Published on : Nov 22, 2017
Albany, New York, November 22, 2017: As the economy fluctuates, so does disposable income, consumer confidence, and the demand for discretionary jewelry and watches. With a prime focus on U.S. market for the hard luxury sector, a new study titled “Watches & Jewelry - US - October 2017” has been broadcasted to the online repository of Market Research Hub (MRH), offers an in-depth analysis of the market covering prime aspects. In the report, the reader will come across facts and figures that reveal the current market revenue and future growth of the watches and jewelry market.
According to this comprehensive report, research experts predicts temperate growth for the watches and jewelry market in 2017 and beyond. This is an upswing and positive year for the manufacturers because in the U.S., almost all watch and jewelry retailers experienced a tough year due to a slowdown in consumption ahead of the presidential election. Since the last issuance of this report, jewelry stores have slipped behind jewelry departments in terms of where people buy items, while Amazon has risen to the top as a primary competitor.
Jewelry is something that is stereotyped as women's accessories. Analysts found that Jewelry commands a majority of sales, but watches grow at faster pace. In the initial section of the report, an overview that comprises of an apt definition of the product for the scope of the research has been explained. In the following section of the report, readers can access an executive summary, which highlights key segment analysis, drivers, issues, opportunities, and trends.
Some of the major factor influencing market growth include consumer confidence towards the product, positive growth in disposable personal income, experiences over tangible goods; and prices of precious metals remain low for the most part, therefore diamonds continue to shine in the market. The report further adds that iGens and Millennials drive the market's momentum. The percentage of smartwatch owners has grown more than doubled; and consumers show the value they place on affordability, as the percentage of fine jewelry buyers versus fashion/costume buyers has reversed with fashion/costume now the preference. Types of materials preferred by the customer in the U.S. is gold and diamonds.
In terms of market competitiveness, Jewelry stores face tough competition and online marketplace starts to shine. The manufacturers are struggling because traditional jewelers losing some sparkle. The demand for smartwatches expected to steam again. Considering this, LG, Verizon, Samsung and Apple are looking ahead to maintain their competitiveness.
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