The UK watches and jewellery market is forecast to grow by 13.1% in the five years to 2021, outpacing the 10.2% growth in the preceding five year period. However, it is worth noting that when excluding the watches category, the market is growing at a slightly slower rate. Greater fashion incorporation in design, detail and marketing of watches has made consumers want to purchase different watches for different occasions, leading the sector to be the strongest performer in the five years to 2021

Scope

With 40.5% of watch and jewellery shoppers saying they prefer to shop online for watches and jewellery, online is becoming a real destination for shoppers, with many heading online to price compare products or research investment purchases.

Prices of key precious metals such as gold, silver and platinum will go up as investors look for safe haven investments in the midst of the turmoil following Brexit. This will lead to a negative impact on overall sector volumes, as retail prices rise.

Between 2008-2014 consumers turned to lower priced statement costume jewellery to update their wardrobes. Now higher value, discrete fine jewellery is regaining appeal, as specialists such as Monica Vinader and Pandora introduce modern, accessible ranges appealing to the 18-34s.

Events such as Mother’s Day and Valentine’s are becoming more commercialized, while new events such as Black Friday and global friendship day are being added to calendars as retailers ramp up marketing offers, encouraging added spend on jewellery.

Reasons to Buy

Verdict’s sector report identifies the opportunities to grow in the jewellery market, new competitors, growing product categories, the potential of ecommerce and new key markets to enter/expand in to next.