The Jewelry & Watches segment in United States of America registered Market value of USD 129,646.34 Millions in 2023
The indicator recorded a historical growth (CAGR) of 17% between 2020 to 2023, and is expected to grow by...
GlobalData projects the indicator to grow at a CAGR of...
The Market value of Jewelry & Watches Segment in the United States of America (2018 - 2026, USD Millions)
Jewelry & Watches Segment in the United States of America
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 US jewelry & watches market has experienced stable, healthy growth in the historic period. This trend is expected to continue throughout the forecast period, though overall growth will decelerate slightly. A positive macro-economic environment in the US has benefited the market in recent years. After falling significantly in 2014, GDP growth in the US has followed an upward trend since 2016. According to the OECD consumer confidence index, consumer confidence is also rising and is currently above the OECD average. These factors have encouraged spending in the US, thus driving growth in the market. The most common concern is that millennials are far less interested in the current leading luxury goods brands than previous generations, with not a great deal being done to make these brands more appealing to millennials. Americans are still buying luxury goods, but new customers are not replenishing the older customers in this market.
Category segmentation
The jewelry & watches segment is categorized into two major segments - Jewelry & Watches and Accessories. Jewelry & watches is the largest segment of the jewelry & watches market in the United States.
Competitive landscape
The United States 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. Tiffany & Co on the other hand caters to the luxury end of the market, therefore its performance can be negatively affected by economic downturn within the country.
Product differentiation is becoming an increasingly important aspect, particularly for the mid-range ‘fashion jewelry’ segment. Typically bought as gifts as opposed to an investment, this segment of the market is almost entirely based around strong brand identity and unique products. However, this does not apply to watches, of which the high-end market is dominated by a strong brand identity with unique products in their exclusive range. The intricacy of mechanical movement is a particularly strong measure for such product differentiation.
Market distribution
Hypermarkets, Supermarkets and Hard Discounters form the leading distribution channel in the United States jewelry & watches market.
Who are the leading players?
Signet Jewelers Limited
Tiffany & Co
United States of America
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United States of America
Germany
China
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United States of America
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