Monday, March 14, 2011

“UK Jewelry & Watch Sales +2% in 2010 - DIAMONDS.NET”

“UK Jewelry & Watch Sales +2% in 2010 - DIAMONDS.NET”

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UK Jewelry & Watch Sales +2% in 2010 - DIAMONDS.NET

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RAPAPORT... Retail jewelry and watch sales in the U.K. rose 1.8 percent to $7.45 billion (GBP 4.64 billion) in 2010, Research and Markets reported. Sales were boosted a strong performance in the watch sector and in cheap fashion jewelry.

"Overall, the trends indicate that, despite the fact consumers have started spending in the industry, they are still conscious of prices, often opting for cheaper alternatives to real jewelry," the company explained.

Research and Markets also noted strength for the bridal category and that despite the economic climate most couples were unwilling to compromise on the quality of wedding bands and engagement rings. The company qualified, however, that the data implies that fewer people are getting married, which is expected to put some pressure on industry growth in the long run.

The research suggested that increased competition in the market has left smaller, independent companies vulnerable as larger retailers dominate  with lower-cost branded goods. In addition, the Internet and online stores have created further competition.

Research and Markets forecasted that jewelry and watches will grow in the next five years, and should peak at $8.55 billion (GBP 5.32 billion) in 2015. "The market for jewelry and watches in the U.K. is expected to see continual growth as the economy continues to recover, with consumers becoming more spontaneous with their spending, as seen before the recession," company said.
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