The jewelry market is expected to grow by 4.5% in 2024, demonstrating recovery following a downturn driven by economic pressures and inflation. The strength of the jewelry category lies in its connection to special occasions: nearly half (49%) of shoppers have purchased jewelry as a gift for others, while 39% have treated themselves to something special.
Beyond bridal and gift purchases, consumers also view jewelry as a means of self-expression. While fine jewelry remains a cornerstone of the market, the rising popularity of fashion jewelry underscores a desire for both affordability and versatility. Shoppers appreciate the freedom to mix and match pieces that vary in quality, from timeless classics to trendy, artisan designs, reflecting their personal style and individuality.
Technology is also transforming the industry as consumers embrace online shopping and personalization. The expansion of AI will only further advance this demand for customization and bespoke pieces. Additionally, innovations such as lab-grown diamonds offer more sustainable solutions and new creative possibilities. Meanwhile, natural diamonds and classic gold remain staples, highlighting a diverse market and an evolving consumer that craves variety.
This report looks at the following areas:
- Jewelry market size and forecast for the next five years
- Purchase behavior across jewelry segments, items purchased and preferred materials
- Shopping behaviors, including retailers shopped and purchase occasions
- Attitudes toward jewelry and shopping for jewelry
- Sources of information and influence
- Interest in innovation and shopping experiences
The category is growing as jewelry remains both a popular gift and a wardrobe staple. Key market trends include personalization, sustainability, and an expanding men’s market.
Brittany Steiger, Principal Analyst – Retail & eCommerce
Report Scope
The Market: Total retail sales based on US Bureau of Economic Analysis, US Census Bureau, Economic Census; forecast developed by Mintel
For the purposes of this Report, jewelry includes fine jewelry (made out of precious metals, such as gold or platinum, which may also contain precious gemstones); costume jewelry (made with inexpensive materials or imitation gems); handmade/artisan jewelry (ie handcrafted by an artist or craftsperson); and high-end/luxury jewelry (ie high-end jewelry purchased from a luxury brand, eg Cartier, Tiffany & Co). Items include earrings, bracelets, necklaces, rings (including engagement/wedding rings), brooches and cufflinks. Watches are excluded from this Report.
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EXECUTIVE SUMMARY
- What you need to know
- Market size and forecast
- Market predictions
- What consumers want and why
- Opportunities
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MARKET DYNAMICS
- Market context
- Annual inflation slightly rose in November
- Graph 1: headline CPI and core CPI, 2021-24
- Consumer sentiment reached an eight-month high
- Graph 2: consumer sentiment index, 2022-24
- Market drivers
- The jewelry market is rebounding from inflationary pressures
- Jewelry prices reflect cost and market value of precious metals
- A shrinking bridal market is expected to rebound, but consumers are still delaying the milestone
- The marriage rate is falling as consumers push off the milestone to later in life
- Graph 3: marriages and marriage rate, 2000-22
- Graph 4: median age at first marriage, by gender, 2011-24
- Growing demand for sustainability and traceability
- Technology is transforming the jewelry industry
- Market size and forecast
- A polished and steady recovery for the jewelry market
- Total consumer spending and forecast of jewelry
- Total consumer spending and forecast of jewelry, at current prices
- Total consumer spending and forecast of jewelry, at inflation-adjusted prices
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CONSUMER INSIGHTS
- Consumer fast facts
- Market segmentation based on purchases
- Fine jewelry and fashion segments account for the largest share of purchases
- Graph 5: jewelry purchased segments, 2024
- Preferences vary widely across various consumer groups
- Graph 6: jewelry purchased segments, by gender and age, 2024
- Graph 7: jewelry purchased segments, by generation, 2024
- Preferences vary widely across various consumer groups
- Costume jewelry allows consumers to experiment with trends
- Graph 8: attitudes toward costume and fashion jewelry, by generation, 2024
- The fine and luxury jewelry market is diversifying
- Types of jewelry purchased
- Consumers buy a variety of different jewelry pieces
- Graph 9: jewelry items purchased, by recipient, 2024
- Both men and women buy jewelry for themselves and for others
- Graph 10: jewelry items purchased, by recipient, by gender and age, 2024
- A closer look at what men and women are buying
- Graph 11: jewelry items purchased – any purchase by category, by gender and age, 2024
- Brands must not forget about older consumers
- Preferred materials
- The gold standard
- Graph 12: preferred metals, 2024
- Yellow gold is experiencing a resurgence in popularity
- Graph 13: preferred metals, 2024
- Younger men and women experiment with new metals and finishes
- Graph 14: preferred metals, by gender and age, 2024
- Mixed metals offer the best of both worlds
- Natural diamonds and gemstones continue to shine bright
- Graph 15: preferred gemstones, 2024
- Natural gemstones remain the preferred choice across age groups…
- Graph 16: preferred gemstones, by generation, 2024
- …but Gen Z and Millennials are increasingly open to lab-grown stones
- Graph 17: attitudes toward lab-grown diamonds, by generation, 2024
- Luxury brands turn to lab-grown stones to facilitate innovation and creativity
- Preferred materials can be an expression of identify and heritage
- Graph 18: preferred metals, by race and Hispanic origin, 2024
- Graph 19: preferred stones, by race and Hispanic origin, 2024
- Metals and stones hold cultural significance
- Reasons for purchase
- Gifting is the top reason for jewelry purchase
- Graph 20: reasons for jewelry purchase, 2024
- Jewelry makes a timeless and meaningful gift
- Gen Zs and Millennials are making more everyday jewelry purchases
- Graph 21: reasons for jewelry purchase, by generation, 2024
- A closer look at why men and women buy jewelry
- Graph 22: reasons for jewelry purchase, by gender and age, 2024
- Multicultural consumers are more likely to treat themselves with jewelry
- Graph 23: reasons for jewelry purchase, by race and Hispanic origin, 2024
- Gifting occasions
- Birthdays are the number one gifting occasion for jewelry
- Graph 24: jewelry gifting occasions, 2024
- Personalizing the gift-buying experience
- Women gift jewelry for a variety of occasions, while men are more likely to see it as a romantic gesture
- Graph 25: jewelry gifting occasions, by gender, 2024
- Gifting occasions reflect life stages and changing perspectives
- Graph 26: jewelry gifting occasions, by generation, 2024
- Multicultural gifting highlights the cultural significance of holidays
- Graph 27: gifting occasions, by race and Hispanic origin, 2024
- Where consumers purchase jewelry
- Amazon’s dominance in retail extends to the jewelry category
- Graph 28: retailers shopped for jewelry, 2024
- Most consumers are comfortable buying jewelry online
- Graph 29: attitudes toward buying jewelry online, by generation, 2024
- Preferred retailer depends on type of purchase
- Graph 30: retailers shopped, by jewelry segment purchased, 2024
- Consumers generally stick to a few trusted jewelry retailers, but younger adults are branching out more
- Graph 31: jewelry retailers shopped, by age and gender, 2024
- Graph 32: repertoire of types of jewelry retailers shopped, by age and gender, 2024
- The jewelry market is expanding as younger consumers seek options
- Interest in shopping options
- Consumers are most eager for authentication services and customization options
- Graph 33: interest in shopping options, 2024
- Through the lens of Mintel Trends
- Jewelry shoppers are open to buying pre-owned pieces, but find it more appealing if they can verify authenticity
- Gen Z and Millennials embrace new ways of shopping
- Graph 34: interest in select shopping options, by generation, 2024
- Specialty jewelry brands cater to the next generation of shoppers
- Sources of information and discovery
- Consumers seek information from a mix of sources, but social media is the largest sphere of influence
- Graph 35: sources of information, 2024
- Facebook, Instagram and YouTube are most influential platforms overall
- Graph 36: influential social media platforms, 2024
- Gen Zs and Millennials seek inspiration on social media
- Graph 37: sources of information, by generation, 2024
- Graph 38: influential social media platforms, by generation, 2024
- Social commerce is a growing area of opportunity
- Graph 39: openness to buying jewelry directly on social media, by key demographics, 2024
- Older adults look to brands and retailers for expertise, while younger shoppers seek influence from community
- Graph 40: other sources of influence, by generation, 2024
- Attitudes toward jewelry
- Jewelry is an essential part of most consumers’ wardrobes, but they can’t always justify the purchase
- Graph 41: attitudes toward jewelry and style, by gender and age, 2024
- Remote work and relaxed dress codes have played a role in reduced wear
- Inflation has affected consumers’ ability to buy jewelry
- Graph 42: attitudes toward jewelry expense, by household income, 2024
- Sustainability will be an ongoing transformation in the jewelry industry
- Graph 43: attitudes toward sustainable shopping options, 2024
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INNOVATION AND MARKETING STRATEGIES
- De Beers and Signet Jewelers champion natural diamonds with “Worth the Wait” campaign
- David Yurman capitalizes on a growing men’s jewelry market
- Kendra Scott strikes an ideal balance between  fashion and fine jewellery
- Kendra Scott promotes Enjoyment Everywhere
- Mejuri makes sustainability a priority
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APPENDIX
- Market definition
- Consumer research questions
- Consumer research methodology
- Generations
- Abbreviations and terms
- Forecast methodology
- Forecast fan chart methodology
- Average annual household spending on jewelry
- Women are most likely to purchase jewelry for themselves
- Graph 44: men’s jewelry purchases, by category and recipient, 2024
- Graph 45: women’s jewelry purchases, by category and recipient, 2024
- Attitudes toward jewelry
- Graph 46: attitudes toward jewelry – NET, agree, 2024
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