow by 4.6% over next five years
                                                                                      • Figure 16: Value sales of watches and jewellery, 2009-14
                                                                                    • Factors used in the forecast
                                                                                    • Segment Performance

                                                                                      • Key points
                                                                                        • Figure 17: UK retail value sales of jewellery and watches, by sector, 2009-14
                                                                                      • Precious metal jewellery
                                                                                        • Watches
                                                                                        • Retail Competitor Analysis

                                                                                          • Key points
                                                                                            • Retailers by sales
                                                                                              • Figure 18: Jewellery retailers, by turnover, 2010-14
                                                                                            • Retailers by outlets
                                                                                              • Figure 19: Jewellery retailers, by number of outlets, 2009-14
                                                                                            • Online visitor numbers
                                                                                              • Figure 20: Leading jewellery and watch websites, ranked by total unique visitor numbers, July 2014
                                                                                          • Companies and Products

                                                                                            • Signet Group
                                                                                              • Company overview
                                                                                                • Retail offering
                                                                                                  • Financial performance
                                                                                                    • Figure 21: Key financials for Signet Group UK, 2010-14
                                                                                                  • Recent developments
                                                                                                    • Advertising and marketing
                                                                                                      • Tiffany & Co
                                                                                                        • Company overview
                                                                                                          • Retail offering
                                                                                                            • Financial performance
                                                                                                              • Figure 22: Key financials for Tiffany & Co Ltd, 2009-13
                                                                                                            • Advertising and marketing
                                                                                                              • Warren James
                                                                                                                • Company overview
                                                                                                                  • Retail offering
                                                                                                                    • Financial performance
                                                                                                                      • Figure 23: Key financials for Warren James (Jewellers) Ltd, 2009-13
                                                                                                                    • Recent developments
                                                                                                                      • Aurum Holdings
                                                                                                                        • Company overview
                                                                                                                          • Retail offering
                                                                                                                            • Financial performance
                                                                                                                              • Figure 24: Key financials for Aurum Holdings Limited, 2009-13
                                                                                                                            • Recent developments
                                                                                                                              • Links of London
                                                                                                                                • Company overview
                                                                                                                                  • Retail offering
                                                                                                                                    • Financial performance
                                                                                                                                      • Figure 25: Key financials for Links (London) Limited, 2008-12
                                                                                                                                    • Recent developments
                                                                                                                                      • Advertising and marketing
                                                                                                                                      • The Consumer – Ownership and Purchasing of Watches & Jewellery

                                                                                                                                        • Key points
                                                                                                                                          • What we asked
                                                                                                                                            • Women more likely than men to own a watch
                                                                                                                                              • Figure 26: Ownership of watches, precious metal jewellery and costume jewellery, June 2014
                                                                                                                                            • Women as likely to own silver as gold
                                                                                                                                              • Purchases
                                                                                                                                                • Women prefer to gift silver
                                                                                                                                                  • Figure 27: Purchasing of watches, precious metal jewellery and costume jewellery for someone else in the last five years, June 2014
                                                                                                                                                • Men opt for gold for gifting
                                                                                                                                                  • Women as likely to buy costume jewellery as silver for gifting
                                                                                                                                                    • Young drive watch self-purchases
                                                                                                                                                      • Figure 28: Purchasing of watches for yourself in the last five years, by gender, age and socio-economic group, June 2014
                                                                                                                                                    • Profile of jewellery self-purchasers
                                                                                                                                                      • Figure 29: Purchasing of gold and silver jewellery and costume jewellery for yourself in the last five years, by age and socio-economic group, June 2014
                                                                                                                                                  • The Consumer – Where are Jewellery and Watches Bought?

                                                                                                                                                    • Key points
                                                                                                                                                      • What we asked
                                                                                                                                                        • Where precious metal jewellery is bought
                                                                                                                                                          • Figure 30: Preferred outlets for buying precious metal jewellery, June 2014
                                                                                                                                                        • Argos overtakes H Samuel among 25-44s
                                                                                                                                                            • Figure 31: Kardashian Kollection
                                                                                                                                                            • Figure 32: Designers at Argos ring
                                                                                                                                                          • High street jewellery chains
                                                                                                                                                            • Figure 33: Profile of customers who have bought precious metal jewellery from high street jewellery chains by gender, age and socio-economic group, June 2014
                                                                                                                                                          • Over-45s opt for independents
                                                                                                                                                            • Pandora retailer of choice among under-25s
                                                                                                                                                              • Fashion stores
                                                                                                                                                                • Online jewellery buyers
                                                                                                                                                                  • Where watches are bought
                                                                                                                                                                    • Figure 34: Preferred outlets for buying watches, June 2014
                                                                                                                                                                  • Argos leading retailer for watches
                                                                                                                                                                    • Young buy more from watch specialists
                                                                                                                                                                      • 40% buy watches online
                                                                                                                                                                      • The Consumer – Attitudes towards Buying Precious Metal Jewellery

                                                                                                                                                                        • Key points
                                                                                                                                                                          • What we asked
                                                                                                                                                                              • Figure 35: Attitudes towards buying precious metal jewellery, June 2014
                                                                                                                                                                            • Three in 10 like to touch/try on jewellery
                                                                                                                                                                              • Making precious metals more fashionable
                                                                                                                                                                                • 45-64s treat themselves to jewellery
                                                                                                                                                                                  • Young buy branded jewellery
                                                                                                                                                                                    • Personalisation
                                                                                                                                                                                      • Interest in synthetic diamonds grows
                                                                                                                                                                                      • The Consumer – Attitudes towards Watches

                                                                                                                                                                                        • Key points
                                                                                                                                                                                          • What we asked
                                                                                                                                                                                              • Figure 36: Attitudes towards watches, June 2014
                                                                                                                                                                                            • Women as likely as men to wear a watch
                                                                                                                                                                                              • Half of women gifted a watch
                                                                                                                                                                                                • Young prefer fashion-branded watches
                                                                                                                                                                                                  • Mature consumers wear different watches, while young don’t
                                                                                                                                                                                                    • Men prefer specialist watch brands
                                                                                                                                                                                                      • Pre-owned watches
                                                                                                                                                                                                        • Men and young prefer watches with latest technology
                                                                                                                                                                                                          • A quarter of 16-24s use other devices for time
                                                                                                                                                                                                            • Smartwatches
                                                                                                                                                                                                                • Figure 37: Attitudes towards smartwatches, April 2014
                                                                                                                                                                                                            • The Consumer – What Would Encourage Purchases from a Particular Retailer?

                                                                                                                                                                                                              • Key points
                                                                                                                                                                                                                • What we asked
                                                                                                                                                                                                                    • Figure 38: What would encourage purchases from a particular retailer, June 2014
                                                                                                                                                                                                                  • Special offers remain key motivator
                                                                                                                                                                                                                    • Product displays in-store
                                                                                                                                                                                                                      • Proof of quality
                                                                                                                                                                                                                        • Men want bigger range of brands
                                                                                                                                                                                                                          • Importance of customer service
                                                                                                                                                                                                                            • Better product images online
                                                                                                                                                                                                                              • Young want more fashionable ranges
                                                                                                                                                                                                                                • Click-and-collect option
                                                                                                                                                                                                                                • Appendix – Market Size and Forecast

                                                                                                                                                                                                                                    • Figure 39: Best- and worst-case forecast value sales of watches and jewellery, 2014-19
                                                                                                                                                                                                                                • Appendix – The Consumer – Ownership and Purchasing of Watches & Jewellery

                                                                                                                                                                                                                                    • Figure 40: Most popular ownership of watches, precious metal jewellery and costume jewellery, by demographics, June 2014
                                                                                                                                                                                                                                    • Figure 41: Next most popular ownership of watches, precious metal jewellery and costume jewellery, by demographics, June 2014
                                                                                                                                                                                                                                    • Figure 42: Purchasing of watches, precious metal jewellery and costume jewellery, by demographics, June 2014
                                                                                                                                                                                                                                    • Figure 43: Purchasing of watches, precious metal jewellery and costume jewellery, by demographics, June 2014
                                                                                                                                                                                                                                    • Figure 44: Purchasing of watches, precious metal jewellery and costume jewellery, by demographics, June 2014
                                                                                                                                                                                                                                    • Figure 45: Purchasing of watches, precious metal jewellery and costume jewellery, by demographics, June 2014
                                                                                                                                                                                                                                    • Figure 46: Purchasing of watches, precious metal jewellery and costume jewellery for someone else, by demographics, June 2014
                                                                                                                                                                                                                                    • Figure 47: Purchasing of watches, precious metal jewellery and costume jewellery for someone else, by demographics, June 2014
                                                                                                                                                                                                                                • Appendix – The Consumer – Where are Jewellery and Watches Bought?

                                                                                                                                                                                                                                    • Figure 48: Most popular preferred outlets for buying precious metal jewellery, by demographics, June 2014
                                                                                                                                                                                                                                    • Figure 49: Next most popular preferred outlets for buying precious metal jewellery, by demographics, June 2014
                                                                                                                                                                                                                                    • Figure 50: Other preferred outlets for buying precious metal jewellery, by demographics, June 2014
                                                                                                                                                                                                                                    • Figure 51: Most popular preferred outlets for buying watches, by demographics, June 2014
                                                                                                                                                                                                                                    • Figure 52: Next most popular preferred outlets for buying watches, by demographics, June 2014
                                                                                                                                                                                                                                • Appendix – The Consumer – Attitudes towards Buying Precious Metal Jewellery

                                                                                                                                                                                                                                    • Figure 53: Most popular attitudes towards buying precious metal jewellery, by demographics, June 2014
                                                                                                                                                                                                                                    • Figure 54: Next most popular attitudes towards buying precious metal jewellery, by demographics, June 2014
                                                                                                                                                                                                                                • Appendix – The Consumer – Attitudes towards Watches

                                                                                                                                                                                                                                    • Figure 55: Most popular attitudes towards watches, by demographics, June 2014
                                                                                                                                                                                                                                    • Figure 56: Next most popular attitudes towards watches, by demographics, June 2014
                                                                                                                                                                                                                                • Appendix – The Consumer – What Would Encourage Purchases from a Particular Retailer?

                                                                                                                                                                                                                                    • Figure 57: Most popular what would encourage purchases from a particular retailer, by demographics, June 2014
                                                                                                                                                                                                                                    • Figure 58: Next most popular what would encourage purchases from a particular retailer, by demographics, June 2014

                                                                                                                                                                                                                                Companies Covered

                                                                                                                                                                                                                                • Apollo Advisors, L.P.
                                                                                                                                                                                                                                • Aurum
                                                                                                                                                                                                                                • Cartier SA
                                                                                                                                                                                                                                • Casio, Inc.
                                                                                                                                                                                                                                • Citizen Watch UK Ltd
                                                                                                                                                                                                                                • Ernest Jones Ltd
                                                                                                                                                                                                                                • Facebook, Inc.
                                                                                                                                                                                                                                • Folli Follie UK Ltd
                                                                                                                                                                                                                                • Giorgio Armani S.p.A.
                                                                                                                                                                                                                                • Goldsmiths Group Plc
                                                                                                                                                                                                                                • Gucci Group N.V.
                                                                                                                                                                                                                                • H Samuel Ltd
                                                                                                                                                                                                                                • Harrods Group Total
                                                                                                                                                                                                                                • Landsbanki Islands Ltd
                                                                                                                                                                                                                                • Links London Ltd
                                                                                                                                                                                                                                • Mappin & Webb Ltd
                                                                                                                                                                                                                                • Omega Ltd
                                                                                                                                                                                                                                • Ralph Lauren Ltd
                                                                                                                                                                                                                                • Ratner Companies
                                                                                                                                                                                                                                • Signet Group
                                                                                                                                                                                                                                • Swarovski
                                                                                                                                                                                                                                • Tiffany & Co.
                                                                                                                                                                                                                                • Twitter, Inc.
                                                                                                                                                                                                                                • Vera Wang
                                                                                                                                                                                                                                • Warren James (Jewellers) Ltd
                                                                                                                                                                                                                                • Watches of Switzerland Ltd

                                                                                                                                                                                                                                Watches and Jewellery Retailing - UK - September 2014

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