Online shopping is growing in popularity in the UK jewellery retail market, with more consumers finding it easy to shop for jewellery online. Retailers need to cater to UK consumers growing engagement with the pre-owned market, especially among younger consumers.
UK Jewellery and Watches Retail Market – Current Landscape
Consumers are increasingly comfortable purchasing jewellery and watches online, seeing a six percentage point increase for precious metal jewellery. Over two-thirds of jewellery shoppers find it easy to shop for jewellery online, while seven in ten watch shoppers agree with this sentiment.
With more consumers interested in buying or selling their jewellery and watches second-hand, retailers will need to cater to this demand offering a certified second-hand platform online, Gen Z are interested in engaging with the pre-owned market the most. Retailers must show traceability in the second-hand market as more consumers seek out transparent retailers.
Personalised jewellery continues to grow in popularity as we see more mid-market retailers embrace this trend rolling out bespoke charm necklaces, in-store engraving and more to offer consumers a unique piece of jewellery that is custom to them as well as allowing them to treat themselves.
UK Jewellery and Watch Retail – Market Statistics
- UK jewellery and watch market size: Overall, the jewellery and watch market continues to see growth. Reaching an estimated £6,188 million in 2o24.
- UK consumer jewellery shopping habits: Almost two-thirds of UK shoppers waited until jewellery/watches were discounted before buying.
- UK consumer attitudes to second hand jewellery: Half of UK consumers bought second-hand jewellery or watches in 2024.
UK Jewellery and Watches Retailing Market Report – What’s Inside?
Key Topics Analysed in the Report
- The impact of the cost-of-living crisis on the jewellery and watch retail sector
- Analysis of the size of the market and forecast for the next five years
- Purchasing behaviours around jewellery and watches and future consumer interest
- Sources of inspiration for jewellery and watch buying
- Key factors for choosing jewellery and watch retailers
- Retail advertising and brand activity in the market, including new launches and innovations
Report Scope
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
Meet the Expert Behind the Analysis
This report was written by Bridget McCusker. Bridget joined Mintel in October 2022 as a Research Analyst covering Retail focusing on home. Originally from Boston, US, Bridget holds a BSc in International Trade & Marketing for the Fashion Industries from the Fashion Institute of Technology. She relocated to London in 2021 to pursue her MSc in Global Affairs at King’s College London.
Growth is expected for jewellery and watch retailers as we see a slight uptick in purchasing. Personalisation services driven by social media will be key for jewellery retailers to engage with as many seek bespoke pieces.
Bridget McCusker
Research Analyst
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Executive Summary
- Opportunities for the jewellery and watch retail sector
- Lab-grown gems can bolster luxury demand
- Personalisation is not going anywhere
- Sustainable consumption efforts can be strengthened with technology
- Educate young jewellery and watch shoppers
- Market dynamics and outlook
- Market size & forecast
- Market predictions
- Precious jewellery remains leader
- Graph 1: estimated share of jewellery and watches, 2020-24
- Drop in hallmarking for all precious metals
- Graph 2: number of items hallmarked by UK Assay Offices, by types of precious metals, 2020-23
- What consumers want and why
- Costume jewellery continues to be at the forefront
- Graph 3: purchasing of jewellery and watches in the last five years, 2024
- Necklace purchasing bolstered by personalisation services
- Graph 4: types of jewellery purchased, by generation, 2024
- Men are buying more jewellery since 2022
- Online shopping jumps among precious metal jewellery buyers
- Graph 5: channels used to purchase jewellery and watches, 2024
- Sustainable consumption influences jewellery/watch shopping
- Graph 6: current and future jewellery and watches shopping behaviour, 2024
- Jewellery/watch purchasing driven by sources of inspiration
- Graph 7: sources of inspiration for jewellery & watch buying, 2024
- Demand for second-hand jewellery and watches continues to grow
- Graph 8: “Proof of authenticity” by jewellery and watch shopping behaviour, 2024
- Retailer activity
- Advertising spend falls nearly one-third in 2023
- Graph 9: total above-the-line, online display and direct mail advertising expenditure, 2020-23
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Market Dynamics
- Market size
- Jewellery and watches continue to see growth
- Graph 10: estimated market size for jewellery & watches, 2020-24
- Market forecast
- Growth continues through to 2029
- Polarisation within the jewellery sector impacts demand
- Luxury watches will drive the second-hand market
- Learnings from the last income squeeze
- Market segmentation
- Fine jewellery maintains share of the market
- Graph 11: estimated share of jewellery and watches, 2020-2024
- Market drivers
- Consumer sentiment drops
- Graph 12: financial activity in the last three months , 2023-24
- Total hallmarking levels fall in 2023
- Graph 13: total number of items hallmarked by UK Assay offices, 2020-23
- Decline in all precious metals hallmarked
- Graph 14: number of items hallmarked by UK Assay Offices, by types of precious metals, 2020-23
- Palladium rises at the half-year in 2024
- Graph 15: total numbers of items hallmarked by UK Assay offices up to June, 2023-24
- Total value of Swiss watch exports increases
- Graph 16: value of Swiss watch exports, 2021-23
- Price of gold reaches new heights
- Graph 17: price of gold tracked over a 15-year period, per troy ounce in GBP, 2009-24
- Consumer confidence impacts rates of marriage
- Graph 18: number of marriages in England and Wales, 2014-22
- Costume jewellery has seen an uptick since 2022
- Graph 19: fashion items purchased in the last three months, 2020-24
- EU and G7 ban on Russian diamonds
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What Consumers Want and Why
- Jewellery & watches purchasing
- Costume jewellery remains in the lead
- Graph 20: purchasing of jewellery and watches in the last five years, 2024
- Self purchasing remains most popular
- Jewellery and watch purchasing seen as a treat
- Graph 21: trends in jewellery and watches purchasing in the last five years, 2022-24
- Women are most engaged in self-purchasing
- Graph 22: trends in jewellery and watches purchasing in the last five years, by gender and age, 2024
- Jewellery purchasing is high among young women
- Types of jewellery purchased
- Necklaces and earrings gain in popularity
- Graph 23: types of jewellery purchased, 2022-24
- Gen Z are buying necklaces and bracelets
- Graph 24: types of jewellery purchased, by generation, 2024
- Most jewellery types are equally bought for oneself and for gifting
- Graph 25: purchasing of jewellery, by buyer type, 2024
- Men are buying more jewellery since 2022
- Graph 26: types of jewellery purchased by men, 2022-24
- Channel and retailers used
- Online shopping jumps among precious metal jewellery buyers
- Graph 27: channels used to purchase jewellery and watches, 2024
- Personalised shopping experiences can bolster in-store footfall…
- … with more brands investing in personalisation services
- Watch buyers are seeking specialist expertise
- Graph 28: retailers used to purchase jewellery and watches, 2024
- Current and future behaviour
- Consumers are interested in pre-owned jewellery and watches
- Men are purchasing lab-grown jewellery/watches
- Graph 29: shopping behaviours in the last five years, by gender, 2024
- Men are are more likely to sell used jewellery/watches
- Jewellery shoppers are interested in lab-grown jewels
- Graph 30: type of jewellery purchased by those who bought jewellery/watches with lab-grown jewels, 2024
- Younger consumers are shopping savvier…
- Graph 31: shopping behaviour in the last 12 months, by generation, 2024
- … while high earners are also mindful of their spending
- Younger consumers are buying their jewellery/watches when shopping for fashion items
- Graph 32: bought jewellery/watches when shopping for fashion items (eg clothing, other accessories), by gender and age, 2024
- Shopping via social media grows in importance to older consumers
- Graph 33: bought jewellery/watches directly from social media (eg TikTok shop), by gender and age, 2024
- Sources of inspiration
- Women are more keen to seek out inspiration prior to buying jewellery and watches
- In-store displays hold significance for consumers
- Graph 34: sources of inspiration for jewellery & watch buying, 2024
- Young women seek inspiration from social media and friends
- Graph 35: sources of inspiration for jewellery and watch buying, by gender and age, 2024
- Younger consumers find inspiration among social media and friends
- Retailer improvements desired
- Retailers must boost their experiences in-stores and online
- Consumers want to see where their purchases come from
- Graph 36: retailer improvements desired by jewellery and watch buyers, 2024
- The second-hand market is set to become more secure
- Graph 37: “proof of authenticity” by jewellery and watch shopping behaviour, 2024
- Young consumers want to be unique
- Graph 38: retailer improvements desired by jewellery and watch buyers, by generation, 2024
- Personal style is a form of self-expression
- Welding services tap into nostalgia
- Retailers can offer multiple services to better engage consumers
- Service is king for jewellery and watches
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Retailer Activity
- Leading specialists stores
- Leading specialist sales
- Retailers remain optimistic as they invest in consumer values
- Comparing leading jewellery & watch retailers in the UK
- Astrid & Miyu continue to gain shoppers
- Graph 39: leading jewellery and watch retailers, growth in spend and customer numbers, 2023/24
- Bespoke necklaces coupled with Valentine’s Day see a surge in total transactions for Astrid & Miyu
- Leading specialists outlets
- Missoma opens its first permanent store
- Monica Vinader expands globally…
- … as Astrid & Miyu opens its global flagship on Carnaby Street
- Launch activity and innovation
- Astrid and Miyu focuses on in-store experiences
- Collaborations embraced by jewellery retailers
- Retailers invest in physical locations
- Innovations key for jewellery retailers
- Demand in second-hand market leads to authenticity checks
- Monica Vinader offers traceability for gemstones
- Advertising and marketing activity
- Advertising spend falls nearly one-third in 2023
- Graph 40: total above-the-line, online display and direct mail advertising expenditure, 2020-23
- Jewellery & watch campaigns align with consumer sentiments
- Pandora continues to drive growth by investing in advertising
- Pandora stresses it is a full jewellery brand with its “Be Love” campaign
- TV and digital advertising are on par
- Graph 41: total above-the-line, online display and direct mail advertising expenditure by media type, 2022-23
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Brand Research
- Pandora scores highly on differentiation and trust
- Graph 42: attitudes and usage of leading jewellery and watch retailers, 2024
- Swatch boasts high awareness
- Graph 43: selected jewellery and watch brands, brand awareness, 2024
- Swatch is innovative and fun
- Pandora remains a customer favourite
- Graph 44: attitudes towards selected jewellery and watch brands, 2024
- Pandora’s personalisation services gains popularity on TikTok
- Monica Vinader is seen as ethical and fun
- Graph 45: selected jewellery & watch brands, macro brand image, 2024
- Monica Vinader continues to forge ahead in terms of traceability
- H Samuel is seen as reliable
- Graph 46: selected jewellery and watch brands, micro brand image, 2024
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Appendix
- Supplementary data
- Market size and forecast for jewellery & watches
- Current and future behaviours towards jewellery and watch buying
- Graph 47: current and future jewellery and watches shopping behaviour, 2024
- Market forecast data and methodology
- Market size and forecast for all jewellery and watches
- Market size and forecast for the value of the jewellery sector
- Market size and forecast for the value of the watches sector
- Forecast methodology
- Report scope and definitions
- Market definition
- Abbreviations and terms
- Consumer research methodology
- TURF methodology
- Spend Mapper methodology
- Nielsen Ad Intel coverage
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