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- US Jewelry Market Report 2024
US Jewelry Market Report 2024
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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.
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
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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