“Jewelry is the ultimate luxury and today's jewelry shopper is driven by an experiential passion that goes far beyond the item's features and benefits - They buy jewelry based upon emotion, not reason” 1
“In 2005 American consumers spent $59.4 billion buying jewelry and watches, posting a dramatic 10.2 percent two-year growth trend. As a category in the durable goods segment, jewelry and watches outperformed the overall durable goods sector, which only rose 8 percent in the same two-year period.”1
“In 2006 American consumers spent $62.2 billion buying jewelry and watches, posting a dramatic 6.5 percent increase over sales in 2005 of $58.4 billion”1
“Men's Jewelry Market Came Into Its Own in 2006 and Is No Longer An After-Thought - '2006 will be known as the year the jewelry industry finally discovered the men's market,' said Pam Danziger, president of Unity Marketing. ‘Men have traditionally been the biggest purchasers of jewelry, while women are the most important consumers of jewelry. That hasn't changed in 2006, but what is notably is how strongly the market for men's jewelry grew. Men's fine jewelry -- defined as jewelry made from precious or semi-precious stones and/or 10k or above gold, sterling silver or platinum -- is no longer a step-child in the jewelry business but makes up about 10 percent of the overall jewelry market.'”1
“Department stores and non-store retailers such as the Internet, TV shopping and mail-order, also saw growth in sales, while shoppers spent less buying jewelry in discount department stores and specialty fashion boutiques.”1
"The Jewelry Report 2004 takes research findings like these and presents marketing opportunities for jewelry marketers and retailers to build more vital marketing programs and winning competitive strategies," Danziger says. "For example, the time is right to position jewelry as a gift for women to give a man. The emergence of the 'metrosexual' male who is interested in fashion and grooming, along with men's shopping magazines like Cargo and television make-over shows like What Not To Wear which feature men for fashion rehabilitation, signal a ripe opportunity to capitalize on this trend.”2
Figure3
“The demand for symbolic jewellery is strongly coming from Asian countries and few European regions. In India, tourists are also participating in the growing demand of Symbolic jewellery market.”4
“Global Jewellery Market Value: 90 billion(45 % USA, 22 % Japan, 10 % Italy, 8 % UK, 6 % Germany, 3 % France, 5 % Other Countries”5
Figure 2: Geographic share of the global fashion jewelry consumption
The other important markets are China, India, Japan, Middle East, Italy, United Kingdom and Turkey. India and China have shown a great rise in sales during the past five years. “6
Figure 3: Market Trends in 2006 6
Figure 4: Projected global fashion jewelry sales (2010,2015), USD billion6
“The future of fashion jewelry industry lies in the developing countries and primarily China and India. The African countries producing raw materials will also benefit from the expansion of these markets. Thus on the whole the future for the industry is bright but still certain steps need to be taken by the key players to increase supply of raw materials and reform the supply chain.”6
| Types of Jewelry | Market Share |
| Costume Jewelry | 42 % |
| Designer Jewelry | 42 % |
| Imitation Jewelry | 6 % |
| Others | 5 % |
Market Trends in 20067
“The increment in sales of the industry as a whole, will decelerate and the world will point out the growth of new markets. The global fashion jewelry sales will grow at the rate of 4.6% per annum and is approximated to reach 185 billion US $ by 2010 and 230 billion US $ in 2015. China and India unitedly will come out as equivalent to the US market in 2015.”7
| Projected global fashion jewelry sales, USD billion | |
| Years | Jewelry Sales in USD Billions |
| 2005 | 146 |
| 2010 | 186 |
| 2015 | 230 |
Jessica:
ReplyDeleteYou write, "The future of fashion jewelry industry lies in the developing countries and primarily China and India." I agree, and am looking forward to working with you as you refine your thinking (and the originality of your writing--try not to cut an paste).
see you tomorrow,
steven