The U.S. jewellery and watches market is expected to be worth USD9.73 billion by 2025. The rising employment, and changing fashion trends in the country is anticipated to boost the growth of the market over the upcoming years. Additionally, growing consumer demand for discretionary products is possibly to have positive impact on the jewellery and watches market.
Rising per capita income and increasing women’s spending on accessories and beautification products is projected to surge the revenues for U.S. jewellery and watches market in near future. Stronger position of U.S dollar had negative impact on tourism, which in turn is expected to negative impact on market growth. Increasing prices of jewellery and watches is one of the factor expected to affect the growth of the market in foreseeable future. Moreover, young generation prefer to spent on electronic products such as mobile phone and fit bands is projected to hamper the growth of market over the forecast period.
The jewellery and watches market can be categories mainly into two categories- expensive and inexpensive. The expensive accessories are bought for the special occasions such as weddings and engagements, whereas inexpensive category of products is purchased for daily wearing. The jewellery type is further segregated into gold, diamond, pearl, and others. Gold and diamond jewellery type falls under the highly purchased categories and contributed the highest share in the overall revenue of the market. Gold jewellery is largest type demanded owing to its vivid chemical and physical properties such as ease of fabrication and luster. Recently, U.S. was ranked third amongst the highest gold consuming countries.
Favorable economic conditions of the country have given people to spend more on luxury items. Increasing online sales of high-end fashionable and luxury jewellery and growing popularity of smartwatches over traditional is to serve as the key growth opportunities for the players operating in the market. Moreover, companies the expected to benefit from the increased consumer interaction and affinity by convincing people to buy exclusive products, which is likely to drive the company profits.
There are abundant players engaged in selling variety of jewellery and watches in the market. The major players operating in the market consists of Harry Winston, American Swiss Ltd., FOSSIL GROUP, INC., WP Diamonds, and Titan US LLC. Some of the other players functioning in the market include Rolex, Swarovski Crystal Online AG, and Tiffany & Co.
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Hexa Research has segmented the U.S. jewellery and watches market report based on type:
Segmentation by type, 2014 - 2025 (USD Million)
Key players analyzed
• Harry Winston
• American Swiss Ltd.
• FOSSIL GROUP, INC.
• WP Diamonds
• Titan US LLC