U.S. fine jewelry and watch sales 2008-2014
Jewelry Market in the United States
The U.S. jewelry industry seems poised for a glittering future as consumer appetite for jewelry, which was dampened by the global recession, now appears more voracious than ever. The jewlery market is personified by stifling competition. The sector sways between inexpensive jewelry pieces for daily wear, to special items like engagement rings and watches meant for celebrating special events, to investment pieces priced and sold similarly to antique pieces and fine art.
In 2014, U.S. jewelry store sales amounted to over 31 billion U.S. dollars. This figure is expected to rise to just over 35 billion U.S. dollars by 2019. The industry is as dynamic as it is fast growing and jewelry players can't simply do business as usual and expect to thrive; they must be alert and responsive to important trends and developments or else risk being left behind by more agile competitors.
Considering several elements utilized in the jewelry market, gold has always dominated the industry on account of its vivid physical and chemical properties like luster and ease of fabrication. The United States is ranked third when it comes to consumer gold demand, consuming about 193 metric tons of gold in 2015.
"Money makes the world go round," goes the refrain of a song from the 1972 musical movie, Cabaret. Just as this was true for Sally Bowles, the character played by Liza Minnelli, it is also the driving influence of the jewelry market. Personal income and the growing number of working women since 2009 has led to impressive growth, thus expanding the boundaries of its existing realm.