The British Market – Trends and Characteristics

Раздел: Новости на английском
29 декабря 2007 г.

In an article published in the monthly newsletter of the Israeli Jewelry Manufacturers Association, Managing Director, Yitzchak Ben-Dor, provides an overview of the British jewelry market, which ranks as the fourth largest market in the world.

The representative of the IJL trade show (International Jewelry London) recently analyzed the British market, presented its characteristics and noted that this market has undergone considerable growth over the years. At the end of 2006, its volume stood at £4.5 billion.

In recent years the British market has evinced a growing demand for high-end, branded jewelry or uniquely designed pieces. As a result of the interest in unique designs, the demand has risen for items that incorporate different types of metals and colored diamonds. This trend is expected to gain momentum in the coming years.

In order to keep up with current trends, the British market has been flooded with many new brands in recent years, accompanied by public relations and marketing campaigns. The evolvement of British purchasing habits is also reflected in an increase in independent acquisitions rather than gifts for loved ones. This fact is linked to the rise in income for the average British citizen, which has resulted in greater consumption of various types of both luxury and fancy jewelry and watches.

A sector that has grown prominently is men`s jewelry, which constitutes 11% of the entire market. Consumption segmentation according to types of materials as of July 2007: Jewelry made of precious metals — 68%, watches — 21% and fashion jewelry — 11% of overall sales. In addition, during the past three years, six of every 10 British consumers have bought or received an item of jewelry made out of a precious metal.

The newsletter article notes that alongside the growing demand for branded jewelry, competition among local jewelry producers for imports from the Far East has also been recorded. British jewelry purchasers are also increasingly aware of the issue of "ethical" jewelry manufactured in an ecologically friendly way. This trend undoubtedly stems from growing ecological awareness all over the world.

Another interesting phenomenon noted in the British market in recent years is a diminished interest on the part of jewelry purchasers in malls and large shopping centers. Buyers seem to prefer a more personal buying experience.

Stemming from this fact is the greater role played by independent retailers and jewelry chains that specialize in the British market at the expense of department stores, as well as a marked growth in Internet sales at the expense of direct mailing catalogues.

For additional information about the IJL trade show visit www.jewellerylondon.com.

[ israelidiamond.co.il ]

Полезное

Полезное

 
-->