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Monday, 21 June 2021

McKinsey & Company and The Business of Fashion publish “The State of Fashion Watches and Jewellery Report”

McKinsey & Company and The Business of Fashion publish “The State of Fashion Watches and Jewellery Report”

Following the decline in revenue recorded during the pandemic, specifically jewelry from 10 to 15% and watches from 25 to 30%, both sectors are expected to grow steadily until 2025.

To support this thesis is "The State of Fashion Watches and Jewellery Report" by The Business of Fashion and McKinsey & Company, according to which, with a specific reference to the watch market, the transition to a sales model that is mostly direct-to-consumer, will shift approximately $ 2.4 billion in annual revenues from retailers to brands.

The report presented underlines that between now and 2025, "the watch market will grow by 1 to 3% per year, driven mainly by luxury and ultra-luxury brands that will continue to dominate the market, and by Asian countries that will overtake the growth of other regions, remaining the most important market for watchmakers ".

Second-hand products and resale will also be one of the predominant growth engines, estimating the sales of the used watch market between 29 and 32 billion dollars.

Finally, as for the markets, Asia will also play a crucial role in the performance of jewelry brands, with increasingly local consumption and less reliance on tourist shopping. Jewellery will be able to clear e-commerce as a sales channel, with 18-21% of the turnover generated online by 2025. Purchases of fine jewelry influenced by sustainability considerations are destined for "marked growth,” Reaching 20-30% of global sales in 2025.

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