Jewelry Stores Industry Profile

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Excerpt from Jewelry Stores Industry Profile

Companies in this industry sell jewelry, silverware, watches, and clocks through electronic home shopping and physical retails stores. Major US companies include Kay Jewelers and Zale Jewelers of Bermuda-based Signet Jewelers as well as Tiffany and Co; other industry leaders include the retail operations of Chow Tai Fook Jewellery Group (China), Richemont (Switzerland), and Swatch (Switzerland).

The global jewelry market is expected to grow at a rate of 5% from 2021 to 2026, according to the IMARC group. According to Statista, the global jewelry market is expected to reach about $292 billion by 2025, with major markets such China, the US, Japan, and India.

The US jewelry retail industry includes about 21,300 establishments (single-location companies and units of multi-location companies) with combined annual revenue of about $30 billion.

COMPETITIVE LANDSCAPE

Demand is driven largely by consumers' disposable income. Profitability depends on merchandising and marketing. Large companies enjoy economies of scale in purchasing. Small jewelers can compete with large chains by establishing favorable reputations. The US industry is fragmented: the 50 largest companies generate about 45% of revenue.

Jewelry stores face competition from department stores, mass merchants and warehouse clubs, home shopping TV channels, online retailers, and auction sites. Mass merchants have been able to cut prices and take market share.

Also, as marriage rates decline around the world, competition for engagement jewelry sales has become increasingly intense. The number of brides receiving a traditional ...

 
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