Jewelry and watch stores refer to an establishment or firm that is involved in the process of buying or selling jewelry and watches. They are engaged in providing various services such as remodeling, and repair for various types of jewelry and watches.
Sizing and Forecast
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.
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Segmentation & Regional Insights
The jewelry and watch store market covered in this report is segmented –
1) By Product: Necklace, Ring, Earrings, Bracelet, Other Products
2) By Category: Branded, Unbranded
3) By Material Type: Silver, Gold, Platinum, Diamond, Other Materials
4) By Price Range: Low Range, Mid-range, Luxury
5) By End-User: Women, Men, Unisex
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.
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Major Driver Impacting Market Growth
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.
Key Industry Players
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.
The jewelry and watch stores market report table of contents includes:
1. Executive Summary
2. Market Characteristics
3. Market Trends And Strategies
4. Impact Of COVID-19
5. Market Size And Growth
6. Segmentation
7. Regional And Country Analysis
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27. Competitive Landscape And Company Profiles
28. Key Mergers And Acquisitions
29. Future Outlook and Potential Analysis
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