UK fine jewellery market to reach £3.3bn as women take control
The retail value of the UK fine jewellery industry rose for the fourth successive year in 2017 and is predicted to reach £3.3bn this year amid changing shopping habits in the industry.
This is according to new data that will be revealed by Euromonitor International, a market research provider, at International Jewellery London on Sunday 2 September.
More women are buying jewellery for themselves in recognition of their achievements or simply because they want to, changing the paradigm of how jewellery is purchased.
And all categories of fine jewellery are thriving, albeit at different pace. Necklaces grew the most (10%) over the 2014-2018 period, while watches showed the slowest growth with 2% retail value increase in 2017, according to Euromonitor.
Overall, rings continue to be the best-selling category, worth £1.39bn in 2017 and expected to rise to £1.43bn by the end of the year.
Journalist and former British Vogue editor, Alexandra Shulman, commented: “The new big sector in the jewellery market is women buying for themselves. No longer do we feel… a piece is somehow of greater worth if it has been gifted. Instead fine jewellery is becoming one of the most popular ways women reward themselves for a moment of career success, or celebrate a personal event.”
"IJL showcases and celebrates the international jewellery industry so we are pleased to see these growth figures for the UK market,” added Helen Clifford, Marketing & Social Media Manager at IJL.
The UK fine jewellery industry will come together at the International Jewellery London on 2-4 September to showcase the latest creations and discuss the future of the market. More than 550 exhibitors and 10,000 visitors are expected to attend.
Copyright © 2022 FashionNetwork.com All rights reserved.