The Global Jewelry & Watches segment registered Market value of USD 309,580.71 Million in 2020
The indicator recorded a historical decline (CAGR) of 3.48% between 2017 to 2020, and is expected to grow by...
GlobalData projects the indicator to grow at a CAGR of...
The Market value of Global Jewelry & Watches Segment (2017 - 2024, USD Millions)
Global Jewelry & Watches Segment
The Jewelry, Watches and Accessories market includes gold jewelry, silver jewelry, and other precious jewelry like diamonds, platinum, precious stones (sapphires, emeralds, and rubies), pearls (natural and cultured), and semiprecious stones (e.g. quartz, opal, topaz, amethyst, coral, etc.), fashion jewelry (non-precious jewelry), hair accessories, belts, hats, gloves, scarves, sunglasses, and ties, plus watches.
The global jewelry & watches market has experienced strong growth in the historic period. This trend is expected to continue in the forecast period, albeit at a slightly decelerated rate. The upturn in the global economy suggests that the market is moving into a prosperous period and that will benefit all kinds of luxury goods, particularly watches and jewelry. Growth is most prominent in a number of regions but in particular, the US, China, and India are some of the most profitable markets for luxury goods, with Europe beginning to pick up some steam too. China is the stand-out performer globally, with luxury sales, in particular, continuing to grow significantly, despite its economy slowing for the first time in 28 years in 2018. The Chinese economy has transformed significantly in the past decade, economic prosperity has vastly improved the standard of living in the country and led to rising incomes, which has led to a surge in the market. Chinese luxury consumers represent a fast-increasing proportion of the global luxury market, due to the expansion of the affluent and fashion-savvy middle class, which is bolstering luxury consumption.
Category segmentation
The jewelry & watches segment is categorized into two major segments - Jewelry & Watches and Accessories. Jewelry & watches is the largest segment of the global jewelry & watches market.
Competitive landscape
The global jewelry and watches market is highly fragmented, with players ranging from small specialty jewelers to large multinational retailers, meaning that competition is fierce. The US market is dominated by specialty jewelry and watch retailers such as Signet and Tiffany & Co; however, Walmart also holds a leading position due to its wide range of products and strong presence in the hypermarkets, supermarkets, and hard discounters segment, which is the most lucrative in the market. The majority of leading players in the Chinese market are domestic specialty jewelry and watch retailers such as Chow Tai Fook, however, US brand Tiffany & Co also has a strong presence. Chinese luxury consumers represent a fast-increasing proportion of the global luxury goods market, which has driven spending on high-value jewelry and watches.
Market distribution
Clothing, Footwear, and Accessories Specialists form the leading distribution channel in the global jewelry & watches market.
Who are the leading players?
Chow Tai Fook Jewellery Group Limited
Signet Jewelers Limited
Tiffany & Co
United States of America
United States of America
United States of America
United States of America
Germany
China
United States of America
United States of America
United States of America
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