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Jewellery & Watches Market Report 2009
Key Note Publications Ltd, Oct 2009
This Market Report examines the UK jewellery and watches market, with the jewellery sector being segmented into the categories of real jewellery (gold, silver and platinum) and fashion/costume jewellery. Total sales of jewellery and watches in the UK fluctuated between 2004 and 2008, and fell by 2.8% in the latter year to finish the review period at £4.33bn.
The declining sales in 2008 can be largely attributed to the global economic downturn and UK recession, which have had a negative impact on nearly all industries. The volume of jewellery pieces hallmarked in the UK was significantly down in 2008, compared with 2004, as retailers sought to clear their existing slow-moving stock. Furthermore, as consumers have cut back on spending during the recession, there has been pressure in the market to reduce prices which, combined with lower volumes, has meant an overall downturn in sales. Initially, the luxury end of the market was relatively unaffected by the downturn, but by the end of 2008 and early 2009, it had begun to take effect.
The jewellery and watches market has become increasingly competitive in recent years. Although the industry has always been fragmented with a wide range of suppliers and retailers, developments in online retailing have contributed to it becoming increasingly transparent for information on pricing and availability. This has been a positive trend, especially for many smaller brands that previously were not able to deal directly with consumers. Some larger retailers, as well as a few independents, have also developed transactional sites to deal with this demand.
Positive trends in the jewellery market have included high levels of spending in the wedding market; however, the number of marriages in the UK continues to show an overall decline. The increasing number of self purchases (i.e. bought for oneself rather than as a gift) has also contributed to greater volume sales over the past decade, among men as well as women. In addition, the inclusion of jewellery as part of seasonal fashion collections and the introduction of seasonal ranges among retailers and suppliers have also boosted sales. With around a third of the UK population owning a piece of precious jewellery and nearly nine in ten owning a watch, products have a high rate of consumer penetration.
The downturn in the UK economy is unlikely to show a reversal in 2009, and this will continue to affect all areas of consumer spending. The report forecasts that sales of jewellery and watches will continue to show a decline in 2009 and 2010, before beginning a slow recovery thereafter.
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