Jewelry is one of the most valuable segments in trade and commerce industry. The sector sways between inexpensive jewelry pieces for daily wear, to special items like engagement rings and watches meant for celebrating special events, to investment pieces priced and sold similar to antique pieces and fine art. Inspired by the growing economy and rising personal income, the US jewelry market has witnessed an impressive growth thus expanding the boundaries of its existing realm.
Jewelry market’s retail as well as online segment both are fiercely competitive and are highly fragmented. Considering the several elements utilized in jewelry industry, gold has always dominated the industry on account of its vivid physical and chemical properties like luster and ease of fabrication. Apart from gold, other chief metals employed in the jewelry industry include platinum, silver, titanium, and palladium among others.
The key factors which are anticipated to drive US jewelry market include economic growth, increasing urbanization and rise of middle class, increasing employment in the US, rising internet penetration and increase in working women population. Some of the significant developments of this industry include usage of diamond rings in marriages, increase in online shopping, emerging market for men’s jewelry and rising preference for innovative and branded jewelry. However, the challenge to be faced ahead is bankruptcies and mergers, volatile commodity pricing, less emphasis on holiday season and cybercrime and fraud.
This report offers a comprehensive analysis of the US jewelry market. Furthermore, market dynamics such as key trends and development; and challenges are analyzed in depth. On the contention front, the market is reined by few major players namely Signet, Tiffany & Co., Blue Nile and LVMH. The competitive landscape of the respective market, along with the company profiles of the leading players are also discussed in detail.
By combining SPSS Inc.’s data integration and analysis capabilities with our relevant findings, we have predicted the future growth of the industry. We employed various significant variables that have an impact on this industry and created regression models with SPSS Base to determine the future direction of the industry. Before deploying the regression model, the relationship between several independent or predictor variables and the dependent variable was analyzed using standard SPSS output, including charts, tables and tests.