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Trends in jewelry markets in the US, Canada and UK

The total U.S. jewelry and watches market was about $ 76 billion at the end of 2020, an increase of 0.4% from the previous year, according to data from the Office of Economic Analysis (BEA).

This implies a jewelry and watches market share of the Signet company of about 6.2 percent.

This company continues to be the market share leader in North America in the large, growing and fragmented jewelry category.

Since 2010, the average annual growth rate of the US jewelry and watch industry is 2.3 percent.

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

Jewelry & Watches

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

On the other hand, before 2020, the jewelry and watches market in Canada, according to the latest data available for Signet from Euromonitor, grew steadily since 2014, increasing to an estimated US $ 6.8 billion in 2019.

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

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

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

This decline was largely driven by the pandemic, which particularly affected fine jewelry.

Starting in 2021, Euromonitor estimates that jewelry is expected to post a current value CAGR of 5% (3% CAGR at constant 2020 prices) to reach £ 4.6 billion in 2025.

 

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