The jewellery market in the UK showed strong growth from 2013 to 2015, peaking at a value of 1050 million Euros in 2015. However, there was a significant drop-off beginning in 2016, with the trend continuing downward through 2023. The year 2023 recorded a turnover of 497.9 million Euros, representing a decline of 3.92% from 2022.
Over the last five years, the market has experienced an average annual decline (CAGR) of -3.46%. The forecasted data from 2024 to 2028 predict this downward trend will persist, with an estimated annual decline of -3.81%, culminating in a market size of 391.63 million Euros by 2028, a 17.65% decrease from the 2023 value.
Future trends to watch for:
- Continued digital transformation and the impact of e-commerce on jewellery retail.
- Increasing consumer preference for sustainable and ethically sourced jewellery.
- Potential market recovery post-2028, driven by innovation and economic factors.
