CLEVELAND, Sept. 26, 2016 /PRNewswire/ -- US demand for jewelry and watches is forecast to total $90.0 billion in 2020, representing annual growth of 3.1% from $77.2 billion in 2015. Advances will stem in part from increases in population and disposable personal income.
These findings are featured in Jewelry & Watches: United States, a report recently released by Freedonia Focus Reports, a division of The Freedonia Group.
New-Marriage Trends a Key Factor
An uptick in the number of new marriages will boost purchases of fine jewelry. However, ongoing financial challenges faced by young adults – coupled with their growing preference for purchasing other big-ticket items such as electronics and experiences (eg, vacations) – will restrain further advances in personal spending on these accessories. Jewelry and watches are considered discretionary durable goods, as consumers may easily forgo their purchase or opt for less expensive versions. However, the US market for these items is supported by a cultural tradition that calls for the exchange of diamond rings and other fine jewelry for engagements and weddings and the common practice of gifting jewelry and watches for special occasions (eg, birthdays and graduations) and holidays such as Christmas and Valentine's Day.
The full report, Jewelry & Watches: United States, forecasts total US consumer demand for jewelry and watches in both nominal and real (inflation-adjusted) US dollars to 2020. Total spending in both nominal and real terms is segmented by product in terms of:
The scope of this report excludes smartwatches, silverware, and hollowware, as well as chasing, etching, and engraving. Also excluded are lapidary work and jewelers' findings and materials. Re-exports of jewelry and watches are not included in spending or import figures.
To illustrate historical trends, total demand, the various segments, and trade are provided in annual series from 2005 to 2015.
Please link any media or news references to our reports or data back to www.freedoniagroup.com.
About Freedonia Focus Reports
Each month, The Freedonia Group – a division of MarketResearch.com – publishes over 20 new or updated Freedonia Focus Reports, providing fresh, unbiased analysis on a wide variety of markets and industries. Published in 20-30 pages, Focus Report coverage ranges from raw materials to finished manufactured goods and related services such as freight and construction. Analysis is intended to guide the busy reader through pertinent topics in rapid succession, including:
- total historical market size and industry output
- segmentation by products and markets
- identification of market drivers, constraints, and key indicators
- segment-by-segment outlook in five-year forecasts
- a survey of the supply base
- suggested resources for further study.
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SOURCE The Freedonia Group