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The value of the UK jewellery and watches market increased by 9.7% between 2002 and 2006 to reach PS4.51bn. The two main sectors of the market are jewellery, comprising real jewellery and fashion jewellery, and watches.
Growth in the market has been aided by a positive spending environment. Consumer disposable income levels have been rising year-on-year since the 1990s. This has been exacerbated by relatively low levels of inflation, allowing consumers to indulge more in discretionary spending. At the same time, there has been strong development in the watch and jewellery market, with new brands entering the sector and many names gaining from a high level of promotional support.
As jewellery and watches have come under the fashion focus, consumers are also more likely to own more pieces, both real and fashion.Such as brand watches,luxury watches,fashion apparel,brand shoes etc.The days of single watch ownership, and when jewellery wearing was restricted to a few select pieces, have disappeared, with items now playing a key part in the wider accessories market.
This has been driven by a number of factors. The rise in self-purchase by both men and women has been significant. As the UK population has shifted towards delaying or opting out of marriage and children, available spending for the individual has risen.
There has also been an expansion in the retail of jewellery. While traditional specialists still play a key role, jewellery and watches are now widely sold through a range of sources from the Internet to supermarkets. Many specialists also now offer a browsing, if not transactional, website option.
Worldwide luxury watch market is completely dominated by Switzerland which contributes almost 100 percent of the market value. The major export markets include United States, France, Germany, Italy, and United Kingdom. Rolex dominates the luxury watch market, followed by Tag Heuer, Omega, Breitling, Cartier, Bulgari, Chopard, Ebel, Girard-Perregaux, Jaeger-LeCoultre, Longines, and Patek Philippe. Traditionally considered a male domain, women are also driving up sales now. Luxury watch makers are trying their best to design the female equivalent of their most popular watch models. Another notable trend is the integration of new technology and the use of unconventional materials in luxury watches. Also all major brands are raising their price level by repositioning of their products
In the short to medium term, it is likely that there will be pressure on consumer spending. Interest rates have begun to rise, while price increases are also becoming more evident in the food and energy markets. This will adversely affect markets such as jewellery and watches. However, a wide range of products across all price points in the sector means that some brands may fare better than others.
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