Jewelry and Watch Stores Global Market Report 2024

The jewelry and watch stores market size is expected to see strong growth in the next few years. It will grow to $218.4 billion in 2028 at a compound annual growth rate (CAGR) of 5.3%. The growth in the forecast period can be attributed to sustainability and ethical practices, customization and personalization, rise of millennial and gen z consumers, global events and market expansion, health and wellness trends. Major trends in the forecast period include digital transformation and e-commerce, personalization, digital marketing strategies, omnichannel retailing, rise of lab-grown diamonds.

The jewelry and watch stores market size has grown strongly in recent years. It will grow from $168.36 billion in 2023 to $177.86 billion in 2024 at a compound annual growth rate (CAGR) of 5.6%. The growth in the historic period can be attributed to several factors, including economic prosperity, which often leads to increased spending on various products and services. Cultural significance can also drive growth, as certain products may hold special meaning in specific cultures or traditions. Tourism and travel can contribute to growth by increasing demand for related products and services. Celebratory occasions, such as holidays or special events, often lead to increased consumption. Effective branding and marketing initiatives can also play a significant role in driving growth by attracting consumers and promoting products effectively.

The jewelry and watch stores market size is expected to see strong growth in the next few years. It will grow to $218.4 billion in 2028 at a compound annual growth rate (CAGR) of 5.3%. The anticipated growth in the forecast period can be attributed to a focus on sustainability and ethical practices, the increasing demand for customization and personalization, the rising influence of millennial and Gen Z consumers, global events impacting market expansion, and the growing health and wellness trends. Major trends expected in this period include digital transformation and the growth of e-commerce, the continued emphasis on personalization, the use of digital marketing strategies, the adoption of omnichannel retailing approaches, and the rise of lab-grown diamonds as a product category.

The increasing trend of purchasing jewelry for a higher return on investment (ROI) is expected to drive the growth of the jewelry and watch store market in the future. Jewelry includes various ornaments such as necklaces, bracelets, rings, and earrings that are worn on the body. Consumers are now more inclined to purchase jewelry and watches from stores that are known for ethical practices, diversity appreciation, and have a strong brand presence both online and offline, as they seek to make informed investment choices. For example, data from the Bureau of Economic Analysis (BEA) indicates that the expenditure on jewelry for personal use amounted to $94.6 billion in 2021, showing a significant increase from $62.3 billion spent in 2020. This growing trend of purchasing jewelry for its investment value is a key driver behind the expansion of the jewelry and watch store market.

The surge in e-commerce is expected to drive the growth of the jewelry and watch stores market in the forthcoming years. E-commerce, representing electronic commerce, encompasses the buying and selling of products and services over the internet or electronic means. The rise of e-commerce significantly benefits jewelry and watch retailers by expanding their customer reach, providing a convenient platform for global sales, and granting customers easy access to a wider array of products, leading to a surge in online sales within the luxury goods sector. For instance, as per Red Search, an Australia-based SEO agency specializing in assisting Australian businesses, e-commerce spending soared to record highs in 2022, with fashion items claiming the top position with $9.7 billion in sales. Australia also experienced a notable increase in total retail turnover, surpassing $4 million in September 2021, marking a $1 million rise compared to September 2020, which stood just under $3 million. Consequently, the escalation of e-commerce stands as a key driver propelling the jewelry and watch stores market, with online platforms playing a pivotal role in driving sales and expanding market accessibility for luxury goods retailers.

Technological advancements have become a prevailing trend in the jewelry and watch store market, with major companies actively integrating new technologies to maintain their competitive edge. For instance, in February 2022, Perfect Corp, a beauty tech solutions provider based in China, unveiled an innovative AR try-on technology. This groundbreaking technology enables customers to virtually try on rings and bracelets through online platforms. It promises a hyper-realistic virtual try-on experience for watches, rings, and bracelets, utilizing diverse features such as a range of movements, textures, skin tones, hand and finger sizes, and 3D hand models. Through sophisticated hand tracking software, this technology aims to simulate a life such as try-on experience for customers browsing jewelry items online. Additionally, it offers fine jewelry businesses a novel avenue to personalize interactions and engage with customers throughout their online shopping journey.

Major companies in the jewelry and watch stores market are increasingly turning to strategic partnerships as a means to introduce unique collections from renowned brands. Strategic partnerships involve companies leveraging each other's strengths and resources for mutual benefit and success. For example, in July 2022, Ethos Limited, an India-based company specializing in luxury watches, announced a partnership with Jacob & Co., a US-based jewelry and wristwatch manufacturer. This partnership aims to provide Ethos' clients in India with exclusive access to Jacob & Co.'s distinctive collections. Ethos will serve as the sole reseller of the brand's haute horlogerie products in the Indian market. Jacob & Co., known for its high-complication timepieces and impressive designs, has garnered significant attention from watch enthusiasts in recent years. Ethos is excited to introduce the brand to the Indian market and is optimistic about its reception among customers. The company looks forward to a successful collaboration with Jacob & Co.

In November 2021, Watches of Switzerland Group, a UK-based multi-channel luxury watch and jewelry retailer, acquired three Betteridge stores for an undisclosed amount. This acquisition was aimed at expanding and strengthening Watches of Switzerland Group's presence in the US market. Betteridge, a US-based jeweler and watch retailer, is known for offering high-end luxury jewelry and watches through its multiple stores.

Major companies operating in the jewelry and watch stores market report are LVMH Group, Compagnie Financière Richemont S.A., Kering SA, Chow Tai Fook Jewellery Group Limited, Tiffany & Co., Rolex SA, The Swatch Group Ltd., Signet Jewelers Limited, Boucheron SAS, Malabar Gold & Diamonds, Pandora's Art Jewellery, Audemars Piguet Holding SA, Seiko Holdings Corporation, Swarovski AG, Patek Philippe SA, Casio America Inc., Bucherer AG, Fossil Group Inc., Mikimoto & Co. Ltd., Breitling SA, TAG Heuer SA, Omega SA, Chopard Manufacture SA, Graff Diamonds Limited, Piaget SA, Harry Winston Inc., Cartier SA, SHR Jewelry Group, Buccellati, Bulgari Parfums S.p.A., Hublot SA, Jaeger-LeCoultre SA, Vacheron Constantin SA, IWC International Watch Co. Ltd. Asia-Pacific was the largest region in the jewelry and watch stores market in 2023. The regions covered in the jewelry and watch stores market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.

Jewelry and watch stores offer a variety of products including necklaces, rings, earrings, bracelets, and others. Necklaces, in particular, are worn around the neck and are crafted from materials such as silver, gold, platinum, diamond, and others. These items are available in different price ranges, including low-range, mid-range, and luxury, and cater to end-users such as women, men, and unisex customers.

The jewelry and watch stores market size has grown strongly in recent years. It will grow from $168.36 billion in 2023 to $177.86 billion in 2024 at a compound annual growth rate (CAGR) of 5.6%. The growth in the historic period can be attributed to economic prosperity, cultural significance, tourism and travel, celebratory occasions, branding and marketing initiatives.

The countries covered in the jewelry and watch stores market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA, Canada, Italy, Spain.

The jewelry and watch stores market includes revenues earned by entities by providing services such as repairs, inspection and cleaning, ring-size adjustment, chain-length reduction, hand engraving, custom-made jewelry, and jewelry redesign. The market value includes the value of related goods sold by the service provider or included within the service offering. Only goods and services traded between entities or sold to end consumers are included.

The market value is defined as the revenues that enterprises gain from the sale of goods and/or services within the specified market and geography through sales, grants, or donations in terms of the currency (in USD, unless otherwise specified).

The revenues for a specified geography are consumption values that are revenues generated by organizations in the specified geography within the market, irrespective of where they are produced. It does not include revenues from resales along the supply chain, either further along the supply chain or as part of other products.