2021
9
UK Jewellery and Watches Retailing Market Report 2021
2021-10-30T04:09:27+01:00
OX1050085
2995
143999
[{"name":"Accessories and Jewellery","url":"https:\/\/store.mintel.com\/industries\/fashion\/accessories-jewellery"}]
Report
en_GB
“As the jewellery and watches market rebounds from the harsh impact of COVID-19 on the sector, sales are estimated to recover gradually, but it will take several years to reach…

UK Jewellery and Watches Retailing Market Report 2021

$ 2,995 (Excl.Tax)

Description

Providing the most comprehensive and up-to-date information and analysis of the UK Jewellery & Watches Retailing market, including the behaviours, preferences and habits of the consumer.

Costume jewellery has become the new lipstick as people treated themselves to stand out, lower-priced jewellery items during the pandemic. 54% of consumers purchased costume jewellery in 2021, up from 50% in 2020. The jewellery and watches retailing category has seen the biggest uplift in purchasing when comparing the data with last years’ report, particularly among people buying for themselves.

As mask-wearing increased as a result of COVID-19, women looked for alternative ways of making a statement, moving away from makeup to wearing statement jewellery such as necklaces and earring. These are currently the most purchased items of jewellery, both being clearly visible on Zoom calls.

The jewellery and watches market share is seeing a gradual recovery in 2021, driven by renewed consumer confidence and optimism as people buy pieces for socialising as restrictions lift. The watch market has also bounced back, although is increasingly polarised with lower-priced watches continuing to struggle thanks to the growing demand for smartwatches.

While consumers cut back on their spending on fashion, jewellery and watches during 2020, they are now looking to splash out on unique items. There are opportunities for jewellery and watch retailers to encourage consumers to trade up by offering bespoke and personalised items, as well as exclusive collaborations with designers. Two fifths of women aged 16-34 are interested in attending a jewellery class or workshop, indicating a scope to appeal to this demographic by inviting them to see how items are made, participate, and give them the opportunity to commission a bespoke piece.

Read on to discover more details or take a look at all of our UK Retail market research.

Quickly understand

  • The impact of COVID-19 on the jewellery and watch market.
  • What types of jewellery consumers are buying.
  • Changes in the channels and retailers used.
  • The main occasions that consumers buy jewellery and watches for.
  • Consumers’ behaviours and attitudes towards jewellery and watch purchasing.
  • Jewellery and Watches sales.

Covered in this report

Brands: Pandora, Swarovski, Watches of Switzerland, Ernest Jones, Warren James, Goldsmiths, Swatch, Cartier, H Samuel, Tiffany & Co, Beaverbrooks the Jewellers, Claire’s Accessories, Warren James, DCK Concessions, F Hinds, Fraser Hart, Boodle & Dunthorne, Monica Vinader, Winchester holdings, Graff Diamonds, Graff Diamonds, Asprey Holdings, Links London, Glogau Gold of Wales, Argento Contemporary Jewellery Lovisa, Thomas Sabo, Clarie’s Accessories.

Expert analysis from a specialist in the field

This report, written by Tamara Sender Ceron, a leading analyst in the Fashion sector, delivers in-depth commentary and analysis to highlight current trends and add expert context to the numbers.

As the jewellery and watches market rebounds from the harsh impact of COVID-19 on the sector, sales are estimated to recover gradually, but it will take several years to reach pre-pandemic levels. As consumers release pent-up demand for purchasing, there are opportunities for jewellery and watch retailers to encourage them to spend by tapping into growing trends for personalisation, more sustainable options and more diversified ranges and services.

Tamara Sender Ceron
Senior Fashion Analyst

Table of Contents

  1. Overview

    • Key issues covered in this Report
    • COVID-19: market context
    • Economic and other assumptions
    • Products covered in this Report
  2. Executive Summary

    • Impact of COVID-19 on jewellery and watches
      • Figure 1: Short, medium and long-term impact of COVID-19 on the jewellery and watches category, 2021
    • The market
    • Market size and forecast
      • Figure 2: Market forecast for the jewellery and watches sector, 2016-26
      • Figure 3: Estimated share of UK jewellery and watch market, 2018-21
    • Companies and brands
    • Ongoing focus on sustainability
    • Swarovski seen as most stylish brand
      • Figure 4: Attitudes towards and usage of selected brands, 2021
    • The consumer
    • Costume jewellery most purchased
      • Figure 5: Who jewellery and watches were bought for in the last five years, 2021
    • Earrings and necklaces most popular
      • Figure 6: Trends in types of jewellery bought over the last five years, 2021
    • Rise in online purchasing, but stores remain popular
      • Figure 7: Channels used for purchasing jewellery and watches, 2021
    • Consumers buying fine jewellery from specialists
      • Figure 8: Types of retailers used for buying jewellery and watches, 2021
    • Birthdays and Christmas drive purchasing
      • Figure 9: Occasions jewellery and watches have been purchased for in the last five years, 2021
    • Rise in second-hand purchasing
      • Figure 10: Shopping behaviours around jewellery and watches, 2021
    • Transparency is most important
      • Figure 11: Interest in the latest jewellery and watch retail innovations, 2021
  3. Issues and Insights

    • How can retailers adapt to changing fashion shopping habits due to COVID-19?
    • What are the main opportunities for growth?
    • Consumers look for bespoke pieces
    • Growing awareness of sustainability
    • Growing men’s jewellery market
    • The rise of lab-grown diamonds
    • Diversifying product ranges and services
  4. The Market – Key Takeaways

    • Pent-up demand and weddings drive growth
    • Watch sales begin to bounce back
    • Consumers polarised by financial effects of pandemic
    • Hallmarking levels recover in 2021
  5. Market Size and Performance

    • Jewellery & watches market hard hit by COVID-19
      • Figure 12: Short, medium and long-term impact of COVID-19 on the jewellery and watches category, 2021
    • Restrictions on weddings hurt fine jewellery
      • Figure 13: Consumer spending on jewellery and watches, 2016-26
    • Consumers polarised by financial effects of pandemic
  6. Market Forecast

    • Pent-up demand and weddings drive growth
    • Luxury market benefits from domestic sales
      • Figure 14: Market forecast for the jewellery and watches sector, 2016-26
      • Figure 15: Market forecast for the jewellery and watches sector, 2016-26
    • Market drivers and assumptions
      • Figure 16: Key drivers affecting Mintel’s market forecast, 2015-25
    • Forecast methodology
  7. COVID-19 Scenario Performance

    • Mintel’s approach to predicting the impact of COVID-19
    • Fundamental differences in how COVID-19 is affecting consumer markets
    • Volatile COVID-19 situation means continued uncertainty
      • Figure 17: COVID-19 scenario forecast for the jewellery and watches sector, 2016-26
    • COVID-19 market disruption: risks and outcomes
      • Figure 18: Summary of Mintel scenario expectations and the impact on the jewellery and watches market, 2021
  8. Market Segmentation

    • Watch sales begin to recover
      • Figure 19: Market forecast for the watches sector, 2016-26
      • Figure 20: Market forecast for the watches sector, 2016-26
    • Jewellery sales grow helped by demand for bridal jewellery
      • Figure 21: Market forecast for the jewellery sector, 2016-26
      • Figure 22: Market forecast for the jewellery sector, 2016-26
    • Fine jewellery recovers share
      • Figure 23: Estimated share of UK jewellery and watch market, 2018-21
      • Figure 24: UK retail value sales of jewellery and watches, by sector, 2016-21
  9. Market Drivers

    • Retail and the economy
    • The beginnings of recovery as COVID restrictions ease
    • Earnings and employment
    • Further rise in ecommerce sales
      • Figure 25: Internet as a percentage of total retail sales, 2010-20
    • Footfall levels out after initial rise
    • Jewellery and watches
    • Further decline in total hallmarking in 2020
      • Figure 26: Number of items hallmarked by UK Assay Offices by type of precious metal, 2018-20
    • Hallmarking levels recover in 2021
      • Figure 27: Number of items hallmarked across UK Assay Offices, by weight, year to date, July 2020/July 2021
    • Price of gold remains higher than pre-pandemic levels
      • Figure 28: UK price of gold tracked over a 15 year period, per troy ounce in GBP, 2006-21
    • Marriages impacted by the pandemic
    • Swiss Watch exports fall in 2020
      • Figure 29: Value of Swiss watch exports by top five markets, 2018-20
      • Figure 30: Year-on-year % change in export of wristwatches by price point, 2019-20
    • Industry sees recovery in first half of 2021
      • Figure 31: Value of Swiss watch exports by top five markets, 2019-21
    • Smartwatches continue to take market share
      • Figure 32: Estimated unit sales of smartwatches and fitness trackers, 2016-20
  10. Companies and Brands – Key Takeaways

    • Strong start for Pandora in 2021
    • Ongoing focus on sustainability
    • Brands add personal touch to their marketing
    • Swarovski seen as the most stylish brand
  11. Leading Specialist Retailers

    • Sales performance
    • Richemont group sales recovery
      • Figure 33: Leading jewellery specialists’ revenues, 2016-20
    • Strong start for Pandora in 2021
    • UK Signet Group brands still effected by restrictions
    • Watches of Switzerland report strong UK performance
    • Outlet performance
    • Bremont Watch Company and Signet Jewellers planning three new UK boutiques
    • Watches of Switzerland stores see redevelopment and new boutiques
      • Figure 34: Leading specialist’s outlet numbers, 2016-20
    • Astrid and Miyu open seventh UK location
    • Georg Jensen open New Bond Street pop-up store
    • Sales per outlet
      • Figure 35: Leading specialists’ sales per outlet, 2019
      • Figure 36: Leading specialists’ sales per outlet, 2015-19
  12. Launch Activity and Innovation

    • Further growth in sustainability initiatives
    • Pandora switches to man-made stones amid ethical concerns
    • Astrid and Renew: recycling program put forward by Astrid and Miyu
    • Mango launches 3D printed collection
      • Figure 37: Mango’s 3D printed jewellery collection, 2021
    • Cartier launches its first solar-powered watch
    • Upgraded in-store experiences
    • Laing’s of Edinburgh launches new watches in-store gallery
      • Figure 38: Omega area in Laing’s Edinburgh showroom, 2020
    • Vashi open new Covent Garden concept store with behind-the-scenes visibility
    • The growing ecommerce experience
    • Tech Try-On
    • 3D Printed engagement rings by With Clarity
    • IWC take in-store online with virtual boutique
    • New launches and collaborations
    • Former Topshop jewellery supplier teams up with Next
    • Italian jewellery Fope moves into men’s jewellery
    • Earphone jewellery
      • Figure 39: Misho’s Pebble Pod Earrings for EarPods, 2021
  13. Advertising and Marketing Activity

    • Further drop in advertising spend during the pandemic
      • Figure 40: Total above-the-line, online display and direct mail advertising expenditure on jewellery and watches, 2016-20
    • Tiffany target new audience with A-List collaborations
      • Figure 41: Tiffany’s “About Love” campaign featuring Beyoncé and Jay Z, 2021
      • Figure 42: total above-the-line, online display and direct mail advertising spend on jewellery and watches, by advertiser, 2016-20
    • Brands adding a personal touch to their online marketing
    • ‘Our Sisterhood’; Pandora celebrates women empowerment with video campaigns
    • Cartier launches ‘Stories by You’ social media campaign
    • Bvlgari release short films for Mother’s Day
      • Figure 43: total above-the-line, online display and direct mail advertising spend on jewellery and watches, by media type, 2020
    • Press advertising still the dominant media type for brands
      • Figure 44: Top advertisers above-the-line, online display and direct mail advertising spend on jewellery and watches, by media type, 2020
    • Nielsen Ad Intel coverage
  14. Brand Research

    • Brand map
      • Figure 45: Attitudes towards and usage of selected brands, 2021
    • Key brand metrics
      • Figure 46: Key metrics for selected brands, 2021
    • Brand attitudes: Swatch recognised as innovative
      • Figure 47: Attitudes, by brand, 2021
    • Brand personality: Watches of Switzerland seen as exclusive
      • Figure 48: Brand personality – Macro image, 2021
    • Pandora perceived as stylish by consumers
      • Figure 49: Brand personality – Micro image, 2021
    • Brand analysis
    • Swatch seen as reliable and innovative
      • Figure 50: User profile of Swatch, 2021
    • Swarovski viewed as a most stylish brand
      • Figure 51: User profile of Swarovski, 2021
    • Pandora is the most popular brand
      • Figure 52: User profile of Pandora, 2021
    • Warren James needs to raise brand awareness
      • Figure 53: User profile of Warren James, 2021
    • Ernest Jones viewed as an accessible and reliable brand
      • Figure 54: User profile of Ernest Jones, 2021
    • Goldsmiths has high levels of awareness and frequent users
      • Figure 55: User profile of Goldsmiths, 2021
    • Watches of Switzerland has low awareness
      • Figure 56: User profile of Watches of Switzerland, 2021
    • Reading word clouds
  15. The Consumer – Key Takeaways

    • Consumers treat themselves to costume jewellery
    • Christmas drives purchasing
    • Rise in second-hand purchasing and rentals
    • Gen Z want to try items on virtually
  16. Impact of COVID-19 on Consumer Behaviours

    • Consumers continue to limit spending on fashion items
      • Figure 57: Consumer spending habits due to COVID-19
    • Online spending continues to replace face-to-face
      • Figure 58: Changes to shopping behaviour since the start of COVID-19
    • COVID-19 concerns could be incentive to buy into smartwatches and other tech
      • Figure 59: Attitudes towards contactless payments on smartwatches, 2020
  17. Purchasing of Jewellery and Watches

    • Costume jewellery most purchased
      • Figure 60: Who jewellery and watches were bought for in the last five years, 2021
    • Consumers treat themselves to costume jewellery
      • Figure 61: Trends in jewellery and watches purchasing in the last five years, 2020 and 2021
    • Self-buyers boost the market
      • Figure 62: Total purchasing of jewellery and watches, 2021
    • Gift buyers peak among young men
      • Figure 63: Purchasing of jewellery and watches for self or as a gift, by age and gender, 2021
  18. Types of Jewellery Purchased

    • Earrings and necklaces most popular
      • Figure 64: Trends in types of jewellery bought over the last five years, 2021
    • Older generations sticking to earrings and necklaces…
      • Figure 65: Type of jewellery bought over the last five years by generation, 2021
    • …while Gen Z and Millennials are the main purchasers of rings
    • Rise in popularity of body jewellery
  19. Channels and Retailers Used

    • Watches more likely to be bought online than jewellery
      • Figure 66: Channels used for purchasing jewellery and watches, 2021
    • Consumers buying fine jewellery from specialists
      • Figure 67: Types of retailers used for buying jewellery and watches, 2021
  20. Occasions Purchased For

    • Birthdays and Christmas drive purchasing
      • Figure 68: Occasions jewellery and watches have been purchased for in the last five years, 2021
    • Weddings are key purchase drivers
      • Figure 69: Occasions jewellery and watches have been purchased for in the last five years, by generations 2021
    • Affluent buy for anniversaries
      • Figure 70: Occasions jewellery and watches have been purchased for in the last five years, by socio-economic group, 2021
  21. Habits of Jewellery and Watch Shoppers

    • Rise in second-hand purchasing
      • Figure 71: Shopping behaviours around jewellery and watches, 2021
    • Consumers look for bespoke pieces
    • Lab-grown diamonds pique female interest
      • Figure 72: Shopping behaviours around jewellery and watches, 2021
  22. Jewellery and Watch Retail Innovations

    • Transparency is most important
      • Figure 73: Interest in the latest jewellery and watch retail innovations, 2021
    • Gen Z want to try items on virtually
      • Figure 74: Interest in the latest jewellery and watch retail innovations, by generations, 2021
    • Diversifying product ranges and services
  23. Appendix – Data Sources, Abbreviations and Supporting Information

    • Abbreviations
    • Consumer research methodology

About the report

This market report provides in-depth analysis and insight supported by a range of data. At the same time, introductory and top-level content is provided to give you an overview of the issues covered.

Market

Mintel provides a range of market information, frequently through the category level, including market size and forecasting, complete with market drivers that illustrate the forces that shape a category or market.

Consumer

Mintel’s proprietary consumer research provides our analysts with the attitudinal and behavioral data used to provide valuable insight to topical issues.

Brand/Company

Mintel provides overviews of the top brands and manufacturers, and uses consumer research to explore attitudes and reactions to brands, as well as insight into what will resonate with consumers.

Data

Market reports provide appendices of data to support the research and insight produced. Our databooks* are easily manipulated and downloadable to support your research needs and covers factors from consumer attitudes to market forecasts.

*databooks not available with UK B2B Industry reports.

Below is a sample report, understand what you are buying.

Click to show report
2024 Sample Consumer Cover

Please Note: This is a sample report. All of the figures, graphs, and tables have been redacted. Our reports are available to download in PDF and PPT formats.

Trusted by companies. Big and small.

Want to speak to us directly?

Contact us with your enquiry and our expert global team can help.

Get in touch