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The global recession of 2008 brought consumer spending to a halt, especially in the fine jewelry category. In the past few years, this sector has been regaining its power. According to Statista, the jewelry industry is presently worth an estimated 166 billion U.S. dollars globally.(1) IBIS reports that fine jewelry accounts for $33 billion in annual revenue across 58,722 retail locations.(3) Additionally, industry experts predict fine jewelry sales has a five to six percent growth rate each year. By 2020, the jewelry marketing will be more than 280 billion U.S. dollars.(2)
Statista’s Fine Jewelry Segmentation:
The industry identifies two main types of product: fine jewelry, which is characterized by the use of precious metals and stones, and is usually more expensive; fashion jewelry, typically made of plated alloys and crystal stones. The fine jewelry market can also be split into three price segments:
- Affordable (less than 1,500 U.S. dollars),
- Luxury (between 1,500 and 10,000 U.S. dollars)
- High-End (more than 10,000 U.S. dollars).
When we look at these numbers and statistics as a whole, they are exciting. They show that consumer spending is on an upswing and that our businesses have great chances for growth. What the numbers also show is where people are shopping come down to the two channels we know well –– online and in-store. So if customers are shopping in the ways we are familiar with, how do we get them to buy?
In this comprehensive study, we look at the triggers, behavioral drivers, and channels required for retailers and brands to successfully sell jewelry and watches today. Download it and learn how to navigate today’s dynamic retail landscape.
- (1,1a) – Statista. Jewelry store sales in the United States from 1992 to 2014. January 2014
- (2) – Statista. People Who Bought Fine Jewelry in the US. June 2015
- (3) – IBIS World. Jewelry Market Report. April 2016