The jewelry and watches market in the United States grows

The United States jewelry and watches market was approximately $ 76 billion at the end of 2020, an increase of 0.4% from the previous year, according to the United States Office of Economic Analysis.

For Signet Jewelers, this implies a 6.2% share for this US company in the US jewelry and watches market.

Since 2010, the average annual growth rate of the industry in that country is 2.3 percent.

Around 82% of the market is represented by jewelry, and the rest is attributable to watches.

According to the latest data from the United States Department of Labor, as of September 2020 there were approximately 19,300 jewelry stores in the country, this is 1.6% less than the previous year.

Jewelry market

Prior to 2020, the jewelry and watches market in Canada, according to the latest data available to Euromonitor’s Signet, grew steadily since 2014, increasing to an estimated $ 6.8 billion in 2019.

However, Covid-19 impacted growth in 2020 and Euromonitor estimated a market size of $ 5.6 billion, representing an 18% decrease from the previous year.

From 2021 to 2025, Euromonitor predicts that jewelry will register a compound annual growth rate of 4% in Canada (a value rate of 2% at constant 2020 prices).

As for the UK, the jewelery and watches market was estimated at around 7.3 billion pounds in 2020, roughly 19% less than the previous year, according to Euromonitor.

This decline was largely driven by Covid-19, which particularly affected fine jewelry.

Starting in 2021, Euromonitor estimates that jewelery is expected to register a compound annual growth rate of the present value of 5% (a rate of 3% at constant 2020 prices) to reach 4.6 billion pounds sterling in 2025.