Jewelry And Watch Stores Global Market Report 2023
Major players in the jewellery and watch stores market are LVMH Group, Pandora’s Art Jewellery, Swarovski, The Swatch Group Ltd, Fossil Group Inc., Seiko Holdings Corporation, Rolex, Casio America Inc.
New York, June 05, 2023 (GLOBE NEWSWIRE) -- Reportlinker.com announces the release of the report "Jewelry And Watch Stores Global Market Report 2023" - https://www.reportlinker.com/p06464152/?utm_source=GNW
, Buccellati, Cartier SA, Malabar Gold & Diamonds, SHR Jewellery Group, Bucherer AG, Tiffany & Co, and Patek Philippe SA.
The global jewellery and watch stores market is expected to grow from $160 billion in 2022 to $169.81 billion in 2023 at a compound annual growth rate (CAGR) of 6.1%. The Russia-Ukraine war disrupted the chances of global economic recovery from the COVID-19 pandemic, at least in the short term. The war between these two countries has led to economic sanctions on multiple countries, a surge in commodity prices, and supply chain disruptions, and affecting many markets across the globe. The market is expected to reach $200.65 billion in 2027 at a CAGR of 4.3%.
The jewellery and watch stores market includes revenues earned by entities by providing services such as repairs, inspection and cleaning, ring-size adjustment, chain-length reduction, hand engraving, custom-made jewellery, and jewellery redesign.The market value includes the value of related goods sold by the service provider or included within the service offering.
Only goods and services traded between entities or sold to end consumers are included.
Jewellery and watch stores refer to an establishment or firm that is involved in the process of buying or selling jewellery and watches. They are engaged in providing various services such as remodelling, and repair for various types of jewellery and watches.
Asia-Pacific was the largest region in the jewellery and watch stores market in 2022. The regions covered in jewellery and watch stores report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East and Africa.
The main products of jewellery and watch stores are necklaces, rings, earrings, bracelets, and others.A necklace refers to any piece of ornament such as a string of decorative stone or chain that is worn around the neck and is used to add a touch to an individual’s personality.
They are available in branded and unbranded categories made of silver, gold, platinum, diamond, and other materials in low-range, mid-range, and luxury price ranges for the end-users including women, men, and unisex.
The rising growth in buying jewellery for a higher return on investment (ROI) is expected to propel the growth of the jewellery and watch store market going forward.Jewellery refers to any piece of ornament such as a necklace, bracelet, ring, or earring that people wear on the body.
To receive a high return on investment, when purchasing jewellery and watches, consumers are increasingly selecting company stores that is ethical, appreciate diversity, and have a strong brand presence both online and offline, which will propel the demand for jewellery and watch store market. For instance, in March 2022, according to the Bureau of Economic Analysis (BEA), a US-based agency producing economic accounts statistics, buying jewellery for personal use accounted for $94.6 billion in 2021 as compared to $62.3 billion spent in 2020. Therefore, the rising growth in buying jewellery for a higher return on investment (ROI) is driving the growth of the jewellery and watch store market.
Technological advancements are a key trend gaining popularity in the jewellery and watch store market.Major companies operating in the jewellery and watch store market are adopting new technologies to sustain their position in the market.
For instance, in February 2022, Perfect Corp, a China-based beauty tech solutions provider launched a new AR try-on technology, allowing customers to virtually try on rings and bracelets online.This technology provides a "hyper-realistic virtual try-on experience" for watches, rings, and bracelets where a variety of movements, textures, skin tones, hand and finger sizes, and 3D hand models are used to teach the hand tracking software.
Also, the technology will provide fine jewellery businesses with a new medium to personalize and connect with customers along the online purchase journey.
In November 2021, Watches of Switzerland Group, a UK-based multi-channel luxury watch, and jewellery retailer, acquired three Betteridge stores for an undisclosed amount.This acquisition broadens and expands the presence of Watches of Switzerland Group in the US market.
Betteridge is a US-based jeweller and watches retailer involved in selling high-end luxurious jewellery and watches through its multiple stores.
The countries covered in the jewellery and watch storess market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA.
The market value is defined as the revenues that enterprises gain from the sale of goods and/or services within the specified market and geography through sales, grants, or donations in terms of the currency (in USD unless otherwise specified).
The revenues for a specified geography are consumption values that are revenues generated by organizations in the specified geography within the market, irrespective of where they are produced. It does not include revenues from resales along the supply chain, either further along the supply chain or as part of other products
The jewellery and watch stores market research report is one of a series of new reports that provides jewellery and watch stores market statistics, including jewellery and watch stores industry global market size, regional shares, competitors with jewellery and watch stores market share, detailed jewellery and watch stores market segments, market trends, and opportunities, and any further data you may need to thrive in the jewellery and watch stores industry. This jewellery and watch stores market research report delivers a complete perspective of everything you need, with an in-depth analysis of the current and future scenario of the industry.
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