Movements have been happening quite fast in the recent weeks for the jewelry and silverware market. On a worldwide scale, there appears to be a lot of developments and opportunities for both precious metals to have quite a bit of growth in the coming years.
With 2022 pushing forward from its middle mark, many may be wondering where this will end up in a few years’ time. Between recovery from the pandemic and sustainable plans now brought in motion, there’s a lot happening in the field of fine jewelry.
How Big is the Market for Jewelry?
For starters, the market for jewelry remains strong even amid developing current events. According to Research and Market’s latest report, there’s an expected overall growth to $210 billion by the end of the year, at a compound annual growth rate of a high 8%.
In less than five years, even though the predicted compound annual growth decreased to a little over 7%, 2026 may see a jewelry market pegged at somewhere in the neighborhood of $280 billion.
This is not surprising, if one considers who the players are in the market. Between fine jewelry and silverware, a lot of industries actually contribute to this market. It’s just a matter of looking at the details to see how each one plays a role in expanding its overall attributes.
Jewelry Trends for 2022 Highlight Precious Metals
Another reason why gold and silver are seeing a lot of growth and interest may be due to recent trends. In 2022, a lot of the hottest trends in jewelry appear to highlight the beauty and strength that precious metals exude.
According to Cosmopolitan, among the most popular and awaited jewelry trends are cuffs, body chains, chain links, chokers, and natural stones with chain links. A lot of these trends tap into the silverware department, significantly expanding what this industry can offer.
What is the Target Market for Jewelry?
Among the big spenders in the jewelry department, a specific segment seems to be dominating most sales opportunities. For starters, married women who are in their mid-twenties to mid-thirties appear to be most active in buying jewelry.
It’s possible that a lot of these buyers tend to explore a more online option. Reports state that between 2020 and 2030, there’s bound to be an enormous growth in the online jewelry market, which could reach up to 15%. This is almost double the figures from 2011 to 2019. Between the pandemic and the changes in shopping habits, this suggests that the jewelry industry can and does cope with the demand and the changes quite well.
In fact, for those who are wondering, “Who buys the most jewelry?” experts noted that the biggest spenders fall in the mid-forties to mid-fifties department based on an annual comparison. While they may not be the biggest adopters of online purchasing, it appears that this segment has a lot of potential. One may even define this as a burgeoning market that has a lot of room for growth.
How Big is the Jewelry Market in the US?
Zeroing in on the United States jewelry market, Americans may be more conservative in spending for jewelry. Research shows that the average expenditure on jewelry per American may be less than $80 per year.
And while many people may assume that rings hold the biggest shareholder in terms of purchases, there’s another jewelry type that stands out. Earrings take a bigger share of the pie in terms of best-selling jewelry, especially in the female market. Engagement rings follow suit, which is not surprising since it is one of the most popularly-searched fine jewelry pieces.
Beyond US shores, jewelry is far from dead or struggling in other countries. China leads in jewelry spending, taking almost 42% of the total market. The US clocks in at second, owning 23% of the market. Meanwhile, India holds third place, with a spending record of $40.4 billion, which is 15% of the market.
The Silverware Market: A Lot of Potential
Silver may be highly used in jewelry but that does not mean this is all there is in the silverware market. In fact, silver may be far more dynamic compared to gold in terms of actual use.
Silverware can include cutlery, as well as other expensive kitchenware that enjoys silver lining. Silver coating encompasses quite a bit, especially in the area of wares. Reports state that the Asia Pacific enjoys the biggest customer base for silverware. Europe comes in at second place.
Developments in the Jewelry Industry Pave Way for Growth
The jewelry market continues to grow because the developments in products are far from stagnant. In fact, recent movements among big players suggest that the industry is ready for some major shifts.
For instance, major players like Pandora opened a new avenue for its products. Fulfilling a huge chunk of their philosophy to go green, the jewelry retailer giant just recently shifted materials from virgin precious metals to recycled ones.