Temporary boost in sales of fine jewelry to continue for another two years thanks to a rebound in weddings but consumption of jewelry to decline in the long term.
U.S Sales of jewelry and watches expected to reach $79 billion in 2013, according to a new report - State of the Core Market for Jewelry - published to Diamond Shades by Equity Communications. Young adults in America had pushed back plans for marriage as they struggled to navigate a rough economic environment after the recession. Historically, the marriage rate of Americans drops whenever consumers have to navigate economic uncertainty. Now that conditions in the domestic economy and labor markets are getting better as we move further away from the recession, it gives young adults the confidence to go ahead with planned or postponed engagements and weddings.
Continued gradual improvement of the US economy is good for sales of fine jewelry.
According to forecast by Jewelry Industry Research Institute (JIRI) a total of 2.2 million weddings to take place in USA in 2014, posing 2% growth over the previous year. Around two thirds of brides to wear diamond rings, therefore about 1.65 million bridal rings to be purchased this year.
According to the review of current jewellery market trends released by Equity Communications the market will see 4-8% annual growth within the next 5 years.
Olga Patseva, Editor in Chief of the American Bureau, Rough&Polished
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