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Watches & Jewelry - US - October 2017

"Mintel predicts temperate growth for the watches and jewelry market in 2017 and beyond. Since the last issuance of this Report, jewelry stores have slipped behind jewelry departments in terms of where people buy items, while Amazon has risen to the top as a primary competitor; the percentage of smartwatch owners has more than doubled; and consumers show the value they place on affordability, as the percentage of fine jewelry buyers versus fashion/costume buyers has reversed with fashion/costume now the preference."
- Diana Smith, Associate Director - Retail & Apparel

This Report looks at the following areas:

  • YOY total growth expected while annual pace of growth to decelerate
  • Many aren’t buying
  • Jewelry stores face tough competition

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Table of contents

  1. Overview

    • What you need to know
      • Definition
      • Executive Summary

        • The issues
          • YOY total growth expected while annual pace of growth to decelerate
            • Figure 1: Total US sales and fan chart forecast of watches and jewelry, at current prices, 2012-22
          • 40% aren’t buying
            • Figure 2: Items purchased, August 2017
          • Jewelry stores face tough competition
            • Figure 3: Retailers shopped, August 2017
          • The opportunities
            • Empower women to treat themselves
              • Figure 4: Recipient of items purchased and fine versus fashion/costume, August 2017
              • Figure 5: Reasons for buying, by gender and age, August 2017
            • Invest in the online shopping experience
              • Figure 6: Online shopping behavior, by generation, August 2017
            • Address shoppers’ desires in new and fun ways
              • Figure 7: Attitudes about watches and jewelry, August 2017
            • What it means
            • The Market – What You Need to Know

              • Market outlook remains positive
                • Uptick in smartwatches drives total watch sector
                  • Stable macroeconomic climate supports market
                    • Younger generations key buyers, but are quick to gravitate toward experiences over tangibles
                    • Market Size and Forecast

                      • Pace of growth expected to slow after record sales in 2016
                        • Figure 8: Total US sales and fan chart forecast of watches and jewelry, at current prices, 2012-22
                        • Figure 9: Total US sales and forecast of watches and jewelry, at current prices, 2012-22
                    • Market Breakdown

                      • Jewelry commands majority of sales, but watches grow at faster pace
                        • Figure 10: Total market share percentage of US retail sales of watches and jewelry, by segment, at current prices, 2017
                        • Figure 11: Total US retail sales and forecast of watches and jewelry, by segment, at current prices, 2012-22
                        • Figure 12: US manufacturer unit shipments of smartwatches, 2013-17
                      • Jewelry stores lose share
                        • Figure 13: Total US retail sales of watches and jewelry, by channel, at current prices, 2015 and 2017
                        • Figure 14: Total US retail sales of watches and jewelry, by channel, at current prices, 2012-17
                    • Market Factors

                      • iGens and Millennials drive the market’s momentum
                        • Figure 15: Population by generation, 2017
                        • Figure 16: Items purchased, by generation, August 2017
                      • Hispanics, non-Hispanic Blacks and Asians comprise 36% of the population
                        • Figure 17: Distribution of population, by age and race/Hispanic origin, 2016
                      • Consumer confidence remains high
                        • Figure 18: Consumer confidence and unemployment, 2000-July 2017
                      • Household income on the rebound
                        • Figure 19: Median household income, in inflation-adjusted dollars, 2005-15
                        • Figure 20: Items purchased, by household income, August 2017
                      • Disposable personal income remains positive
                        • Figure 21: Disposable Personal Income change from previous period, January 2007-July 2017
                      • Experiences over tangible goods
                        • Figure 22: How extra money is spent, January 2017
                      • Prices of precious metals remain low for the most part; Diamonds continue to shine
                      • Key Players – What You Need to Know

                        • It’s okay to buy engagement rings online
                          • Long live the classics
                            • Legacy jewelers lose some luster
                              • Smartwatches get smarter about what makes consumers tick
                              • What’s In?

                                • Online marketplace starts to shine
                                  • Anniversary celebrations herald themes of nostalgia and heritage
                                    • Now trending: minimalism and layered looks
                                      • Materials and stones
                                        • Looks
                                        • What’s Struggling?

                                          • Traditional jewelers losing some sparkle
                                              • Figure 23: Tiffany & Co.’s advocacy letter, May 2017
                                          • What’s Next?

                                            • Smartwatches pick up steam again
                                              • LG, Verizon and others
                                                • Samsung
                                                  • Apple
                                                    • Looking ahead
                                                    • The Consumer – What You Need to Know

                                                      • The 40% opportunity
                                                        • Fashion jewelry acceptable for the majority
                                                          • Jewelry stores lose ground while online rises
                                                            • Self-indulgence and gifting main reasons for purchase
                                                              • Watches for more than telling time
                                                              • Items Purchased

                                                                  • Four in 10 have not purchased
                                                                    • Figure 24: Items purchased, August 2017
                                                                  • Who’s buying smartwatches?
                                                                    • Figure 25: Smartwatch purchase incidence, August 2017
                                                                  • Most people buy for themselves
                                                                    • Figure 26: Recipient of items purchased, August 2017
                                                                  • In their words: impulse versus planned and preferences
                                                                  • Fine Versus Fashion/Costume

                                                                      • Fashion jewelry slightly bests fine
                                                                        • Figure 27: Fine versus fashion/costume, August 2017
                                                                      • Men opt for the finer things
                                                                        • Figure 28: Fine versus fashion/costume, by gender, August 2017
                                                                      • Fine purchasing rises with age and income
                                                                        • Figure 29: Fine versus fashion/costume, by generation, August 2017
                                                                        • Figure 30: Fine versus fashion/costume, by household income, August 2017
                                                                      • Fine jewelry makes great gifts
                                                                        • Figure 31: Recipient of items purchased, by fine versus fashion/costume, August 2017
                                                                        • Figure 32: Items purchased, by fine versus fashion/costume, August 2017
                                                                      • In their words: current mix of fine and fashion
                                                                      • Types of Materials/Stones

                                                                          • Gold and diamonds continue as favorites
                                                                            • Figure 33: Types of materials/stones, August 2017
                                                                          • Minimal differences in stone/material preferences by item
                                                                            • Figure 34: Items purchased, by types of materials/stones, August 2017 – Part one
                                                                            • Figure 35: Items purchased, by types of materials/stones, August 2017 – Part two
                                                                        • Retailers Shopped

                                                                            • Jewelry stores lose ground while online gains
                                                                                • Figure 36: Retailers shopped, August 2017
                                                                              • Men more likely than women to visit a jewelry store while women opt for jewelry departments
                                                                                • Figure 37: Retailers shopped, by gender and age, August 2017
                                                                              • Jewelry stores more likely to be destinations for fine jewelry buyers
                                                                                • Figure 38: Retailers shopped, by fine versus fashion/costume, August 2017
                                                                              • High correlation between watch buyers and online shoppers
                                                                                • Figure 39: Watches purchased, by retailers shopped, August 2017
                                                                            • Online Shopping Behavior

                                                                                • Online shoppers are plentiful
                                                                                  • Figure 40: Online shopping behavior, August 2017
                                                                                • At least seven in 10 18-44s buy online
                                                                                  • Figure 41: Online shopping behavior, by age, August 2017
                                                                                • In their words: online versus in-store
                                                                                  • Online preferred
                                                                                    • In-store preferred
                                                                                    • Reasons for Buying

                                                                                        • Indulgence drives purchases
                                                                                          • Figure 42: Reasons for buying, August 2017
                                                                                        • Women and younger consumers more likely to splurge on themselves
                                                                                          • Figure 43: Percentage who buy jewelry or watches to treat themselves, by gender, by age, August 2017
                                                                                        • Men more likely to seek out technological advancements in watches
                                                                                          • Figure 44: Reasons for buying watches, by gender, August 2017
                                                                                          • Figure 45: Reasons for buying watches, by age, August 2017
                                                                                        • In their words: their last watch or jewelry purchase
                                                                                        • Attitudes about Watches

                                                                                            • Function over fashion
                                                                                              • Figure 46: Style-related attitudes about watches, by gender, August 2017
                                                                                            • Nearly four in 10 say brand name matters
                                                                                              • Figure 47: Other purchase drivers for watches, by gender, by age, August 2017
                                                                                            • In their words: describing their own watches, if any
                                                                                              • A fifth of young men unclear on smartwatch value proposition
                                                                                                • Figure 48: Attitude toward smartwatches, by gender and age, August 2017
                                                                                                • Figure 49: Attitudes toward smartwatches, by generation, September 2016
                                                                                              • In their words: thoughts on smartwatches
                                                                                                • In-the-know
                                                                                                  • Not for me
                                                                                                  • Attitudes about Jewelry

                                                                                                      • Jewelry makes wearers feel polished and put together
                                                                                                        • Figure 50: Select attitudes toward Jewelry, by gender and age, August 2017
                                                                                                      • In their words: consistency or variety?
                                                                                                        • Pairing jewelry with outfits could drive sales
                                                                                                          • Figure 51: Opportunities for jewelry retailers, by gender and age, August 2017
                                                                                                        • In their words: if consumers were in charge of their own store
                                                                                                        • Appendix – Data Sources and Abbreviations

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

                                                                                                                            • Figure 52: Total US retail sales and forecast of watches and jewelry, at inflation-adjusted prices, 2012-22
                                                                                                                            • Figure 53: Total US retail sales and forecast of jewelry, at inflation-adjusted prices, 2012-22
                                                                                                                            • Figure 54: Total US retail sales and forecast of watches, at inflation-adjusted prices, 2012-22
                                                                                                                            • Figure 55: Total US retail sales of watches and jewelry, by segment, at current prices, 2015 and 2017
                                                                                                                            • Figure 56: Median household income, by race and Hispanic origin of householder, 2015
                                                                                                                            • Figure 57: Price of precious and industrial metals, September 2016-17
                                                                                                                            • Figure 58: Opening price of diamonds, September 2016-17
                                                                                                                        • Appendix – The Consumer

                                                                                                                            • Figure 59: Percentage of adults who purchased watch for self or someone else, May 2012-May 2017
                                                                                                                            • Figure 60: Amount spent on watches for self or someone else, April 2016-May 2017
                                                                                                                            • Figure 61: Watch brands purchased for self or someone else, April 2016-May 2017

                                                                                                                        Companies Covered

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

                                                                                                                        Watches & Jewelry - US - October 2017

                                                                                                                        US $3,995.00 (Excl.Tax)