The jewelry and watch trade is anticipated to rise to £5.9bn in 2019, in keeping with new analysis from Mintel.
In line with Mintel’s upcoming Jewelry and Watches Retailing UK 2019 report, demand for jewelry and watches within the UK has remained “sturdy”, with gross sales reaching £5.7bn in 2018, up 2.9% from 2017. The market is predicted to indicate even stronger development in 2019, rising an estimated three.5% to £5.9bn.
Mintel’s report additionally demonstrates that sustainability and ethics are “high of thoughts” for 55% of UK jewelry patrons who say it’s essential for them that the jewelry and watches they buy are made ethically.
Chana Baram, retail analyst at Mintel, stated: “Whereas many UK high-street vogue retailers are going through very public struggles, demand for jewelry and watches within the UK has remained sturdy and is predicted to indicate even stronger development in 2019.
“Demand for prime jewelry has been a driver of this development, as clients have moved away from cheaper branded jewelry and are in search of keepsakes and funding items.”
Simon Forrester, chief govt on the Nationwide Affiliation of Jewellers, stated: “We’re happy to see that Mintel’s information exhibits development, but in addition essential we perceive precisely the place that development is given persevering with powerful buying and selling circumstances, significantly on the excessive road.
“Because the trade affiliation for the UK jewelry commerce, we’re decided to extend alternatives for extra folks to purchase extra jewelry, extra usually, whether or not a small deal with or a long-term funding piece. As a collective, the extra knowledgeable we’re about who’s shopping for and why, means we are able to all work collectively to encourage and educate returning clients in addition to appeal to new ones.”