For the things that aren’t easy to express, say them with jewellery. From wedding rings to gold bracelets, these ornate gifts can be used to celebrate any special occasion. Beyond making lovely gifts, jewellery is also an excellent treat to yourself and is the perfect way to top off your looks.
We found that, as well as silver jewellery being the biggest money maker (at £2.5 million) in 2018, “silver earrings” is also the most searched jewellery term in 2019. Whether by popular demand or due to being a more cost-effective option, silver jewellery is likely to make up a large portion of the growing jewellery market.
The jewellery market
The jewellery market has shown continuous growth, with a 6.8% increase in retail sale value in 2018 compared to the previous year. Explore how the number of sales and sales value have changed up until 2018 using the graphs below.
How spending on jewellery changed over time
The amount of money people are forking out on expensive jewellery has increased steadily over the past decade. The annual expenditure spiked in 2018, reaching £13.9 billion. From 2013, the average year-on-year increase has been 14%.
The changes in retail sales on the previous year are presented below. 2017 experienced the greatest increase in retail sales on 2016, with 16.9% more sales in this year. Following from this growth, 2018 saw a further 6.8% increase in value.
In 2018, the majority of people are spending less than £100 on their jewellery purchases. The amount people spend is highly dependent on the material that the jewellery is made from, as illustrated below.
The vast majority of people in 2018 spent less than £100 on their jewellery purchases. The number of people spending less than £100 is 9.8 times the next largest group of spenders. In 2018, there were 124,000 people also spending in the £100–£199 and £500 or more categories. This suggests that while it is most likely for people to buy cheaper jewellery, the high luxury jewellery bracket still makes up a large section of spending.
*Note: this data set is based on jewellery purchased excluding gold, platinum and silver
Spending depending on type of jewellery
The amount spent on three different categories of jewellery in 2018 is presented below. Unsurprisingly, the amount spent on each of the types of jewellery is reflective of the materials they are made out of.
Out of all the people buying silver jewellery, 65% of people (1.56 million people) bought jewellery which was under £100. The opposite was found with gold or platinum jewellery made with diamonds as half of all purchases cost £500 or more. Therefore, people are more likely to be buying silver jewellery for their everyday jewellery and diamond encrusted jewellery to shell out for special occasions.
Pandora is the most searched jewellery store in 2019 so far, with pandora.net having 1.5 million searches. This is a significantly larger number of searches than all other jewellery stores, being at least four times the number of searches than for all other stores.
The popularity of jewellery search terms is represented by the size of the font. Compared to the second and third biggest jewellery search terms, silver earrings has a 50% increase in number of searches. Following silver earrings, rose gold jewellery and women’s earrings also proved to be very popular, with 6,600 searches each.
Georgia-Rose is a publisher at Finder.com and specialises in all things shopping and travel. She has years of experience working in retail and tourism and as an avid budget traveller, she loves helping people find the best deals on everything from plane tickets to sunglasses.
When she's not jetting off somewhere new you'll find her watching cake videos or befriending stray cats.
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