Dublin, Oct. 20, 2023 (GLOBE NEWSWIRE) -- The "Jewelry And Watch Stores Global Market Report 2023" report has been added to ResearchAndMarkets.com's offering.
The global jewellery and watch stores market is expected to grow from $160 billion in 2022 to $169.81 billion in 2023 at a compound annual growth rate (CAGR) of 6.1%. The market is expected to reach $200.65 billion in 2027 at a CAGR of 4.3%.
The rising growth in buying jewellery for a higher return on investment (ROI) is expected to propel the growth of the jewellery and watch store market going forward. Jewellery 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 jewellery 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 jewellery 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 jewellery 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 jewellery for a higher return on investment (ROI) is driving the growth of the jewellery and watch store market.
Technological advancements are a key trend gaining popularity in the jewellery and watch store market. Major companies operating in the jewellery and watch store market are adopting new technologies to sustain their position in the market. For instance, in February 2022, Perfect Corp, a China-based beauty tech solutions provider launched a new AR try-on technology, allowing customers to virtually try on rings and bracelets online.
This technology provides a "hyper-realistic virtual try-on experience" for watches, rings, and bracelets where a variety of movements, textures, skin tones, hand and finger sizes, and 3D hand models are used to teach the hand tracking software. Also, the technology will provide fine jewellery businesses with a new medium to personalize and connect with customers along the online purchase journey.
In November 2021, Watches of Switzerland Group, a UK-based multi-channel luxury watch, and jewellery retailer, acquired three Betteridge stores for an undisclosed amount. This acquisition broadens and expands the presence of Watches of Switzerland Group in the US market. Betteridge is a US-based jeweller and watches retailer involved in selling high-end luxurious jewellery and watches through its multiple stores.
Asia-Pacific was the largest region in the jewellery and watch stores market in 2022. The regions covered in jewellery and watch stores report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East and Africa. The countries covered in the jewellery and watch storess market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA.
Major players in the jewellery and watch stores market are
- LVMH Group
- Pandora's Art Jewellery
- Swarovski
- The Swatch Group Ltd
- Fossil Group Inc.
- Seiko Holdings Corporation
- Rolex
- Casio America Inc.
- Buccellati
- Cartier SA
- Malabar Gold & Diamonds
- SHR Jewelry Group
- Bucherer AG
- Tiffany & Co.
- Patek Philippe SA
Key Attributes:
| Report Attribute | Details |
| No. of Pages | 275 |
| Forecast Period | 2023 - 2027 |
| Estimated Market Value (USD) in 2023 | $169.81 billion |
| Forecasted Market Value (USD) by 2027 | $200.65 billion |
| Compound Annual Growth Rate | 4.3% |
| Regions Covered | Global |
Key Topics Covered:
1. Executive Summary
2. Jewelry And Watch Stores Market Characteristics
3. Jewelry And Watch Stores Market Trends And Strategies
4. Jewelry And Watch Stores Market - Macro Economic Scenario
4.1. COVID-19 Impact On Jewelry And Watch Stores Market
4.2. Ukraine-Russia War Impact On Jewelry And Watch Stores Market
4.3. Impact Of High Inflation On Jewelry And Watch Stores Market
5. Jewelry And Watch Stores Market Size And Growth
5.1. Global Jewelry And Watch Stores Historic Market, 2017-2022, $ Billion
5.1.1. Drivers Of The Market
5.1.2. Restraints On The Market
5.2. Global Jewelry And Watch Stores Forecast Market, 2022-2027F, 2032F, $ Billion
5.2.1. Drivers Of The Market
5.2.2. Restraints On the Market
6. Jewelry And Watch Stores Market Segmentation
6.1. Global Jewelry And Watch Stores Market, Segmentation By Product, Historic and Forecast, 2017-2022, 2022-2027F, 2032F, $ Billion
- Necklace
- Ring
- Earrings
- Bracelet
- Other Products
6.2. Global Jewelry And Watch Stores Market, Segmentation By Category, Historic and Forecast, 2017-2022, 2022-2027F, 2032F, $ Billion
- Branded
- Unbranded
6.3. Global Jewelry And Watch Stores Market, Segmentation By Material Type, Historic and Forecast, 2017-2022, 2022-2027F, 2032F, $ Billion
- Silver
- Gold
- Platinum
- Diamond
- Other Materials
6.4. Global Jewelry And Watch Stores Market, Segmentation By Price Range, Historic and Forecast, 2017-2022, 2022-2027F, 2032F, $ Billion
- Low Range
- Mid-range
- Luxury
6.5. Global Jewelry And Watch Stores Market, Segmentation By End-User, Historic and Forecast, 2017-2022, 2022-2027F, 2032F, $ Billion
- Women
- Men
- Unisex
7. Jewelry And Watch Stores Market Regional And Country Analysis
7.1. Global Jewelry And Watch Stores Market, Split By Region, Historic and Forecast, 2017-2022, 2022-2027F, 2032F, $ Billion
7.2. Global Jewelry And Watch Stores Market, Split By Country, Historic and Forecast, 2017-2022, 2022-2027F, 2032F, $ Billion
For more information about this report visit https://www.researchandmarkets.com/r/kxu2fh
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