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Watches and Jewelry - US - September 2015

"While jewelry comprises the vast majority of purchases, watches should gain momentum as consumers’ interest in smartwatches builds. Fine jewelry has a slight edge over fashion/costume jewelry, and diamonds and gold continue to be favored. Although watches and jewelry preferences are highly personal, a focus on gifting should be front and center among retailers, especially for reasons none other than 'just because.'"
- Diana Smith, Senior Research Analyst - Retail & Apparel

This report discusses the following key topics:

  • Ample upside sales potential
  • Fragmented marketplace
  • Smartwatches could cannibalize sales of traditional watches

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Table of contents

  1. Overview

    • What you need to know
      • Definition
      • Executive Summary

        • The issues
          • Ample upside sales potential
            • Figure 1: Total US retail sales and fan chart forecast of watches and jewelry, at current prices, 2010-20
          • Fragmented marketplace
            • Figure 2: Retailers shopped for watches and/or jewelry (in-store or online), June 2015
          • Smartwatches could cannibalize sales of traditional watches
            • Figure 3: Types of watches purchased in last 12 months, June 2015
          • The opportunities
            • Include men in targeting outreach
              • Figure 4: Types of jewelry/watches purchased in last 12 months, June 2015
            • Blend online and offline offerings
              • Figure 5: Attitudes toward buying jewelry and watches online, June 2015
            • Focus on how jewelry/watches can make a fashion statement, not just accessorize
              • Figure 6: Attitudes toward buying jewelry and watches online, June 2015
            • What it means
            • The Market – What You Need to Know

              • Market primed for moderate growth
                • Stronger economy will support sales
                  • “Other” forms of wearable technology present a threat for watches
                  • Market Size and Forecast

                    • Positive outlook for watches and jewelry
                      • Figure 7: Total US retail sales and fan chart forecast of watches and jewelry, at current prices, 2010-20
                      • Figure 8: Total US retail sales and forecast of watches and jewelry, at current prices, 2010-20
                  • Market Breakdown

                    • Jewelry dominates the market, but smartwatches could fuel overall watch segment
                      • Figure 9: Total US retail sales and forecast of watches and jewelry, by segment, at current prices, 2010-20
                      • Figure 10: Total US retail sales and market share of watches and jewelry, by segment, at current prices, 2013 and 2015
                    • Jewelry stores face competition from other channels
                      • Figure 11: Total US retail sales of watches and jewelry, by channel, at current prices, 2010-15
                      • Figure 12: Percentage of jewelry sales, by type of jewelry, 2012
                  • Market Perspective

                    • Fitness trackers versus smartwatches
                      • DIY jewelry should be monitored
                      • Market Factors

                        • US population continues to grow, especially among Hispanics
                          • Consumer confidence is peaking
                            • Higher confidence does not mean shoppers willing to pay more
                              • Marriage rates picking back up slightly
                                • Precious metal prices lowest in years, while diamonds continue to sparkle
                                  • Smartwatches creating new demand in the category
                                  • Key Issues – What You Need to Know

                                    • Jewelry is always in fashion
                                      • Alternative channels not an immediate threat to traditional retailers
                                        • Industry authorities place bets on smartwatches
                                        • What’s Working?

                                          • Bold and unique statements hit the runway, while online retailers open physical stores
                                            • Affordable fine jewelry
                                              • Bold gold
                                                • Themed collections
                                                  • Other jewelry trends
                                                    • Brick and mortar expansion
                                                    • What’s Struggling?

                                                      • Alternative channels remain stagnant
                                                        • Low interest in subscription services
                                                        • What’s Next?

                                                          • Future for smartwatches: Bright or dim?
                                                            • Figure 13: Anticipated dollar sales of smartwatches versus fitness technology, 2013-January 2015
                                                          • Who’s buying smartwatches?
                                                            • What do consumers think?
                                                            • The Consumer – What You Need to Know

                                                              • Watches and jewelry market needs a boost
                                                                • Willingness to buy online
                                                                  • Fashion over function
                                                                  • Types of Jewelry/Watches Purchased in Last 12 Months

                                                                    • The 40% opportunity
                                                                      • Fine jewelry/watches preferred
                                                                        • Figure 14: Types of jewelry/watches purchased in last 12 months, June 2015
                                                                        • Figure 15: Fine versus fashion/costume jewelry for self versus others in last 12 months, June 2015
                                                                      • Fine versus costume: In their words
                                                                        • Favorite types of jewelry: In their words
                                                                        • Materials and Stones Purchased

                                                                          • Gold and diamonds remain favorites
                                                                            • Figure 16: Materials purchased, June 2015
                                                                            • Figure 17: Stones purchased, June 2015
                                                                        • Retailers Shopped

                                                                          • Jewelry stores hold their own, but face stiff competition
                                                                            • Figure 18: Retailers shopped for watches and/or jewelry (in-store or online), June 2015
                                                                          • What if consumers owned their own store?
                                                                          • Opinions Regarding Online Shopping

                                                                            • Split opinions regarding buying online
                                                                              • Figure 19: Attitudes toward buying jewelry and watches online, June 2015
                                                                            • Thoughts on online shopping: In their words
                                                                            • Reasons for Purchasing Jewelry and Watches

                                                                              • Jewelry and watches are little luxuries
                                                                                • Figure 20: Reasons for purchasing jewelry/watches, June 2015
                                                                            • Attitudes toward Jewelry and Watches

                                                                              • Consumers are trained to wait for sales
                                                                                • Figure 21: Attitudes toward jewelry/watches, June 2015
                                                                              • Traditional and timeless jewelry preferred
                                                                                • Figure 22: Attitudes toward style and Jewelry, June 2015
                                                                              • Watches make a fashion statement
                                                                                  • Figure 23: Attitudes toward style and watches, June 2015
                                                                                • Opinions on watches
                                                                                • Shopping Process – In Their Words

                                                                                  • Shopping for self
                                                                                    • Important attributes
                                                                                      • Shopping for others
                                                                                      • Appendix – Data Sources and Abbreviations

                                                                                        • Data sources
                                                                                          • Sales data
                                                                                            • Fan chart forecast
                                                                                              • Consumer survey data
                                                                                                • Consumer qualitative research
                                                                                                  • Abbreviations and terms
                                                                                                    • Abbreviations
                                                                                                      • Terms
                                                                                                      • Appendix – Market

                                                                                                        • Total watches and jewelry sales
                                                                                                          • Figure 24: Total US sales and forecast of watches and jewelry, at inflation-adjusted prices, 2010-20
                                                                                                        • Watch sales
                                                                                                          • Figure 25: Total US retail sales and forecast of watches, at current prices, 2010-20
                                                                                                          • Figure 26: Total US retail sales and forecast of watches, at inflation-adjusted prices, 2010-20
                                                                                                        • Jewelry sales
                                                                                                          • Figure 27: Total US retail sales and forecast of jewelry, at current prices, 2010-20
                                                                                                          • Figure 28: Total US retail sales and forecast of jewelry, at inflation-adjusted prices, 2010-20
                                                                                                        • Population data
                                                                                                          • Figure 29: Population aged 18 or older, by age, 2010-20
                                                                                                          • Figure 30: Population aged 18 or older, by race and Hispanic origin, 2010-20
                                                                                                        • Other macro-economic data
                                                                                                          • Figure 31: Consumer confidence and unemployment, 2007-June 15
                                                                                                          • Figure 32: US marriages and marriage rate, 2000-12
                                                                                                          • Figure 33: Closing prices of precious metals, in US Dollars, 2014-August 2015
                                                                                                          • Figure 34: Average annual closing price of diamond, in US Dollars, 2011-YTD 2015*
                                                                                                      • Appendix – Key Issues

                                                                                                          • Figure 35: Anticipated unit sales of smartwatches versus fitness technology, 2013-January 2015
                                                                                                          • Figure 36: Average per unit price of smartwatches versus fitness technology, 2013-January 2015
                                                                                                      • Appendix – Consumer

                                                                                                        • Correspondence analysis methodology
                                                                                                          • Figure 37: Correspondence analysis – Materials and stones purchased, June 2015
                                                                                                          • Figure 38: Percentage of adults who purchased watch for self or someone else, 2012-15, February 2014-March 2015
                                                                                                          • Figure 39: Watch brands purchased for self or others, February 2014-March 2015
                                                                                                          • Figure 40: Amount spent on watches for self or someone else, February 2014-March 2015
                                                                                                          • Figure 41: Amount spent on watches for self or someone else, by gender, February 2014-March 2015

                                                                                                      Companies Covered

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                                                                                                      Watches and Jewelry - US - September 2015

                                                                                                      £3,174.67 (Excl.Tax)