Jewelry Statistics and Consumer Shopping Behavior

Have you ever wondered about the overall jewelry market statistics and consumer shopping behavior? We sure do! Jewelry has been part of the human experience practically since our earliest beginnings and it continues to be one of the pillars of fashion around the world. Let’s dive into details on the jewelry market!

  • It is estimated that the global spend in 2023 was $340 billion. Over the last nine years, the market has more than doubled in size!
  • The US portion if jewelry spend is estimated at $69 billion or roughly 20% of the global market. The US is second only to China (41.5% of the global market).
  • On average, the global jewelry market grows at 6.96% yearly.
  • Globally, who is the most active shopper? Married, 25-34-year-old women with an average salary buy the most jewelry.
  • But, the biggest spenders globally are high income ($200,000+) people aged 45-54.
  • In the US, the average American spends just $78 on jewelry each year.
  • The average US millennial spends $203 on jewelry annually or 158% more than the average American. Additionally, globally, millennials make up 23% of the population, but 57% of all jewelry spend.
  • In the US, 55% of jewelry sales are by married people, followed by 30% from single people and just 12% by those in a relationship.
  • So what are people buying? Globally, necklaces are the top seller overall, but women are more inclined to buy earrings and men are more inclined to buy necklaces.
  • Thinking about the future, sustainable/culturally sources jewelry will grow by 20%, lab-grown diamonds increase 15% yearly.

It is amazing to see how the numbers break down. If you are thinking about a gift for the millennials in your life, jewelry is a great idea! Stop by Bridgewaters and we can help you find just the perfect item.