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1 Market overview
1.1 Definition and presentation
The jewelry sector identifies the set of production processes that lead to the creation of accessories and precious ornaments. In fact, in ancient times, the jewel had a symbolic value, often religious or spiritual, and was represented mostly by amulets or good luck charms. A meaning that, over time, has changed radically, but that continues to identify the jewel as a symbol of beauty and status, meanings not too far from its original value.
The jewelry industry is mainly driven by certain product categories:
- Bracelets
- Necklaces
- Rings
- Earrings
- Pendants
The years preceding 2020 have demonstrated negative growth in the US jewelry market; between 2014 to 2019, the annual growth was -2.4%.
Demand for jewelry is positively correlated to economic growth and inflation. Factors such as an increasing proportion of HNWIs and a soaring urban population also contributes to positive growth. However, the US market is facing hurdles of growth as well including a declining number of tourists, reduction in the number of independent jewelers and a decline in weddings. [researchandmarkets] Large retailers include Signet and Tiffany’s (acquired by LVMH in 2020).
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the jewellery market | United States
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