Jewellery & Watches Market Report 2011
Key Note Publications Ltd, January 2011, Pages: 103
Total retail sales of jewellery and watches in the UK grew by 1.8% in 2010 to be worth £4.64bn. For the purposes of this Market Report, the jewellery sector is segmented into two categories: real jewellery (gold, silver and platinum); and fashion/costume jewellery.
The recent upturn in the market in 2009 and 2010 after 2 years of negative growth is attributable to a slight recovery in the economy and consumers investing back into the luxury market. Certain sectors of the market have seen different growth rates over the last 12 months, in particular the watches sector, which alone increased by 8.5% in 2009. Trends imply that, although consumers have started investing in the jewellery market, there is much division between the sectors, with the actual sales of real jewellery having experienced a small increase in terms of value, while cheaper fashion alternatives have seen a high rise in sales. Overall, the trends indicate that, despite the fact consumers have started spending in the industry, they are still conscious of prices, often opting for cheaper alternatives to real jewellery.
Increased competition in the market over the last few years has left the future uncertain for some smaller, independent companies, as the large retailers dominate with lower-cost branded goods. The Internet and online stores have also created further competition. Price comparison sites also indicate the cheapest version of products, which are more often than not offered by the larger retailers as opposed to the independents.
The significant increase in the price of gold over recent years has also affected sales in the UK market, with the higher cost creating problems for both consumers and retailers. However, a positive trend in the jewellery market has been attributed to the contribution the wedding market is making to sales in the jewellery industry. It has been reported that, despite the economic climate, most couples are unwilling to compromise on the quality of wedding bands and engagements rings. The wedding market has also widened over recent years, with bridal jewellery and gifts becoming common items for a wedding. Despite this, figures still imply that fewer people are getting married, which will put some decline on the industry overall in the long run.
The market for jewellery and watches in the UK is expected to see continual growth as the economy continues to recover, with consumers becoming more spontaneous with their spending, as seen before the recession. Key Note forecasts that sales of jewellery and watches will continue to grow in the next 5 years, with sales peaking at £5.32bn in 2015.
1 Market Definition
REPORT COVERAGE
MARKET SECTORS
Jewellery
2 Real Jewellery
Fashion/Costume Jewellery
2 Watches
3 Mechanical Watches
3 Quartz Analogue Watches
3 Quartz Digital Watches
MARKET TRENDS
3 Fine Jewellery Hallmarking
Table 11: Number and Weight of Articles Processed at UK Assay Offices (000 units, single units, kilograms and grams), 2005, 2007 and 2009
Trends in Marriages
4 Table 12: Number of Marriages and Civil Partnerships in the UK (000), 2005-2009
5 The Economic Situation
6 Rising Cost of Gold
ECONOMIC TRENDS
7 Population
Table 13: UK Resident Population Estimates by Sex (000), Mid-Years 2005-2009
7 Gross Domestic Product
7 Table 14: UK Gross Domestic Product at Current
and Annual Chain-Linked Prices (£m), 2005-2009
8 Inflation
8 Table 15: UK Rate of Inflation (%), 2005-2009
8 Unemployment
9 Table 16: Actual Number of Unemployed Persons in the UK (million), 2005-2009
9 Household Disposable Income
9 Table 17: UK Household Disposable Income Per Capita (£), 2005-2009
MARKET POSITION
10 The UK
Table 18: Total Consumer Expenditure and Expenditure on Jewellery and Watches (index 2006=100), 2005-2009
Figure 11: Total Consumer Expenditure and Expenditure on Jewellery and Watches (index 2006=100), 2005-2009
Overseas
2 Market Size
THE TOTAL MARKET
12 Table 21: The Total UK Jewellery and Watches Market
by Value at Current Prices (£m as rsp), 2006-2010
12 Figure 21: The Total UK Jewellery and Watches Market
by Value at Current Prices (£m as rsp), 2006-2010
BY MARKET SECTOR
13 Jewellery
Table 22: The UK Jewellery Sector by Value at Current Prices (£m at rsp and %), 2006-2010
Figure 22: The UK Jewellery Sector by Value at Current Prices (£m at rsp and %), 2006-2010
Real Jewellery
15 Table 23: The UK Real Jewellery Subsector by Value
at Current Prices (£m at rsp and %), 2006-2010
15 Fashion Jewellery
16 Table 24: The UK Fashion Jewellery Subsector by Value
at Current Prices (£m at rsp and %), 2006-2010
16 Watches
17 Table 25: The UK Watches Sector by Value at Current Prices
(£m at rsp and %), 2006-2010
17 Figure 23: The UK Watches Sector by Value at Current Prices
(£m at rsp and %), 2006-2010
OVERSEAS TRADE
18 Table 26: Overseas Trade in Jewellery and Watches by Value (£m), 2009
3 Industry Background
RECENT HISTORY
NUMBER OF COMPANIES
Table 31: Number of UK VAT- and/or PAYE-Based Enterprises Engaged in the
Manufacture of Jewellery and Related Articles, Imitation Jewellery and Related Articles and Watches and Clocks by Turnover Sizeband (£000), 2009
EMPLOYMENT
Table 32: Number of UK VAT- and/or PAYE-Based Enterprises Engaged in the
Manufacture of Jewellery and Related Articles, Imitation Jewellery and Related Articles and Watches and Clocks by Employment Sizeband, 2009
DISTRIBUTION
HOW ROBUST IS THE MARKET?
LEGISLATION
KEY TRADE ASSOCIATIONS
British Jewellers’ Association
Jewellery Distributors’ Association
The National Association of Goldsmiths
4 Competitor Analysis
THE MARKETPLACE
MARKET LEADERS
Suppliers
Abbeycrest PLC
Cartier Ltd
Graff Diamonds Ltd
LVMH Watch & Jewellery (UK) Ltd
Seiko UK Ltd
Swarovski UK Ltd
The Swatch Group (UK) Ltd
Other Suppliers
Accurist
Casio
Rolex
Rotary Watches
Sekonda
UK Time
Zeon
Retailers
Aurum Group Ltd
Beaverbrooks the Jewellers Ltd
Claire’s Accessories UK Ltd
Garrard & Co Ltd and Stephen Webster Ltd
Links (London) Ltd
Signet Group Ltd
Theo Fennell PLC
Other Retailers
OUTSIDE SUPPLIERS
MARKETING ACTIVITY
Main Media Advertising Expenditure
Table 41: Main Media Advertising Expenditure on Jewellery, Watches and Jewellers (£000), Years Ending June 2009 and 2010
Recent Campaigns
Harry Winston
Links
Rotary Watches
Seiko
Sekonda
Rolex
Exhibitions
5 Strengths, Weaknesses, Opportunities and Threats
STRENGTHS
WEAKNESSES
OPPORTUNITIES
THREATS
6 Buying Behaviour
CONSUMER PENETRATION
Table 61: Ownership and Purchasing of Jewellery and Watches
in the Past 12 Months (% of adults), 2010
By Sex
Table 62: Purchasing of Jewellery and Watches
in the Past 12 Months by Sex (%of adults), 2010
By Age
Table 63: Purchasing of Jewellery and Watches
in the Past 12 Months by Age (% of adults), 2010
By Social Grade
Table 64: Purchasing of Jewellery and Watches in the
Past 12 Months by Social Grade (% of adults), 2010
CUSTOMER SPENDING
Jewellery
Table 65: Expenditure on Jewellery in the Past 12 Months (% of adults), 2010
Watches
Table 66: Expenditure on Watches in the Past 12 Months (% of adults), 2010
7 Current Issues
BRAND DEVELOPMENTS
de Grisogono
Guess
Hamilton
RETAIL DEVELOPMENTS
Specialists
Diamonds and Pearls
F Hinds
Gems TV
Omega
Tiffany & Co
Non-Specialists
Argos
Dorothy Perkins
House of Fraser
Topshop
THICAL JEWELLERY
CRED
Leblas
8 The Global Market
GLOBAL TRENDS
The Luxury Market
Gold
Table 81: World Gold Demand for Jewellery by Volume
and Value (tonnes and $bn), 2005-2010
Silver
Table 82: World Silver Demand for Jewellery by Volume
(millions of ounces), 2005-2009
Platinum
Table 83: Global Platinum and Palladium Demand for Jewellery
by Region by Volume (000 ounces), 2008 and 2009
Watches
Diamonds
Kimberley Process Certification Scheme Update
BRAND AND RETAIL DEVELOPMENTS
Cartier
Richemount
Swatch
9 Forecasts
INTRODUCTION
The Economy
Population
Table 91: Forecast UK Resident Population by Sex (000), Mid-Years 2010-2014
Gross Domestic Product
Table 92: Forecast UK Growth in Gross Domestic Product in Real Terms (%), 2010-2014 62 Inflation 62 Table 93: Forecast UK Rate of Inflation (%), 2010-2014 62 Unemployment62 Table 94: Forecast Actual Number of Unemployed Persons
in the UK (million), 2010-2014
FORECASTS 2011 TO 2015
Table 95: The Forecast Total UK Jewellery and Watches Market
by Sector by Value at Current Prices (£m at rsp), 2011-2015
Figure 91: The Forecast Total UK Jewellery and Watches Market
by Sector by Value at Current Prices (£m at rsp), 2011-2015
MARKET GROWTH
Figure 92: Growth in the Total UK Jewellery and Watches Market
by Value at Current Prices (£m at rsp), 2006-2015
FUTURE TRENDS
Rises in the Luxury Market
The Online Boom
Competitor Developments
10 Company Profiles
Abbeycrest PLC
Aurum Group Ltd
Cartier Ltd
LVMH Watch & Jewellery (UK) Ltd
Seiko UK Ltd
Signet Group Ltd
The Swatch Group (UK) Ltd
11 Further Sources
Associations
Publications
General Sources
Government Sources
Other Sources
Key Note Sources
Understanding TGI Data
Number, Profile, Penetration
Social Grade
Standard Region
- Abbeycrest PLC
- Aurum Group Ltd
- Cartier Ltd
- LVMH Watch & Jewellery (UK) Ltd
- Seiko UK Ltd
- Signet Group Ltd
- The Swatch Group (UK) Ltd
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