US Watches and Jewelry Market Report 2021
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Description
Providing the most comprehensive and up-to-date information and analysis of the US Watches and Jewelry Consumer market including the behaviors, preferences, and habits of the consumer.
The adoption of ecommerce is increasing across categories, and watches and jewelry are not being left behind. The majority of consumers (57%) are comfortable buying these items online without seeing them in person. Besides the acceleration of ecommerce, the pandemic has brought on a greater focus on value and a shift in how people dress, aspects that will directly and indirectly impact consumers’ shopping decisions on the category moving forward.
One threat to the category is the number of consumers not shopping for watches and jewelry. Over the past 12 months, 44% of US consumers didn’t purchase items within the category. That said, while they haven’t shopped the category, it is still important for brands and retailers to address this share of consumers and look to spark their interest in self-purchases or during gifting occasions.
Looking ahead, revenge spending and return of in-person celebrations will drive purchases for the category. The shift to online channels will bring greater competition and opportunities to engage with consumers. Reset expectations in terms of the tech solutions and ethical and sustainable practices will challenge the sector to evolve – leading to new products and ways to reach consumers.
Read on to discover more about the US Watches and Jewelry consumer market, read our US The Luxury Consumer Market Report 2021, or take a look at our other Accessories and Jewellery Market research reports.
Quickly understand
- The impact of COVID-19 on consumer behavior and the watches and jewelry market.
- Items purchased and reasons behind purchases.
- Preferences for stones and materials.
- Attitudes and preferences when shopping for watches and jewelry.
Covered in this report
Brands include: De Beers, ALROSA, Tiffany, Jacob & Co. Burberry, Louis Vuitton, Gucci, ArtGrails, CEX.IO, Tag Heuer, Nintendo, Shinola, Crate & Barrel, Mejuri, Maria Tash, The Knot, Klarna, Affirm, Veert, Hodinkee, GLDN, Vrai, Jack Weir & Sons, Ana Luisa, PDPaola, Mejuri, Switch, Groove Life, Pandora, TheRealReal, MVMTH, Triwa.
Expert analysis from a specialist in the field
This report, written by Marisa Ortega, a leading Cross-category analyst, delivers in-depth commentary and analysis to highlight current trends and add expert context to the numbers.
While initially hit by the pandemic lockdowns, watches and jewelry have seen a quick recovery as consumers cautiously return to more “normal” lifestyles and their confidence to spend slowly improves. Consumers changing shopping behaviors, together with ethical and sustainable preferences, will drive this sector to an unprecedented transformation in the months and years to come.
Marisa Ortega
Cross-category analyst
Table of Contents
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Overview
- What you need to know
- Key issues covered in this Report
- Definition
- Economic and other assumptions
- COVID-19: US context
- What you need to know
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Executive Summary
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- Top takeaways
- Market overview
- Figure 1: Total US sales and forecast of watches and jewelry market, at current prices, 2016-26
- Impact of COVID-19 on Watches and Jewelry
- Figure 2: Short-, medium- and long-term impact of COVID-19 on watches and jewelry, 2021
- Opportunities and challenges
- COVID-19 cases and concerns create challenges
- Take advantage of the spike in weddings
- Engage men in the jewelry conversation
- Focus on ethical and sustainable practices
- Adopt and evolve digital offerings to thrive
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The Market – Key Takeaways
- What goes down, must go up
- Jewelry sales will increase more than watches sales
- Ethical and sustainable practices are expected
- Retailers need to adapt to emerging technologies, as consumers have done so
- What goes down, must go up
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Market Size and Forecast
- Pace of sales are expected to rise after the downturn in 2020
- Figure 3: Total US retail sales and fan chart forecast of watches and jewelry market, at current prices, 2016-26
- Figure 4: Total US retail sales and forecast of watches and jewelry market, at current prices, 2016-26
- Impact of COVID-19 on watches and jewelry
- Pace of sales are expected to rise after the downturn in 2020
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Segment Performance
- Jewelry sales outperform watches
- Figure 5: Total US retail sales and forecast of watches and jewelry, at current prices, 2016-26
- Jewelry sales outperform watches
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Market Factors
- The economy continues to heal, while facing growing challenges
- Figure 6: Consumer confidence and unemployment, 2000-2021
- Precious metals and diamonds prices are on the rise
- Changes in consumers’ lifestyles influence watches and jewelry purchases
- Figure 7: Married share of the population, 2010-20
- Technology as a solution to enhance the shopping experience
- The future of watches and jewelry looks greener
- The economy continues to heal, while facing growing challenges
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Companies and Brands – Key Takeaways
- Modernize and keep the door open to all
- Well-thought partnerships elevate product offerings
- Retail spaces can serve a different role
- Modernize and keep the door open to all
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Competitive Strategies
- Tiffany & Co. shifts to conquer Gen Z
- Figure 8: “Not your mother’s Tiffany” campaign
- Jacob & Co. knows it is time for NFTs and cryptocurrencies
- Figure 9: Embracing the digital world by Jacob & Co.
- TAG Heuer blends the watchmaking and gaming worlds
- Figure 10: TAG Heuer x Supermario
- Shinola expands into the home category
- Figure 11: Shinola x Crate & Barrel collection
- Tiffany & Co. shifts to conquer Gen Z
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Market Opportunities
- Attach watches and jewelry to the casualization of fashion movement
- Educate consumers on sustainability efforts; adopt circular shopping options
- Consider a gender-neutral approach to how items are worn and used
- Figure 12: Jewelry for men by Mejuri
- Capitalize on the wedding boom
- Give more purpose to the retail environment
- Figure 13: Back to school cool by Maria Tash
- Attach watches and jewelry to the casualization of fashion movement
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The Consumer – Key Takeaways
- Younger consumers are the main shopper
- Men are a lucrative target
- Online channels are being used like never before
- Special occasions are not needed to buy
- Younger consumers are the main shopper
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Items Purchased
- Consumers are buying a range of items
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- Figure 14: Items purchased, 2021
- Figure 15: Sydney McLaughlin wearing watch and jewelry during competition
- Younger consumers are the most actively shopping watches and jewelry
- Figure 16: Items purchased, by gender and age, 2021
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- Figure 17: Unisex pieces by Veert
- It is critical to captivate the eye of multicultural consumers
- Figure 18: Items purchased by race and ethnicity, 2021
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- Figure 19: Draymond Green under the spotlight by Hodinkee
- Consumers are buying a range of items
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Item Recipients
- Watches and jewelry are most often personal purchases
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- Figure 20: Item recipients, 2021
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- Figure 21: Jewelry for the bridal party by GLDN
- Men are the most likely to splurge on others
- Figure 22: Item recipients by gender and age, 2021
- Shopping for others is not an easy task
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- Figure 23: Item recipients by item, 2021
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- Figure 24: Conversation with experts by VRAI
- Watches and jewelry are most often personal purchases
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Reasons for Purchasing
- Everyone deserves a bit of luxury now and then
- Figure 25: Reasons for purchasing, by race and ethnicity, 2021
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- Figure 26: Jack Weir & Sons promoting discovery
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- Figure 27: The perfect gift for the one that has it all by Ana Luisa
- Gifting and self-gifting
- Figure 28: Special offers on Pinterest by PDPAOLA
- Figure 29: Matching jewelry and nails by Mejuri
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- Figure 30: Reasons for purchasing by gender and age, 2021
- Everyone deserves a bit of luxury now and then
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Barriers to Purchase
- Why would they buy jewelry, if they don’t wear it?
- Figure 31: Barriers to purchase, 2021
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- Figure 32: Designer jewelry for $40/month by Switch
- Explore options to attract consumers across genders and age
- Figure 33: Barriers to purchase by gender and age, 2021
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- Figure 34: Silicone rings by Groove Life
- Why would they buy jewelry, if they don’t wear it?
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Retailers and Channels Shopped
- There is a new era in retail
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- Figure 35: Retailers shopped by channel, 2021
- Figure 36: Concept store by Pandora
- What consumers want defines where consumers shop
- Figure 37: Retailers shopped by gender and age, 2021
- There is a new era in retail
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Stones and Materials
- White gold and diamonds are timeless
- Figure 38: Preferred stones and materials, by gender 2021
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- Figure 39: Metal Mix Strategies
- Generational trends impact materials and stones preference
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- Figure 40: Preferred stones and materials, by generation 2021
- Figure 41: This or That by Maria Tash
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- Figure 42: The RealReal x Catbird
- White gold and diamonds are timeless
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Sources of Learning
- Consumers need education, information and guidance
- Figure 43: Sources of learning, 2021
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- Figure 44: Customer reviews by MVMT
- Digital presence is imperative to engage with young generations
- Figure 45: Pandora x Millie Bobbi Brown
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- Figure 46: Sources of learning by generation, 2021
- Consumers need education, information and guidance
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Attitudes toward Watches and Jewelry
- Guidance is needed BUT on consumers’ own terms
- Figure 47: Attitudes toward watches and jewelry, 2021
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- Figure 48: Mother earth Bundle by GLDN
- Master the skill of checking the boxes
- Figure 49: Attitudes toward watches and jewelry, by gender, 2021
- Familiarity with the category impacts how consumers shop
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- Figure 50: Attitudes toward watches and jewelry, by generation, 2021
- Figure 51: Sustainable commitment by Pandora
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- Figure 52: Sustainable watches by Triwa
- Guidance is needed BUT on consumers’ own terms
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Appendix – Data Sources and Abbreviations
- Data sources
- Sales data
- Forecast
- Consumer survey data
- Abbreviations and terms
- Abbreviations
- Data sources
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Appendix – The Market
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- Figure 53: Price of precious metals, 2021
- Figure 54: Annual births and general fertility rate, 2010-20
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- Figure 55: Total US retail sales and fan chart forecast of Jewelry, at current prices, 2016-26
- Figure 56: Total US retail sales and fan chart forecast of Watches, at current prices, 2016-26
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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 tables of data are easily manipulated and downloadable to support your research needs and covers factors from consumer attitudes to market forecasts.
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