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Watches & Jewelry - US - October 2017

Published By :

Mintel

Published Date : Nov 2017

Category :

Jewellery

No. of Pages : N/A

Mintel predicts temperate growth for the watches and jewelry market in 2017 and beyond. Since the last issuance of this Report, jewelry stores have slipped behind jewelry departments in terms of where people buy items, while Amazon has risen to the top as a primary competitor; the percentage of smartwatch owners has more than doubled; and consumers show the value they place on affordability, as the percentage of fine jewelry buyers versus fashion/costume buyers has reversed with fashion/costume now the preference.
Table of contents

OVERVIEW
What you need to know
Definition
EXECUTIVE SUMMARY
The issues
YOY total growth expected while annual pace of growth to decelerate
Figure 1: Total US sales and fan chart forecast of watches and jewelry, at current prices, 2012-22
40% arent buying
Figure 2: Items purchased, August 2017
Jewelry stores face tough competition
Figure 3: Retailers shopped, August 2017
The opportunities
Empower women to treat themselves
Figure 4: Recipient of items purchased and fine versus fashion/costume, August 2017
Figure 5: Reasons for buying, by gender and age, August 2017
Invest in the online shopping experience
Figure 6: Online shopping behavior, by generation, August 2017
Address shoppers desires in new and fun ways
Figure 7: Attitudes about watches and jewelry, August 2017
What it means
THE MARKET WHAT YOU NEED TO KNOW
Market outlook remains positive
Uptick in smartwatches drives total watch sector
Stable macroeconomic climate supports market
Younger generations key buyers, but are quick to gravitate toward experiences over tangibles
MARKET SIZE AND FORECAST
Pace of growth expected to slow after record sales in 2016
Figure 8: Total US sales and fan chart forecast of watches and jewelry, at current prices, 2012-22
Figure 9: Total US sales and forecast of watches and jewelry, at current prices, 2012-22
MARKET BREAKDOWN
Jewelry commands majority of sales, but watches grow at faster pace
Figure 10: Total market share percentage of US retail sales of watches and jewelry, by segment, at current prices, 2017
Figure 11: Total US retail sales and forecast of watches and jewelry, by segment, at current prices, 2012-22
Figure 12: US manufacturer unit shipments of smartwatches, 2013-17
Jewelry stores lose share
Figure 13: Total US retail sales of watches and jewelry, by channel, at current prices, 2015 and 2017
Figure 14: Total US retail sales of watches and jewelry, by channel, at current prices, 2012-17
MARKET FACTORS
iGens and Millennials drive the markets momentum
Figure 15: Population by generation, 2017
Figure 16: Items purchased, by generation, August 2017
Hispanics, non-Hispanic Blacks and Asians comprise 36% of the population
Figure 17: Distribution of population, by age and race/Hispanic origin, 2016
Consumer confidence remains high
Figure 18: Consumer confidence and unemployment, 2000-July 2017
Household income on the rebound
Figure 19: Median household income, in inflation-adjusted dollars, 2005-15
Figure 20: Items purchased, by household income, August 2017
Disposable personal income remains positive
Figure 21: Disposable Personal Income change from previous period, January 2007-July 2017
Experiences over tangible goods
Figure 22: How extra money is spent, January 2017
Prices of precious metals remain low for the most part; Diamonds continue to shine
KEY PLAYERS WHAT YOU NEED TO KNOW
Its okay to buy engagement rings online
Long live the classics
Legacy jewelers lose some luster
Smartwatches get smarter about what makes consumers tick
WHATS IN?
Online marketplace starts to shine
Anniversary celebrations herald themes of nostalgia and heritage
Now trending: minimalism and layered looks
Materials and stones
Looks
WHATS STRUGGLING?
Traditional jewelers losing some sparkle
Figure 23: Tiffany & Co.s advocacy letter, May 2017
WHATS NEXT?
Smartwatches pick up steam again
LG, Verizon and others
Samsung
Apple
Looking ahead
THE CONSUMER WHAT YOU NEED TO KNOW
The 40% opportunity
Fashion jewelry acceptable for the majority
Jewelry stores lose ground while online rises
Self-indulgence and gifting main reasons for purchase
Watches for more than telling time
ITEMS PURCHASED
Four in 10 have not purchased
Figure 24: Items purchased, August 2017
Whos buying smartwatches?
Figure 25: Smartwatch purchase incidence, August 2017
Most people buy for themselves
Figure 26: Recipient of items purchased, August 2017
In their words: impulse versus planned and preferences
FINE VERSUS FASHION/COSTUME
Fashion jewelry slightly bests fine
Figure 27: Fine versus fashion/costume, August 2017
Men opt for the finer things
Figure 28: Fine versus fashion/costume, by gender, August 2017
Fine purchasing rises with age and income
Figure 29: Fine versus fashion/costume, by generation, August 2017
Figure 30: Fine versus fashion/costume, by household income, August 2017
Fine jewelry makes great gifts
Figure 31: Recipient of items purchased, by fine versus fashion/costume, August 2017
Figure 32: Items purchased, by fine versus fashion/costume, August 2017
In their words: current mix of fine and fashion
TYPES OF MATERIALS/STONES
Gold and diamonds continue as favorites
Figure 33: Types of materials/stones, August 2017
Minimal differences in stone/material preferences by item
Figure 34: Items purchased, by types of materials/stones, August 2017 Part one
Figure 35: Items purchased, by types of materials/stones, August 2017 Part two
RETAILERS SHOPPED
Jewelry stores lose ground while online gains
Figure 36: Retailers shopped, August 2017
Men more likely than women to visit a jewelry store while women opt for jewelry departments
Figure 37: Retailers shopped, by gender and age, August 2017
Jewelry stores more likely to be destinations for fine jewelry buyers
Figure 38: Retailers shopped, by fine versus fashion/costume, August 2017
High correlation between watch buyers and online shoppers
Figure 39: Watches purchased, by retailers shopped, August 2017
ONLINE SHOPPING BEHAVIOR
Online shoppers are plentiful
Figure 40: Online shopping behavior, August 2017
At least seven in 10 18-44s buy online
Figure 41: Online shopping behavior, by age, August 2017
In their words: online versus in-store
Online preferred
In-store preferred
REASONS FOR BUYING
Indulgence drives purchases
Figure 42: Reasons for buying, August 2017
Women and younger consumers more likely to splurge on themselves
Figure 43: Percentage who buy jewelry or watches to treat themselves, by gender, by age, August 2017
Men more likely to seek out technological advancements in watches
Figure 44: Reasons for buying watches, by gender, August 2017
Figure 45: Reasons for buying watches, by age, August 2017
In their words: their last watch or jewelry purchase
ATTITUDES ABOUT WATCHES
Function over fashion
Figure 46: Style-related attitudes about watches, by gender, August 2017
Nearly four in 10 say brand name matters
Figure 47: Other purchase drivers for watches, by gender, by age, August 2017
In their words: describing their own watches, if any
A fifth of young men unclear on smartwatch value proposition
Figure 48: Attitude toward smartwatches, by gender and age, August 2017
Figure 49: Attitudes toward smartwatches, by generation, September 2016
In their words: thoughts on smartwatches
In-the-know
Not for me
ATTITUDES ABOUT JEWELRY
Jewelry makes wearers feel polished and put together
Figure 50: Select attitudes toward Jewelry, by gender and age, August 2017
In their words: consistency or variety?
Pairing jewelry with outfits could drive sales
Figure 51: Opportunities for jewelry retailers, by gender and age, August 2017
In their words: if consumers were in charge of their own store
APPENDIX DATA SOURCES AND ABBREVIATIONS
Data sources
Sales data
Fan chart forecast
Consumer survey data
Consumer qualitative research
Abbreviations and terms
Abbreviations
Terms
APPENDIX THE MARKET
Figure 52: Total US retail sales and forecast of watches and jewelry, at inflation-adjusted prices, 2012-22
Figure 53: Total US retail sales and forecast of jewelry, at inflation-adjusted prices, 2012-22
Figure 54: Total US retail sales and forecast of watches, at inflation-adjusted prices, 2012-22
Figure 55: Total US retail sales of watches and jewelry, by segment, at current prices, 2015 and 2017
Figure 56: Median household income, by race and Hispanic origin of householder, 2015
Figure 57: Price of precious and industrial metals, September 2016-17
Figure 58: Opening price of diamonds, September 2016-17
APPENDIX THE CONSUMER
Figure 59: Percentage of adults who purchased watch for self or someone else, May 2012-May 2017
Figure 60: Amount spent on watches for self or someone else, April 2016-May 2017
Figure 61: Watch brands purchased for self or someone else, April 2016-May 2017

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