Stay ahead of the curve and future-proof your business with Mintel’s UK Jewellery and Watches Retailing Market Report 2023. Our full report is packed with consumer-led market intelligence, the latest jewellery and watches market research, trends and consumer behaviours affecting your business. Get a 360° view of the jewellery and watches market, including market size, share and forecasted growth to help you align your business strategy with the needs of your audience.
Below, we’ve handpicked the key insights analysed in the full report and summarised the core topics.
Topics Analysed in this Report
- The impact of the cost of living on the jewellery and watch market.
- Interest in innovative jewellery including sustainable brands, materials and smart jewellery.
- Purchasing behaviours in the jewellery and watches market and future consumer interest.
- Retail advertising and brand activity in the UK jewellery and watches market, including new launches and innovations.
UK Jewellery and Watches Market Outlook
The jewellery and watch market has become increasingly polarised throughout the cost of living crisis, with luxury shoppers undeterred by economic factors, and higher-priced timepieces an attractive investment. Costume jewellery brands and mid-market retailers must stand out from the crowd if they are to encourage spending.
- Jewellery and watches market size: The market has experienced growth since 2021; in 2023, the market was forecasted with a value of £5.9 billion.
Jewellery and Watches Market Trends and Opportunities
AI and technology offer opportunities within production
Advancements in 3D printing and AI design elements have the opportunity to reduce product development timeframes and give suppliers greater flexibility over production. While many watchmakers maintain that luxury watches will always have a human component, future-forward technology can be introduced to help design and visualise, even if the product is then made by hand.
- Jewellery and watches market trend: 30% of jewellery and watch buyers have purchased jewellery/watches made from sustainable materials in the last five years.
Human-made jewels
The expansion of brands offering man-made jewels and stones is a relatively new trend for the jewellery and watches market, as lab-grown diamonds become more commonplace in the industry. The main interest comes from the younger demographics, influenced by affordability and sustainability claims.
- Jewellery and watches market opportunity: 21% of 16-34s have purchased lab-grown jewels in the last five years.
To learn more about the jewellery and watches market, including a five-year forecast, consumer behaviour analysis, and market opportunities recommendations, purchase our full UK Jewellery and Watches Market Report.
Leading Brands in the Jewellery and Watches Market
Watches of Switzerland Group, Pandora, Ernest Jones Ltd, Beaverbrooks the Jewellers Ltd, H Samuel Ltd, Tiffany & Co, Warren James.
Expert Insights from a Retail Analyst
This report, written by Neil Mason, Mintel’s Head of Retail Research, delivers in-depth commentary and analysis to highlight trends in the jewellery and watches market and add expert context to the numbers.
The jewellery and watches market remains resilient, held up by the luxury end, with lab-grown diamonds and increased traceability driving new trends in the market.
Neil Mason
Head of Retail Research
Collapse All
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- Key issues covered in this Report
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Executive Summary
- Opportunities for the jewellery and watch market
- Market dynamics and outlook
- Graph 1: CPI inflation rate, 2021-23
- What consumers want and why
- Graph 2: consumer purchasing of jewellery made from sustainable materials in the last five years, by age group, 2023
- Graph 3: agreement with the statement “I prefer a smartwatch over a conventional watch”, by generation, 2023
- Graph 4: improvements wanted from jewellery and watch retailers, 2023
- Retailer activity
- Graph 5: total above-the-line, online display and direct mail advertising expenditure, 2018-22
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Market Dynamics
- Graph 6: total number of items hallmarked by UK Assay offices, 2020-22
- Graph 7: number of items hallmarked by UK Assay Offices, by types of precious metal, 2020-22
- Graph 8: price of gold tracked over a 15 year period, per troy ounce in GBP, 2007-23
- Graph 9: value of Swiss watch exports, 2020-22
- Graph 10: fashion items purchased, 2021-23
- Market size
- Market forecast
- Market segmentation
- Graph 11: estimated share of jewellery and watches, 2020-23
- Macro-economic factors
- Graph 12: GDP, 2021-23
- Graph 13: the financial wellbeing index, 2016-23
- Graph 14: the financial confidence index, 2016-23
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What Consumers Want and Why
- Jewellery & watches purchasing
- Graph 15: purchasing of jewellery and watches in the last five years, 2023
- Graph 16: trends in jewellery and watches purchasing in the last five years, 2021-23
- Graph 17: trends in jewellery and watches purchasing in the last five years, by gender and age, 2023
- Types of jewellery purchased
- Graph 18: types of jewellery purchased, 2023
- Graph 19: types of jewellery purchased, by generation, 2023
- Graph 20: channels used to purchase jewellery and watches, 2023
- Graph 21: retailers used to purchase jewellery and watches, 2023
- Shopping behaviours when purchasing jewellery/watches
- Graph 22: shopping behaviours when purchasing jewellery/watches in the last five years, 2023
- Attitudes towards jewellery & watch purchasing
- Graph 23: attitudes towards jewellery and watches, 2023
- Interest in innovations
- Graph 24: improvements wanted from jewellery and watch retailers, 2023
- Graph 25: interest in jewellery/watch retailers offering smart jewellery, by age, 2023
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Retailer Activity
- Launch activity and innovation
- Advertising and marketing activity
- Graph 26: total above-the-line, online display and direct mail advertising expenditure, 2019-22
- Graph 27: total above-the-line, online display and direct mail advertising expenditure by media type, 2022
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Brand Research
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Appendix
- Market forecast data and methodology
- Report scope and definitions
- Methodology
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