Sorry for interrupting, this website uses cookies to improve your experience. We'll assume you're ok with this, but you can opt-out if you wish. Learn more
Accept & Close

Jewellery & Watches Retailing - UK - September 2019

Covered in this report

This report examines the UK jewellery and watches retailing market for men and women aged 16 and over. The report covers:

  • Precious metal jewellery, ie jewellery made with precious metals such as gold, silver, platinum, palladium and titanium.
  • Costume jewellery, ie jewellery made from non-precious metals.
  • Watches, including mechanical watches, quartz movement watches and a third type that combines a quartz movement with micro-mechanics for additional features.
  • Note that the market size does not include smartwatches; more information on this market is included in Mintel’s Wearable Technology – UK, November 2018 Report

“The UK jewellery and watch market has benefited from the rising demand for high-priced investment pieces as well as new trends in jewellery. However, many of the big brands and retailers are suffering from the same issues plaguing the high street, such as growing consumer uncertainty and declining footfall. Furthermore, the mid-market watch segment is losing sales to digital devices such as smartwatches and fitness trackers that are in the same price point. As the market evolves, specialists must work harder to bring customers through the door.”
- Chana Baram, Retail Analyst

This report will look at the following areas:

  • The end of ‘shrink it and pink it’: opportunities in luxury timepieces for women
  • Jewellery retailers should do more to pursue the ‘pink pound’
  • Reaching younger consumers with jewellery trends

What you get

What's included

Why buy from us?

Succeed

Our reports will provide you with market data, consumer research and competitive intelligence to succeed in your market.

Instant Access

Buy now and you'll have instant access to the information you need to make the right decisions.

Opportunities

Find out what's next in the markets that matter to you: where opportunities lie and what challenges you will face.

Trusted

A business Superbrand, Mintel is a source you can trust. We have been defining and refining the Market Intelligence mix since 1972.

Table of contents

  1. Overview

    • What you need to know
      • Products covered in this Report
      • Executive Summary

          • The market
            • Market predicted to reach £5.9 billion in 2019
              • Figure 1: Best- and worst-case forecast value sales of jewellery and watches, 2014-24
            • Watch sales grow due to sales of luxury timepieces
              • Figure 2: Best- and worst-case forecast value sales of watches, 2014-24
            • Demi-fine jewellery provides a boost for the sector
              • Figure 3: Best- and worst-case forecast value sales of precious metal and costume jewellery, 2014-24
            • Hallmarking declined in 2018 but things are looking up in 2019
              • Figure 4: Number of items hallmarked across UK Assay Offices, by type of precious metal, 2017 and 2018
            • Swiss watch exports are on the up
              • Figure 5: Value of Swiss watch exports, by country, 2016-18
            • Companies and brands
              • The Watches of Switzerland Group has had a successful year
                • Above-the-line advertising spending decreased in 2018
                  • Figure 6: Total above-the-line, online display and direct mail advertising expenditure on jewellery and watches, 2014-18
                • Swarovski and H. Samuel benefit from high consumer awareness
                  • Figure 7: Attitudes towards and usage of selected brands, July 2019
                • The consumer
                  • Purchasing of jewellery and watches has gone up
                    • Figure 8: Total purchasing of jewellery and watches, July 2018 and July 2019
                  • Necklaces are the most popular style of jewellery
                    • Figure 9: Types of jewellery purchased, July 2019
                  • Online is popular – particularly among watch shoppers
                    • Figure 10: Channels used for buying jewellery and watches, by item bought, July 2019
                  • People are most likely to buy for birthdays
                    • Figure 11: Occasions people buy jewellery and watches for, July 2019
                  • Good customer service creates customer loyalty
                    • Figure 12: Factors that encourage purchasing, July 2019
                  • People are concerned about the ethics of manufacturing
                    • Figure 13: Behaviours towards jewellery and watch purchasing, July 2019
                  • Jewellery retailers should be more diverse
                    • Figure 14: Attitudes towards the jewellery market, July 2019
                  • Digital innovations have disrupted the watch market
                    • Figure 15: Attitudes towards the jewellery market, July 2019
                  • What we think
                  • Issues and Insights

                    • The end of ‘shrink it and pink it’: opportunities in luxury timepieces for women
                      • The facts
                        • The implications
                          • Jewellery retailers should do more to pursue the ‘pink pound’
                            • The facts
                              • The implications
                                • Figure 16: Tiffany & Co.’s ‘Will You’ campaign, 2015
                              • Reaching younger consumers with jewellery trends
                                • The facts
                                  • The implications
                                    • Figure 17: Astrid & Miyu’s Selfridges piercing studio, 2019
                                • The Market – What You Need to Know

                                  • Market predicted to reach £5.9 billion in 2019
                                    • Watch sales grow due to sales of luxury timepieces
                                      • Demi-fine jewellery provides a boost for the sector
                                        • UK footfall is in decline
                                          • Hallmarking declined in 2018
                                            • Swiss watch exports are on the up
                                            • Market Size and Forecast

                                              • Market predicted to grow by 3.5% in 2019
                                                • Figure 17: Best- and worst-case forecast value sales of jewellery and watches, 2014-24
                                                • Figure 18: Value sales of watches and jewellery, at current and constant prices, 2014-24
                                              • Forecast methodology
                                              • Market Segmentation

                                                • Watches continue on growth trajectory due to sales of luxury timepieces
                                                  • Figure 19: Best- and worst-case forecast value sales of watches, 2014-24
                                                  • Figure 20: Value sales of watches, at current and constant prices, 2014-24
                                                • Demi-fine jewellery boosts the sector
                                                  • Figure 21: Best- and worst-case forecast value sales of precious metal and costume jewellery, 2014-24
                                                  • Figure 22: Value sales of precious metal and costume jewellery, at current and constant prices, 2014-24
                                                • Watches share of the market has increased
                                                  • Figure 23: Estimated share of total UK jewellery and watch market, 2016-19
                                                  • Figure 24: UK retail value sales of jewellery and watches, by sector, 2014-19
                                              • Market Drivers – Retail and the Economy

                                                • High street retailers are struggling
                                                  • UK retail footfall continues to decline
                                                    • Figure 25: Year-on-year footfall change, by location, January 2015-June 2019
                                                  • Uncertainty around Brexit curbs spending…
                                                    • Figure 26: Percentage point change in what extra money is spent on, June 2017-May 2019
                                                  • …as people fear the impact it will have on their cost of living
                                                    • Figure 27: Economic outlook consumer tracker, May 2019
                                                  • Online retailing has increased its share of the market
                                                    • Figure 28: Internet sales as a percentage of total retail sales, 2007-18
                                                • Market Drivers – Jewellery

                                                  • More people have bought jewellery in the last year
                                                    • Figure 29: Trends in items people have purchased for themselves, percentage point change, June 2018-June 2019
                                                  • Hallmarking declined in 2018
                                                    • Figure 30: Number of items hallmarked across UK Assay Offices, by type of precious metal, 2017 and 2018
                                                    • Figure 31: Number of items hallmarked across UK Assay Offices, by weight, year-to-date July 2018/July 2019
                                                  • Marriage is on the rise
                                                    • Figure 32: Number of marriages in Great Britain, 2006-16
                                                • Market Drivers – Watches

                                                  • Swiss watch exports on the up…
                                                    • Figure 33: Value of Swiss watch exports, by country, 2016-18
                                                  • ...but political unrest has led to a decline in its main market
                                                    • Figure 34: Value of Swiss watch exports, by country, January-June 2017-19
                                                  • The middle market continues to be squeezed…
                                                    • Figure 35: Percentage change in Swiss watch global exports, by price range, 2017-18
                                                  • …as the number of smartwatches sold increased by 11% in 2018
                                                    • Figure 36: Estimated unit sales of wrist-worn wearable devices, by product category, 2016-18
                                                • Companies and Brands – What You Need to Know

                                                  • It has been a good year for the Watches of Switzerland Group
                                                    • Links of London searching for a buyer
                                                      • More retailers are introducing personalised options
                                                        • Above-the-line advertising spending decreases in 2018
                                                          • Swarovski and H. Samuel benefit from high consumer awareness
                                                          • Leading Specialist Retailers

                                                            • Sales performance
                                                              • Watches of Switzerland launches IPO and sees jump in sales
                                                                • Figure 37: Leading specialists’ revenues, 2013-18
                                                              • Thomas Sabo mulls CVA
                                                                • Links of London in search of new buyer
                                                                  • Pandora struggling, but positive ahead of brand relaunch
                                                                    • Outlet numbers
                                                                      • Argento sells half of its estate to Pandora
                                                                        • Figure 38: Leading specialists’ outlet numbers, 2013-18
                                                                      • Monica Vinader continues expansion
                                                                        • Signet Path to Brilliance plan leads to store closures
                                                                          • Sales per outlet
                                                                            • Figure 39: Leading specialists’ sales per outlet, 2017
                                                                            • Figure 40: Leading specialists’ sales per outlet, 2013-18
                                                                        • Launch Activity and Innovation – Jewellery

                                                                          • New collections
                                                                            • Net-a-Porter launches new jewellery collection for the Make-A-Wish Foundation
                                                                              • Figure 41: Net-a-Porter’s fine jewellery collection for the Make-A-Wish Foundation, 2018
                                                                            • Gucci announces first fine jewellery collection
                                                                              • Figure 42: Gucci’s fine jewellery boutique in Vendôme, 2019
                                                                            • Net-a-Porter’s invitation-only jewellery collection
                                                                              • Louis Vuitton launches B Blossom collection
                                                                                • Figure 43: Louis Vuitton’s new fine jewellery collection, 2019
                                                                              • Dior launches Gem Dior collection
                                                                                • Figure 44: Gem Dior collection, 2019
                                                                              • Astrid & Miyu unisex collection
                                                                                • ChloBo launches children’s jewellery line
                                                                                  • Collaborations
                                                                                    • Pandora’s Lion King Collection
                                                                                      • Figure 45: Pandora’s new The Lion King Collection, 2019
                                                                                    • Dior and Fenwick launch Vintage Dior Edit
                                                                                      • Figure 46: Bringing vintage Dior to Fenwick: some of JGJ’s curated collection, 2019
                                                                                    • Sustainability
                                                                                      • Swarovski creates sustainable collections
                                                                                        • DSM launches sustainable fine jewellery collection
                                                                                          • Fairtrade Foundation supports Jewellery App
                                                                                            • byBiehl gives back to nature
                                                                                              • Figure 47: byBiehl’s Jungle Ivy collection, June 2019
                                                                                            • Experiences
                                                                                              • Ernest Jones hosts event at the Tower of London
                                                                                                • Figure 48: Model on the runway for Le Vian’s event at the Tower of London, 2019
                                                                                              • Tiffany & Co. to host an exhibition
                                                                                                • Swarovski launches interactive installation for Christmas
                                                                                                  • Store openings
                                                                                                    • Tiffany’s new concept store
                                                                                                      • Figure 49: Inside Tiffany’s Cat Street store in Tokyo, 2019
                                                                                                    • Chopard reopens London Bond Street boutique
                                                                                                      • Figure 50: Inside Chopard’s re-imagined New Bond Street flagship boutique, 2019
                                                                                                    • Pop-ups
                                                                                                      • Azza Fahmy launches Harrods pop-up
                                                                                                        • Maria Black opens Selfridges pop-up
                                                                                                          • Bulgari hosts summer pop-up in Selfridges London
                                                                                                            • Figure 51: Bulgari’s new Cinemagia high jewellery collection, 2019
                                                                                                          • JewelStreet launches pop-up in Oxford’s Westgate
                                                                                                            • Customisable Jewellery
                                                                                                              • Jouer by Simone customisable jewellery on the go
                                                                                                                • Peter Jackson allows customers to create their own jewellery
                                                                                                                  • Harrods’ new gem bar
                                                                                                                    • Figure 52: Amrapali’s Harrods concession including the new gem bar, July 2019
                                                                                                                • Launch Activity and Innovation – Watches

                                                                                                                  • Collaborations
                                                                                                                    • Swatch partners with artists
                                                                                                                      • Figure 53: The Joe Tilson Venetian Watch, 2019
                                                                                                                      • Figure 54: Spot Mickey watch, 2018
                                                                                                                    • UNDONE launches Peanuts watch
                                                                                                                      • Figure 55: UNDONE’s customisable Peanuts range, 2018
                                                                                                                    • Tudor unveils an ‘all-black’ watch in support of New Zealand’s rugby team
                                                                                                                      • Pop-ups
                                                                                                                        • IWC Schaffhausen opens Heathrow pop-up
                                                                                                                          • Figure 56: IWC Schaffhausen’s pop-up showcasing its iconic watches at Heathrow Airport, Terminal 2, 2019
                                                                                                                        • Payment innovation
                                                                                                                          • Swatch launches SwatchPAY!
                                                                                                                            • Figure 57: Swatch’s credit card watch, SwatchPAY!, 2019
                                                                                                                          • Store openings
                                                                                                                            • David M Robinson’s new flagship in Manchester
                                                                                                                              • Figure 58: Inside DMR’s refurbished flagship Manchester store, 2019
                                                                                                                            • Rolex store in Knightsbridge reopens
                                                                                                                              • Swatch drive-through store
                                                                                                                              • Advertising and Marketing Activity

                                                                                                                                • Above-the-line spending decreases by 13.9% in 2018
                                                                                                                                  • Figure 59: Total above-the-line, online display and direct mail advertising expenditure on jewellery and watches, 2014-18
                                                                                                                                • Leading Players
                                                                                                                                  • Rolex decreases marketing spend
                                                                                                                                    • Figure 60: Total above-the-line, online display and direct mail advertising expenditure on jewellery and watches, by advertiser, 2014-18
                                                                                                                                  • Swatch has strong digital presence
                                                                                                                                    • Tiffany & Co. concentrates on in-store experiences
                                                                                                                                      • Increase in digital advertising spend
                                                                                                                                        • Figure 61: Total above-the-line, online display and direct mail advertising expenditure on jewellery and watches, by advertiser, by media type, 2018
                                                                                                                                        • Figure 62: Total above-the-line, online display and direct mail advertising expenditure on jewellery and watches, by media type, 2018
                                                                                                                                      • Key Campaigns
                                                                                                                                        • Patek Philippe campaign for its latest women’s watch
                                                                                                                                          • Clash de Cartier
                                                                                                                                            • Figure 63: Clash de Cartier campaign, 2019
                                                                                                                                          • Chanel’s campaign for its latest fine jewellery collection
                                                                                                                                            • Swarovski’s Follow the Light social media campaign
                                                                                                                                              • Figure 64: Swarovski #followthelight, 2019
                                                                                                                                            • New brand ambassadors for Thomas Sabo and Pandora
                                                                                                                                              • Figure 65: Pandora launches partnership with Millie Bobby Brown, 2019
                                                                                                                                            • Nielsen Ad Intel coverage
                                                                                                                                            • Brand Research

                                                                                                                                                • What you need to know
                                                                                                                                                  • Brand map
                                                                                                                                                    • Figure 66: Attitudes towards and usage of selected brands, July 2019
                                                                                                                                                  • Key brand metrics
                                                                                                                                                    • Figure 67: Key metrics for selected brands, July 2019
                                                                                                                                                  • Warren James and H. Samuel appreciated for good value
                                                                                                                                                    • Figure 68: Attitudes, by brand, July 2019
                                                                                                                                                  • Swatch perceived as fun
                                                                                                                                                    • Figure 69: Brand personality – macro image, July 2019
                                                                                                                                                  • Consumers see Links of London as aspirational and worth paying more for
                                                                                                                                                    • Figure 70: Brand personality – micro image, July 2019
                                                                                                                                                  • Brand analysis
                                                                                                                                                    • Swarovski aims to reach a wide audience, but is most popular among higher earners
                                                                                                                                                      • Figure 71: User profile of Swarovski, July 2019
                                                                                                                                                    • Ernest Jones must do more to stand out from the crowd
                                                                                                                                                      • Figure 72: User profile of Ernest Jones, July 2019
                                                                                                                                                    • Swatch is seen as fun, but does not generate loyalty
                                                                                                                                                      • Figure 73: User profile of Swatch, July 2019
                                                                                                                                                    • Goldsmiths not unique enough
                                                                                                                                                      • Figure 74: User profile of Goldsmiths, July 2019
                                                                                                                                                    • Links of London popular among older Millennials
                                                                                                                                                      • Figure 75: User profile of Links of London, July 2019
                                                                                                                                                    • Warren James too similar to its competition
                                                                                                                                                      • Figure 76: User profile of Warren James, July 2019
                                                                                                                                                    • H. Samuel is viewed as the most trustworthy
                                                                                                                                                      • Figure 77: User profile of H. Samuel, July 2019
                                                                                                                                                  • The Consumer – What You Need to Know

                                                                                                                                                    • Purchasing of jewellery and watches has gone up
                                                                                                                                                      • Body jewellery has increased in popularity
                                                                                                                                                        • Online is commonly used for purchasing jewellery or watches
                                                                                                                                                          • People are most likely to buy for birthdays
                                                                                                                                                            • Good customer service attracts customers
                                                                                                                                                              • People are concerned about the ethics of manufacturing
                                                                                                                                                              • Purchasing of Jewellery and Watches

                                                                                                                                                                • Jewellery and watch purchasing has increased
                                                                                                                                                                  • Figure 78: Total purchasing of jewellery and watches, July 2018 and July 2019
                                                                                                                                                                • Watches and costume jewellery are the most popular purchases
                                                                                                                                                                  • Figure 79: Who jewellery/watches were bought for in the last five years, July 2019
                                                                                                                                                                • More men are purchasing jewellery for themselves
                                                                                                                                                                  • Figure 80: Men who purchased costume and precious metal jewellery for themselves, July 2018 and July 2019
                                                                                                                                                                • Two thirds of young men purchased a watch
                                                                                                                                                                  • Figure 81: Watch buyers over the past five years, by age and gender, July 2019
                                                                                                                                                                • The majority of buyers purchased three items
                                                                                                                                                                  • Figure 82: Repertoire of jewellery and watches bought, by gender, July 2019
                                                                                                                                                              • Types of Jewellery Purchased

                                                                                                                                                                • Necklaces are the most popular style of jewellery
                                                                                                                                                                  • Figure 83: Types of jewellery purchased, July 2019
                                                                                                                                                                • Body jewellery grows in popularity
                                                                                                                                                                  • Men aged 25-44 are most likely to buy charms
                                                                                                                                                                    • Figure 84: People who bought bracelet charms in the last 5 years, by gender and age, July 2019
                                                                                                                                                                  • Multi-style purchasing is driven by women
                                                                                                                                                                    • Figure 85: Repertoire of types of jewellery purchased, by gender, July 2019
                                                                                                                                                                • Channels Used

                                                                                                                                                                  • Online purchasing continues to gain momentum
                                                                                                                                                                    • Figure 86: Channels used for buying jewellery and watches, July 2019
                                                                                                                                                                  • Watches are almost as likely to be bought online as offline
                                                                                                                                                                    • Figure 87: Channels used for buying jewellery and watches, by item bought, July 2019
                                                                                                                                                                • Occasions for Buying Jewellery and Watches

                                                                                                                                                                  • Two fifths buy for birthdays
                                                                                                                                                                    • Figure 88: Occasions people buy jewellery and watches for, July 2019
                                                                                                                                                                    • Figure 89: Pandora’s chatbot pop-up in Westfield Stratford City, February 2019
                                                                                                                                                                  • Men more likely than women to buy for an occasion
                                                                                                                                                                    • Figure 90: Occasions people buy jewellery and watches for, by gender, July 2019
                                                                                                                                                                  • 25-44s most likely to buy for multiple occasions
                                                                                                                                                                    • Figure 91: Repertoire of occasions people buy jewellery and watches for, by age, July 2019
                                                                                                                                                                • Spending on Jewellery and Watches

                                                                                                                                                                  • A third would spend between £100 and £500
                                                                                                                                                                    • Figure 92: Amount people would be willing to spend on jewellery, July 2019
                                                                                                                                                                  • Men would be the biggest spenders
                                                                                                                                                                    • Figure 93: Amount people would be willing to spend on jewellery, by gender, July 2019
                                                                                                                                                                  • The middle market for watches is being squeezed
                                                                                                                                                                    • Figure 94: Amount people would be willing to spend on watches, July 2019
                                                                                                                                                                  • Men aged 25-44 are the highest potential spenders
                                                                                                                                                                  • Consumer Expectations from Retailers

                                                                                                                                                                    • Good customer service brings in footfall
                                                                                                                                                                        • Figure 95: Factors that encourage purchasing, July 2019
                                                                                                                                                                      • Trusted recommendations are most important for young women
                                                                                                                                                                        • Figure 96: Factors that encourage purchasing in women, by age, July 2019
                                                                                                                                                                      • Exclusive items are appealing to women…
                                                                                                                                                                        • Figure 97: Product types that encourage purchasing, by gender, July 2019
                                                                                                                                                                        • Figure 98: The crafting of the MVxCarolineIssa collection, 2019
                                                                                                                                                                      • …while men prefer brands
                                                                                                                                                                      • Jewellery and Watch Buying Behaviour

                                                                                                                                                                        • People still prefer to make big purchases in-store
                                                                                                                                                                          • Figure 99: Behaviours towards jewellery and watch purchasing, July 2019
                                                                                                                                                                        • There is concern around the ethics of jewellery and watch manufacturing
                                                                                                                                                                          • Figure 100: Pandora’s ‘Beautifully Different’ sustainable collection, August 2019
                                                                                                                                                                        • Personalisation appeals to customers
                                                                                                                                                                        • Attitudes towards Jewellery Retailing

                                                                                                                                                                          • Jewellery retailers should be more diverse
                                                                                                                                                                            • Figure 101: Attitudes towards the jewellery market, July 2019
                                                                                                                                                                          • People are ready to embrace man-made diamonds
                                                                                                                                                                            • Figure 102: Lark & Berry’s podcast about the diamond industry, 2019
                                                                                                                                                                        • Attitudes towards Watch Retailing

                                                                                                                                                                          • Digital innovations have disrupted the watch market
                                                                                                                                                                            • Figure 103: Attitudes towards the watch market, July 2019
                                                                                                                                                                          • People are keen to buy pre-loved watches
                                                                                                                                                                            • Figure 104: Agreement with the statement ‘It is more worthwhile to buy a luxury watch second-hand than new’, by gender and age, July 2019
                                                                                                                                                                        • Appendix – Data Sources, Abbreviations and Supporting Information

                                                                                                                                                                            • Abbreviations
                                                                                                                                                                              • Consumer research methodology
                                                                                                                                                                              • Appendix – Market Size and Forecast

                                                                                                                                                                                • Forecast methodology
                                                                                                                                                                                  • Best- and worst-case forecast
                                                                                                                                                                                    • Figure 105: Forecast consumer spending on jewellery and watches, 2019-24
                                                                                                                                                                                    • Figure 106: Forecast consumer spending on jewellery, 2019-24
                                                                                                                                                                                    • Figure 107: Forecast consumer spending on watches, 2019-24

                                                                                                                                                                                Jewellery & Watches Retailing - UK - September 2019

                                                                                                                                                                                £1,995.00 (Excl.Tax)