2022
9
UK Jewellery and Watches Retailing Market Report 2022
2022-10-01T04:11:17+01:00
OX1102645
2195
156160
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Report
en_GB
“Recovery remains strong within the jewellery and watches market, with bridal jewellery, a strong luxury sector and the return of international tourism driving positive growth. The cost-of-living crisis will continue…

UK Jewellery and Watches Retailing Market Report 2022

£ 2,195 (Excl.Tax)

Description

The UK Jewellery and Watches Market Report identifies consumer behaviours towards jewellery and watches, the impact of the cost of living crisis and future innovations within the UK accessories market. This report covers the UK jewellery and watches market size, market forecast, market segmentation and industry trends in the UK accessories market.

Current Landscape of the UK Jewellery and Watches Market

As the cost-of-living crisis takes hold in the UK, consumers will look to trade down or miss out on non-essential purchases as their budgets tighten. However, so far, the UK jewellery and watches market seems to be unscathed by the current economic climate, as premium buyers tend not to be swayed and will still purchase, with the view that high-end, luxury pieces are seen as valuable assets.

 

UK Jewellery and Watches Market Share and Key Industry Trends

Mintel’s UK jewellery and watches market analysis identifies that many consumers intend on spending less on fashion purchases, and even those more financially comfortable will likely trade down. Consumers at the bottom end will be most affected, with rising competition from niche brands harming the mid-market players.

  • UK jewellery and watches market share: precious metal jewellery has an estimated share of 63% of the market.
  • 27% of UK adults have bought a watch for themselves in the last five years.
  • 55% of UK consumers have bought earrings in the last five years.
  • 23% of those who have purchased a watch did so at a specialist retailer.
  • 78% of UK consumers believe that lesser-known jewellery/watch brands are just as good quality as big brands.

 

UK Jewellery and Watches Market: Future Trends

The UK jewellery and watches market will see positive growth as confidence in shopping via online channels continues to rise, however, physical stores will remain key.

Mintel’s UK jewellery and watches market analysis indicates that the demand for more sustainable practices will begin to influence the UK accessories market. A growing number of consumers seek ethical transparency in the origin of diamonds and resources, strengthening the case for lab-grown diamonds and stones, as well as for pre-loved jewellery and watches.

To discover more about the UK Jewellery and Watches Retailing Market Report 2022, read our UK Smart Watches and Wearable Technology Market Report 2022or take a look at our extensive Accessories and Jewellery Market Research.

 

Quickly Understand

  • The effect of the cost-of-living crisis and the crisis in Ukraine on the UK jewellery and watches market.
  • Types of jewellery consumers are purchasing.
  • Where and how consumers choose to buy jewellery and watches.
  • Attitudes and purchasing behaviours towards the UK accessories market.
  • Consumer interest in innovations within the UK jewellery and watches market.
  • Explores UK jewellery and watches market size and UK jewellery and watches market share.

 

Covered in this Report

Brands: Missoma, Astrid & Miyu, Tissot, Swatch, Swarovski, Pandora, Casio, H.Samuek

Products: Precious metal jewellery, costume jewellery, and watches.

 

Expert Analysis from a Specialist in the UK Accessories Market

This report, written by Fiona McDonald, a leading analyst in the retail sector, delivers in-depth commentary and analysis to highlight current trends in the UK jewellery and watches market and add expert context to the numbers.

Recovery remains strong within the jewellery and watches market, with bridal jewellery, a strong luxury sector and the return of international tourism driving positive growth. The cost-of-living crisis will continue to put downward pressure on consumer spending, negatively affecting mid-market and independent brands. Retailers must maintain a strong online presence as well as offering experiential in-store shopping in order to entice consumers to spend in areas they would otherwise cut back.”

Fiona McDonald
Retail Analyst

Table of Contents

  1. Overview

    • Key issues covered in this Report
    • Market context
    • Products covered in this Report
  2. Executive Summary

    • The five-year outlook for jewellery and watches
      • Figure 1: Category outlook, 2022-27
    • The market
    • Market to maintain an upward trend
      • Figure 2: Market forecast for the jewellery and watches market, 2017-27
    • Fine jewellery maintains its share of the market
      • Figure 3: Estimated share of UK jewellery and watch market, 2019-22
    • Hallmarking levels rise in 2021
      • Figure 4: Number of items hallmarked by UK Assay Offices, by types of precious metal, 2019-21
    • Price of gold reaches new heights
      • Figure 5: UK price of gold tracked over a 15-year period, per troy ounce, in GBP, 2007-22
    • Swiss watch exports see fast recovery
      • Figure 6: Value of Swiss watch exports, by top 5 markets, in CHF, 2019-21
    • Companies and brands
    • Jewellery advertising bounces back
      • Figure 7: Total above-the-line, online display and direct mail advertising expenditure on jewellery and watches, £m, 2017-21
    • Pandora the most popular brand surveyed, while Astrid & Miyu still has relatively low awareness
      • Figure 8: Attitudes towards and usage of selected brands, 2022
    • The consumer
    • Costume jewellery most purchased
      • Figure 9: Who jewellery and watches were purchased for in the last five years, 2022
    • Earrings most popular purchase
      • Figure 10: Types of jewellery purchased, 2022
    • Watches more likely to be purchased online
      • Figure 11: Channels used to purchase jewellery and watches, 2022
    • High-ticket accessories bought from specialists
      • Figure 12: Types of retailers used for buying jewellery and watches, 2022
    • Further opportunity for independent brands as quality is viewed the same
      • Figure 13: Attitudes towards jewellery and watch purchasing, 2022
  3. Issues and Insights

    • Cost of living and the effect on the jewellery and watches market
    • Ukraine crisis and the jewellery market
    • Opportunities for growth within jewellery and watches
    • Sustainability/ethical jewellery
    • Online presence of watches and jewellery brands
    • Men’s and genderless jewellery collections
  4. Market Size and Performance

    • Enduring demand for luxury goods aids jewellery and watches recovery
      • Figure 14: Estimated market size for jewellery and watches, 2017-22
    • Online remains strong for jewellery and watches sector
  5. Market Forecast

      • Figure 15: Category outlook, 2022-27
    • Market to maintain an upward trend
      • Figure 16: Market forecast jewellery and watches, 2017-27
    • Learnings from the last income squeeze
    • Forecast methodology
  6. Market Segmentation

    • Market rebound helped by demand for bridal jewellery
      • Figure 17: Market forecast for the jewellery sector, 2017-27
      • Figure 18: Market forecast for the jewellery sector, 2017-27
    • Watches reliant on the luxury sector
      • Figure 19: Market forecast for the watches sector, 2017-27
      • Figure 20: Market forecast for the watches sector, 2017-27
    • Fine jewellery maintains its share of the market
      • Figure 21: Estimated share of UK jewellery and watch market, 2019-22
      • Figure 22: UK retail value sales of jewellery and watches, by sector, 2017-22
  7. Market Drivers

    • Hallmarking levels rise in 2021
      • Figure 23: Number of items hallmarked by UK Assay Offices, by types of precious metal, 2019-21
    • Price of gold reaches new heights
      • Figure 24: UK price of gold tracked over a 15-year period, per troy ounce, in GBP, 2007-22
    • Swiss watch exports see fast recovery
      • Figure 25: Value of Swiss watch exports, by top 5 markets, in CHF, 2019-21
    • Nearly record month for Swiss watchmaking in July 2022
      • Figure 26: Value of Swiss watch exports, by top 5 markets, January-July 2020-22
    • Surge in marriages after pandemic
    • Jewellery and watches purchasing remains level on 2021
      • Figure 27: Fashion items purchased, 2019-22
    • Inflation is the key concern for consumers and brands…
    • …and will weigh down the post-COVID recovery
    • Consumer spending power will be curbed
    • The conflict in Ukraine is hurting the UK economy in a number of ways
    • Employment has held up better than expected
    • Consumers’ financial wellbeing has fallen from the highs of 2021…
      • Figure 28: Household financial wellbeing index, 2016-22
    • …and most people are feeling the effects of price rises
  8. Launch Activity and Innovation

    • Store launches
    • Tiffany to launch Vision & Virtuosity exhibition
    • Yoko London opens new London flagship store
    • Astrid & Miyu opens first store outside London
    • Metaverse and online movements
    • TAG Heuer watches set to display NFTs
    • Tiffany launches new NFT venture arm “NFTiff”
    • TAG Heuer to accept crypto payments
    • Latest collections and collaborations
    • Pandora launches collection of pet jewellery accessories
    • Pineapple Island launches latest collection of eco-friendly jewellery
      • Figure 29: Pineapple Island collection, 2022
    • Pandora celebrates 100% renewable energy usage for its lab-grown collection
    • Andre Michael introduces first lab-grown collection in UK and Ireland
    • Omega and Swatch team up to introduce affordable Speedmaster-inspired MoonSwatch
    • The Great Frog releases collection with The Rolling Stones
    • Tiffany launches gender-neutral collection
    • Annoushka Ducas supports British Red Cross in Ukraine crisis
    • Linde Werdelin released 3 Timer Ukraine watch
  9. Advertising and Marketing Activity

    • Jewellery advertising bounces back
      • Figure 30: Total above-the-line, online display and direct mail advertising expenditure on jewellery and watches, 2017-21
    • Pandora and Richemont increase their spend
      • Figure 31: Total above-the-line, online display and direct mail advertising expenditure on jewellery and watches, by advertiser, 2017-21
    • Digital dominates as most popular media type
      • Figure 32: Total above-the-line, online display and direct mail advertising expenditure on jewellery and watches, by media type, 2021
      • Figure 33: Top advertisers’ above-the-line, online display and direct mail advertising expenditure on jewellery and watches, by media type, 2021
    • Latest campaigns
    • Anya Taylor-Joy the new face of Tiffany
    • Pandora x UEFA Women’s Euro 2022
    • Swarovski teams up with British actress Aimee Lou Wood
    • Astrid & Miyu to launch first TV campaign
    • Nielsen Ad Intel coverage
  10. Brand Research

    • Brand map
      • Figure 34: Attitudes towards and usage of selected brands, 2022
    • Key brand metrics
      • Figure 35: Key metrics for selected brands, 2022
    • Brand attitudes: Astrid & Miyu’s online customer service ranks high
      • Figure 36: Attitudes, by brand, 2022
    • Brand personality: Pandora viewed as a fun brand
      • Figure 37: Brand personality – Macro image, 2022
    • H. Samuel a reliable brand
      • Figure 38: Brand personality – Micro image, 2022
    • Brand analysis
    • Pandora the most popular brand surveyed
    • Astrid & Miyu still has relatively low awareness
    • Swarovski viewed as expensive
    • Swatch considered a reliable brand
    • Missoma remains under the radar
    • H. Samuel a trusted retailer
    • Tissot exclusive and innovative
    • Casio fun and affordable
  11. Leading Specialist Retailers

    • Sales performance
      • Figure 39: Leading jewellery specialists’ revenues, 2016-22
    • Outlet performance
      • Figure 40: Leading specialists’ outlet numbers, 2017-21
    • Sales per outlet
      • Figure 41: Leading specialists’ sales per outlet, 2017-21
  12. Purchasing of Jewellery and Watches

    • Costume jewellery most purchased
      • Figure 42: Who jewellery and watches were purchased for in the last five years, 2022
    • Consumers buying costume jewellery for themselves
      • Figure 43: Trends in jewellery purchasing in the last five years, 2020-22
  13. Types of Jewellery Purchased

    • Earrings most popular purchase
      • Figure 44: Types of jewellery purchased, 2022
    • Most jewellery types are self-bought
      • Figure 45: Purchasing of jewellery, by type, 2022
    • Gen X favour earrings, while Gen Z choose rings
      • Figure 46: Types of jewellery purchased, by generation, 2022
  14. Channels and Retailers Used

    • Watches more likely to be purchased online
      • Figure 47: Channels used to purchase jewellery and watches, 2022
    • High-ticket accessories bought from specialists
      • Figure 48: Types of retailers used for buying jewellery and watches, 2022
    • Consumers generally stick to one retailer
      • Figure 49: Repertoire of types of retailer used to purchase jewellery/watches, 2022
  15. Interest in Jewellery and Watch Innovations

    • Opportunities for independent brands
      • Figure 50: Interest in innovations from jewellery/watch retailers, 2022
    • Younger demographics interested in recycled materials
      • Figure 51: Interest in innovations from jewellery/watch retailers, by age, 2022
  16. Attitudes towards Jewellery and Watches

    • Online shopping has become easier for both jewellery and watches
    • Further opportunity for independent brands as quality is viewed the same
      • Figure 52: Attitudes towards jewellery and watch purchasing, 2022
    • The case for ethical jewellery
  17. Appendix – Data Sources, Abbreviations and Supporting Information

    • Abbreviations
    • Consumer research methodology
  18. Appendix – Forecast Methodology

    • Market forecast and prediction intervals
    • Market drivers and assumptions
      • Figure 53: Key economic drivers, 2016-26
    • Forecast 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.

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