The US watch and jewelry market is expected to be worth $9.73bn by 2025, according to a report by Hexa research.
The rise in employment is anticipated to boost the growth of the market in the coming years, with Hexa pedicting that the growing consumer demand for discretionary products will have a positive impact on the market.
In the US around 30%-40% of consumers purchase jewellery and wristwatches using their credit cards, meaning high income and the growing ease in getting a credit card is could help drive further sales growth in the future.
Hexa has also projected that the increase in women’s spending on accessories and beautification products will cause a surge in revenues for the US jewelry and watch market in the near future.
The report acknowledges that the jewelry and watch market sells products mainly through online and retail, with two-thirds of luxury shoppers buying items through online mediums.
The segment is expected to gain momentum during the coming years on account of the presence of popular brands in US, and the prevailing affinity of consumers towards the segment at large.
With more than 21,000 retailers and online e-commerce companies dealing in the industry, Hexa research identified Harry Winston, American Swiss, Fossill Group, WP Diamonds, and Titan US as some of the key players in today’s market.