The Jewelry And Watch Stores Global Market Report 2024 by The Business Research Company provides market overview across 60+ geographies in the seven regions – Asia-Pacific, Western Europe, Eastern Europe, North America, South America, the Middle East, and Africa, encompassing 27 major global industries. The report presents a comprehensive analysis over a ten-year historic period (2010-2021) and extends its insights into a ten-year forecast period (2023-2033).
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According to The Business Research Company’s Jewelry And Watch Stores Global Market Report 2024, 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 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 rising growth in buying jewelry for a higher return on investment (ROI) is expected to propel the growth of the jewelry and watch store market going forward. Jewelry refers to any piece of ornament such as a necklace, bracelet, ring, or earring that people wear on the body. To receive a high return on investment, when purchasing jewelry and watches, consumers are increasingly selecting company stores that is ethical, appreciate diversity, and have a strong brand presence both online and offline, which will propel the demand for jewelry and watch store market. For instance, in March 2022, according to the Bureau of Economic Analysis (BEA), a US-based agency producing economic accounts statistics, buying jewelry for personal use accounted for $94.6 billion in 2021 as compared to $62.3 billion spent in 2020. Therefore, the rising growth in buying jewelry for a higher return on investment (ROI) is driving the growth of the jewelry and watch store market.
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The jewelry and watch store market covered in this report is segmented –
1) Jewelry And Watch Stores Market By Product: Necklace, Ring, Earrings, Bracelet, Other Products
2) Jewelry And Watch Stores Market By Category: Branded, Unbranded
3) Jewelry And Watch Stores Market By Material Type: Silver, Gold, Platinum, Diamond, Other Materials
4) Jewelry And Watch Stores Market By Price Range: Low Range, Mid-range, Luxury
5) Jewelry And Watch Stores Market By End-User: Women, Men, Unisex
Top Major Players
LVMH Group
Compagnie Financière Richemont S.A.
Kering SA
Chow Tai Fook Jewellery Group Limited
Tiffany & Co
Major companies operating in the jewelry and watch stores market are adopting a strategic partnership approach to introduce the brand’s one-of-a-kind collections. Strategic partnerships refer to a process in which companies leverage each other’s strengths and resources to achieve mutual benefits and success. For instance, in July 2022, Ethos Limited, an India-based company that manufactures and markets luxury watches, announced a partnership with Jacob & Co., a US-based company that makes jewelry and wristwatches. This partnership would provide ethos clients in India with access to the brand’s distinctive selections. Ethos will be the only reseller for the company’s haute horlogerie products in the Indian market. Jacob & Co., one of the most prominent watch companies, has gotten a lot of attention from watch collectors in recent years, owing to their high-complication clocks and spectacular displays. Ethos is delighted to be the one who introduced the brand into the Indian market. Ethos is optimistic that the brand will resonate with customers and looks forward to a productive collaboration with Jacob & Co.
The jewelry and watch stores market report table of contents includes:
1. Executive Summary
2. Jewelry And Watch Stores Market Characteristics
3. Jewelry And Watch Stores Market Trends And Strategies
4. Jewelry And Watch Stores Market – Macro Economic Scenario
5. Global Jewelry And Watch Stores Market Size and Growth
…..
32. Global Jewelry And Watch Stores Market Competitive Benchmarking
33. Global Jewelry And Watch Stores Market Competitive Dashboard
34. Key Mergers And Acquisitions In The Jewelry And Watch Stores Market
35. Jewelry And Watch Stores Market Future Outlook and Potential Analysis
36. Appendix
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