Jewellery sales rise despite credit crisis
August 15, 2008
A new report shows an increase in spending on fine jewellery despite the credit crunch. The precious metal jewellery market was worth £2.5 billion last year, which is a rise of 7% on 2003 figures.
Sales of such items as ring and necklaces made of platinum, which is the most expensive precious metal.
The report by consumer analysts Mintel forecasts a further 4% growth for 2008 alone. This news comes as a surprise to many who are tightening their belts as the credit crunch continues.
Mintel’s senior fashion analyst, Katrin Magnussen said “These days British shoppers are becoming more discerning about the jewellery that they buy and are now prepared to pay more for a really good quality piece that stands out from the crowd. This, combined with the fact that up-market jewellery is often bought for sentimental reasons, means that the market is likely to hold its own in these more challenging times.”
She continued “But all that glitters isn’t gold - in fact it is platinum jewellery that is the real shining star. What is more, there is a real trend towards more original and distinctive pieces. There is a strong trend towards bold, individual pieces to express personal style and even bespoke pieces of jewellery are becoming more popular.”
Mintel estimates an 8% increase in jewellery sales over the next five years, with the market set to be worth £2.8 billion by 2013.
Ms Magnussen added “Long gone are the days of women having to hunt down wealthy men to get their hands on a nice trinket or two, as over one in five, 22 per cent, of British ladies say that they are happy to treat themselves to precious metal jewellery. But men are also getting in on the action, as sales of men’s jewellery soared 12 per cent between 2003 and 2007 to reach £275 million last year or 11 per cent of the total market.”
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