SHARED WATCHES & JEWELRY

A STATISTA DOSSIERPLUS ON THE GLOBAL WATCH AND

JEWELRY MARKETS AND THEIR POTENTIAL FOR
COLLABORATIVE CONSUMPTION
Table of contents

01 The sharing economy, and luxury 03 Luxury watches and jewelry:

watches and jewelry alternative consumption
▪ Alternative consumption business ▪ Consumers’ attitudes towards
models renting

▪ Luxury watches and jewelry ▪ Revenue in selected countries

alternative companies: the
framework

02 Luxury watches and jewelry: 04 Conclusion and outlook

traditional market
▪ Global revenue

▪ Revenue in selected countries

▪ Largest companies

2
Luxury watches and jewelry, so tightly associated with a handful of
legendary brands, are successfully entering the sharing economy
Executive summary

Luxury watches and jewelry designed and made by brands like Rolex, consumption, and encouraging circularity and sustainability rather than
Tiffany & Co., Omega, and Cartier have, over time, become symbols of accumulation.
elegance and style. The value of these brands lies not just in their
This DossierPlus examines the emerging shared luxury watch and
quality and craftsmanship but also in the sense of exclusivity, heritage,
jewelry market, comparing its consumption with the traditional market.
and personality. Many essential pieces of jewelry are eternal: They will
Between the 11 countries analyzed*, the combined revenue of the
never go out of fashion.
shared market for luxury watches and jewelry was an estimated 598.5
The luxury watch and jewelry industry is proud of its long-standing million U.S. dollars in 2020. Statista forecasts that:
traditions. At the same time, the industry is infused with innovation and
▪ By 2025, the market revenue is expected to develop with an average
creativity – just think of the forward-thinking technical complexities
compound annual growth rate (CAGR) of 9.2 percent for shared
added to classic timepieces. Similarly, while ownership and collecting
luxury watches and 9.9 percent for shared luxury jewelry, reaching a
have conventionally defined the main mode of consumption of luxury
combined value of 939.6 million U.S. dollars.
watches and jewelry, the industry has recently come to accommodate
new and alternative models such as sharing and renting. In addition to ▪ The United States, where alternative consumption of luxury watches
up-and-coming online marketplaces that enable short-term rentals of is expected to constitute almost five percent by 2025 compared with
luxury watches and jewelry, the long-established players of the industry the mainstream market, boasts the highest revenue for both shared
like Breitling are doubling down on the sharing market. markets.
Luxury spending has become more and more influenced by Gen Z and ▪ The shared market is still in its infancy in China despite the country’s
millennials. As a result, trends have shifted to reflect the values and undisputed lead in the mainstream market for luxury watches and
preferences of these younger consumers, for whom sharing-based jewelry.
business models make more sense, maximizing choice, minimizing

Note(s): *the 11 countries analyzed are: Austria, Canada, China, France, Germany, Italy, the Netherlands, Spain, Sweden, the United States, and the United Kingdom.
3
 “
„
It's better to look at the sky than live there.
–
Truman Capote
Breakfast at Tiffany’s

4
01 The sharing economy, and luxury
watches and jewelry
▪ Alternative consumption business models
▪ Luxury watches and jewelry alternative
companies: the framework
Rentals and sharing deals offer a just-in-time consumption
experience; digital platforms have become the common ground
Definition of the non-ownership-based markets

The access-based business model looks to improve the

Basic rentals Sharing underutilization of the items by allowing access to multiple users.
Access- All the shared goods usually belong to the platform’s owner. The
Rentals make goods The sharing economy based users can access the goods by registering with the platform and
available to users for a aims to offer a more either paying a regular fee or paying per usage (i.e., pay per time or
limited amount of time customized and kilometer).
in exchange for a simplified service. The
rental fee. Digital most popular sharing The marketplace business model aims to create a digital platform
platforms are economy business Market- where the matching of demand and supply between users is
becoming more and models are as follows: place facilitated in a peer-to-peer fashion. The platform’s owner retains a
more common in share of the transaction value.

simple rentals too.

The on-demand service business model seeks to match a specific
On- need of a subscriber quickly. The service can be provided both by a
demand specialized company or in a peer-to-peer fashion. The platform’s
service owner either retains a share of the transaction value or requests a
subscription fee.

Source(s): Barbu, Bratu, and Sirbu; PWC; Statista

6
Sharing- and renting-based business models are developing in
different markets, including those in the world of consumer goods
Exemplary sharing-based and renting-based companies, by market

DossierPlus available
Sharing and renting business models,
SHARING
as defined on the previous page, are
On-demand starting to take hold in many diversified
MACRO CATEGORY Access-based Marketplace
service
BASIC RENTAL
markets, often with multiple sharing- or
renting-based business models present
Mobility
within the same market.
Goods

General and The sharing-based business models, in

specialized machinery
particular, have expanded in the last
Consumer goods decade, greatly benefitting from
(apparel, jewelry, watches) modern internet services that provide
reliable access.
Accommodation
At first glance, the companies listed
here may appear very different;
Finance
Services

however, they all have something in

common: They aim to offer a simplified
Media and
entertainment
consumption experience that provides
a user-friendly and just-in-time service.
Various services

Source(s): Barbu, Bratu, and Sirbu; PWC; Statista

7
Established players operating in the luxury goods industry are also
investing in alternative consumption models
Exemplary alternative consumption companies in the luxury consumer goods market

incl. luxury jewelry Reselling digital platform Alternative consumption models like reselling and renting
incl. luxury watches Renting/sharing digital platforms have caught on with the consumer goods market for
some time. Penetration of these models has extended to
LUXURY GOODS ALTERNATIVE CONSUMPTION
the luxury segment of the market as well. To a great
Incumbents in the traditional market
Alternative market startups extent, the short-term rentals of luxury watches and
penetrating the alternative market
jewelry are enabled by small platforms and startups,
either through a subscription model or membership-
based lending club.

But the interest in reselling and renting goes beyond

newcomers looking to disrupt the mainstream market.
Increasingly, the luxury industry’s leading names are
making their presence known. Richemont Group, the
parent company of Cartier, took over the resale digital
platform Watchfinder & Co. Most recently, Swiss
manufacturer Breitling announced its own watch
subscription platform #BreitlingSelect that allows people
to rent the brand’s timepieces.

Throughout this DossierPlus, the market analysis will

focus on renting and sharing platforms of luxury watches
and jewelry, excluding reselling digital platforms.

Source(s): Statista
8
02 Luxury watches and jewelry:
traditional market
▪ Global revenue
▪ Revenue in selected countries
▪ Largest companies
 Worldwide market for luxury watches and jewelry is forecast to
develop at a CAGR of 6.46% between 2020 and 2025
Overview

Luxury watches Luxury jewelry In the overall luxury goods market, the luxury watch and jewelry
segment was worth 50.4 billion U.S. dollars in 2020, representing
Revenue in million U.S. dollars

68,868 about 18 percent of the revenue generated by the total personal

luxury goods market. By 2025, the market is estimated to reach 68.9
billion U.S. dollars, registering an average CAGR of 6.46 percent.
50,360
Compared with other premium segments like luxury apparel,
31,639 eyewear, and fragrances, the luxury watch and jewelry industry is a
special one. Its production processes are lengthier with complicated
23,763
stages due to the nature of the raw materials used. The long lifecycle
and relatively higher investment value of hard luxury pieces make
the traditional market attractive to mainstream luxury shoppers. But
26,597 37,229 the increasing participation of Gen Z and millennials, with more
sustainable purchase behaviors, creates the potential for a sharing
2020 2025
and short-term rental market in the future.

This chapter will explore the large, heterogeneous industry of luxury

watches and jewelry, taking a closer look at the individual differences
and trends observed in the traditional markets of 11 countries to
Luxury watches and jewelry are The average price of a Swiss watch
understand the possibilities of alternative models.
responsible for more than 50% of global exported from Switzerland is 1,256 U.S.
gold demand dollars

Source(s): FHS; Statista Market Outlook; WWF

10
The pandemic pushed the whole luxury industry into a recession
in 2020, especially the luxury watch and jewelry segment
Revenue of luxury watch and jewelry markets and of the overall luxury goods industry

Luxury watch & jewelry Overall luxury The year 2020 witnessed record losses in
1.4 most consumer goods markets, and revenues
Market revenue, 2019 = 1

1.2 1.00 1.00

0.87
of the traditional brick-and-mortar shops
1.0
slumped during national lockdowns that
0.8 1.00
0.93 restricted non-essential retail.
0.6 0.81
0.4 However, measures introduced to reduce the
0.2 spread of the coronavirus (COVID-19) have
0.0 been gradually eased across Asia, North
2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025
America, and Europe. As a result, the overall
luxury industry is expected to return to its
pre-pandemic growth path as soon as 2021.
Luxury watch & jewelry Overall luxury* For the luxury watch and jewelry segment,
which felt the impact of the pandemic
2020, year- downturn almost 1.5 times as much, a full
on-year -18.6% -13.0% recovery is forecast in 2022.
growth rate:

Back to pre-
pandemic 2022 2021
revenue in:

Note(s): * overall luxury includes luxury eyewear, luxury fashion, luxury leather goods, luxury watches and jewelry, prestige cosmetics and fragrances; for further insights visit the Statista luxury goods market outlook
11 Source(s): Statista
China’s luxury watch and jewelry market is the world’s largest by
revenue, estimated at nine and six billion U.S. dollars, respectively
Luxury watch and jewelry market revenue in million U.S. dollars in 2020

Luxury watches Luxury jewelry

In the luxury watch and jewelry market, consumption
Asia China 9,347.0 6,277.3 trends in Asia are noticeably different from those in
North America and Europe.

North United States 3,814.5 5,332.5 Globally, China has the largest market for both
America Canada 154.0 372.6 watches and jewelry, but the luxury watch segment
boasts the larger revenue of the two. The revenue of
China’s luxury watch market looks even more
France 746.3 1,393.7 remarkable when compared with the United States,
Italy 649.8 1,405.7 the second-largest luxury watch market by revenue
worldwide. China’s luxury watch market was
United Kingdom 614.7 903.1
estimated to be more than double the value of the
Germany 593.6 1,408.6 U.S. market in 2020.
Europe
Spain 357.0 983.4
In the markets of North America and Europe, on the
Netherlands 337.6 189.1 other hand, luxury jewelry typically generates more
Sweden 97.1 118.4 revenue than luxury watches, with the exception of
the Netherlands.
Austria 78.5 94.3

Overall, the countries reported are estimated to account for 70 percent of the global luxury
watch and jewelry market.

Source(s): Statista
12
China has the largest luxury watch market by revenue, and with a
CAGR of 6.9%, it is forecast to perform the highest growth by 2025
Luxury watch market revenue in million U.S. dollars and CAGR from 2020 to 2025
CAGR
6.9%
Revenue, 2020 Among the countries analyzed in this study, average rates of revenue growth varied
Revenue, 2025 in the forecast period between 2020 and 2025, ranging from stagnant 0 percent to
6.9 percent.
13,025.3
The appetite for luxury watches is most strong in China. As of 2020, the revenue of
the luxury watch market was valued at 9.3 billion U.S. dollars. Over the next five
years, China is forecast to strenghten its leading position in the market, with
revenues expected to develop at an average CAGR of 6.9 percent, consequently
9,347.0
reaching 13.0 billion U.S. dollars in 2025.
CAGR In the Unites States, revenues over the five-year period are forecast to increase to
2.8%
4.4 billion U.S. dollars, performing at a slower CAGR of 2.8 percent.

4,388.9 CAGR
3,814.5 CAGR
CAGR 7.0% 4.8%
CAGR CAGR CAGR CAGR
5.3% 5.4% 6.5% 5.7% CAGR CAGR
2.8% -0.0% 3.4%

1,047.4
746.3 649.8 820.4 614.7 795.8 593.6 772.4
154.0 176.6 357.0 490.1 337.6 446.1 97.1 97.0 78.5 93.0

China U.S. Canada France Italy UK Germany Spain Netherlands Sweden Austria

Luxury
13
Source(s): Statista watches
China’s luxury watch market will sail smoothly with higher and
higher revenues, aided by a strong post-pandemic recovery
Luxury watch market revenue in million U.S. dollars

China As shown on page 11, the luxury watch

13,025.3 and jewelry market worldwide is not
12,462.9 expected to return to pre-pandemic
11,847.4 growth levels before 2022. Yet, China’s
11,175.6
luxury watch market indicates a more
10,396.0
robust and faster rebound, with
9,347.0 revenues forecast to grow by 11
percent between 2020 and 2021.

From there onwards, the luxury watch

market revenues are projected to
increase at a steady pace, reaching a
total value of 13 billion U.S. dollars in
2025.

2020 2021 2022 2023 2024 2025

Luxury
14
Source(s): Statista watches
United States has a mature market for luxury watches, but growth
rate is stable and relatively low compared to other countries
Luxury watch market revenue in million U.S. dollars

United States In the United States, where the

market is mature, the revenue for
4,207.5 4,393.3 4,486.8 4,473.2 4,388.9 luxury watches is forecast to grow at
3,814.5
a stable rate, going from 3.81 billion
to 4.39 billion U.S. dollars between
2020 and 2025.

A significantly smaller market,

Canada’s luxury watch market
2020 2021 2022 2023 2024 2025
revenue is projected to grow at an
average CAGR of 2.8 percent over the
five-year period. Canada will see the
Canada
highest revenue in 2023 to the value
of 179.7 million U.S. dollars, after
which the market is expected to
stagnate.
168.6 175.9 180 179.4 176.6
154.0

2020 2021 2022 2023 2024 2025

Luxury
15
Source(s): Statista watches
France has the largest and fastest growing market in Europe with
uninterrupted growth forecast between 2020 and 2025
Luxury watch market revenue in million U.S. dollars

In Europe, the two markets that generate the most revenue from luxury For the remainder of Europe, revenues are projected to climb until 2023,
watches are France and Italy, the base for some of the world’s biggest but from that year onwards, the values of the luxury watch markets will
luxury groups. France is the only European country forecast to increase decline slightly.
revenues consistently over the five-year period. By 2025, the value of its
luxury watch market will total just over one billion U.S. dollars.

France Italy United Kingdom Germany

777.7 841.2 855.3 838.4 820.4 792.2 811.4 803.4 795.8 780.9 777.2 772.4
1,005.8 1,044.3 1,046.5 1,047.4 731.1 701.5 760.3
911.3 649.8 614.7
746.3 593.6

2020 2021 2022 2023 2024 2025 2020 2021 2022 2023 2024 2025 2020 2021 2022 2023 2024 2025 2020 2021 2022 2023 2024 2025

Spain Netherlands Sweden Austria

460.2 484.6 492.9 490.1

423.2 433.3 447.1 446.9 446.1
357.0 398.3
337.6
97.1 99.2 99.5 99.0 98.1 97.0 91.4 97.4 98.1 95.6 93.0
78.5

2020 2021 2022 2023 2024 2025 2020 2021 2022 2023 2024 2025 2020 2021 2022 2023 2024 2025 2020 2021 2022 2023 2024 2025

Luxury
16
Source(s): Statista watches
China and the United States have the largest luxury jewelry
markets, but China is forecast to forge ahead with faster growth
Luxury jewelry market revenue in million U.S. dollars and CAGR from 2020 to 2025

CAGR Revenue, 2020 In 2020, the luxury jewelry market saw tight competition between China and the United States,
6.5% Revenue, 2025 where the market revenues remained within close range of one another. By 2025, Statista
forecasts that the market in China will strengthen its leading position over the second-largest
CAGR
U.S. market, accelerating at a CAGR of 6.5 percent. The U.S. market, in fact, will grow at a 1
5.5% percentage point lower CAGR of 5.5 percent over the same timeframe.

Putting aside the two biggest markets for luxury jewelry, European countries are forecast to
8,582.2
display varying growth trends over the next five-year period. In Spain and the Netherlands, the
combined factors of pre-pandemic growth levels and a relatively higher number of high-net-
6,979.3 worth individuals contributed to more ambitious CAGR averages, registering 9.8 percent and
6,277.3 9.4 percent, respectively.
5,332.5
CAGR CAGR CAGR
6.6% 6.9% 6.6% CAGR
9.8% CAGR
CAGR 6.0%
4.9% CAGR
CAGR CAGR
9.4% 6.9%
1.3%
1,941.1 1,935.8 1,948.5
1,408.6 1,405.7 1,393.7 1,569.4
983.4 1,209.4
903.1
372.6 473.6 189.1 296.8 118.4 126.4 94.3 131.7

China U.S. Canada Germany Italy France Spain UK Netherlands Sweden Austria

Luxury
17
Source(s): Statista jewelry
China’s luxury jewelry market is predicted to grow the fastest
during the recovery from the coronavirus between 2020 and 2022
Luxury jewelry market revenue in million U.S. dollars

China 8,582.2
With revenues of 6.3 billion U.S. dollars
8,237.4 in 2020, China’s luxury jewelry market
7,863 occupied top position. Over the course
7,444.9
of the next five years, China will
6,941.2
continue to grow its luxury jewelry
6,277.3 market at a steady pace and is forecast
to record a total revenue of 8.6 billion
U.S. dollars by 2025. Similar to the
trend regarding the country’s luxury
watch market, the key to China’s
strength in the luxury jewelry market
lies in its post-pandemic recovery.
China’s fast economic rebound from
the coronavirus crisis is reflected in the
revenue figures forecast for the luxury
jewelry market, particularly between
2020 and 2021, when year-on-year
growth will hit 10.6 percent.

2020 2021 2022 2023 2024 2025

Luxury
18
Source(s): Statista jewelry
The luxury jewelry markets in North America will continue
delivering higher revenues but with lower growth
Luxury jewelry market revenue in million U.S. dollars

United States In 2020, the United States had the

6,979.3
second-largest market for luxury
6,686.2 6,879.6
6,367.4 jewelry among the 11 countries
5,953.0
5,332.5
analyzed by Statista, with revenues
amounting to 5.3 billion U.S. dollars.
While market revenue in the United
States is projected to increase year-on-
year over the forecasted period, the
2020 2021 2022 2023 2024 2025 country’s slower five-year CAGR of 5.5
percent means that the revenue gap
with China will widen.
Canada
In neighboring Canada, the smaller
luxury jewelry market will grow from
372.6 million to 473.6 million U.S.
dollars in revenue by 2025.

411.1 436.6 456.2 467.8 473.6

372.6

2020 2021 2022 2023 2024 2025

Luxury
19
Source(s): Statista jewelry
In Europe, France is expected to replace Germany and Italy
becoming the largest market for luxury jewelry by 2023
Luxury jewelry market revenue in million U.S. dollars

In Europe, the combined revenue of the eight luxury jewelry markets in 2020, is projected to oust both Germany and Italy by 2023. From that
analyzed is forecast to increase from 6.5 billion in 2020 to 9.2 billion U.S. point onwards, France is forecast to continue leading the way in Europe,
dollars in 2025. When it comes to market leadership, the race to the top with a luxury jewelry market worth up to 1.95 billion U.S. dollars by
is tight. In 2020, Germany was the leading country with an estimated 2025. In that same year, Italy’s slow growth rate will see the country
market revenue of 1.41 billion U.S. dollars, but France, from third place drop to third place behind Germany.

Germany Italy France Spain

1,941.1
1,793.3 1,874.6 1,909 1,823.4 1,896.3 1,914.4 1,935.8 1,817.5 1,896.4 1,920.5 1,948.5 1,524.6 1,569.4
1,643.7
1,408.6
1,667.5 1,657.1 1,332.9 1,448.9
1,405.7 1,393.7 1,190.2
983.4

2020 2021 2022 2023 2024 2025 2020 2021 2022 2023 2024 2025 2020 2021 2022 2023 2024 2025 2020 2021 2022 2023 2024 2025

United Kingdom Netherlands Sweden Austria

1,180.7 1,217.4 1,214.5 1,209.4

1,082.9
903.1 276 286.9 296.8
229.7 258.2 126.9 126.9 126.4 122.5 128.0 129.8 131.7
125.9 111.7
189.1 123.8 94.3
118.4

2020 2021 2022 2023 2024 2025 2020 2021 2022 2023 2024 2025 2020 2021 2022 2023 2024 2025 2020 2021 2022 2023 2024 2025

Luxury
20
Source(s): Statista jewelry
The luxury watch market is dominated by Swiss firms, and the
leading five brands account for almost half of all global revenues
Revenue share of the leading luxury watch and jewelry brands as a proportion of worldwide revenue

Top 5 luxury watch brands Top 5 luxury jewelry brands The global market for luxury watches is dominated by
Swiss watchmakers. When combined, the revenue of
the five leading luxury watch brands account for nearly
half of the worldwide market (42 percent), with Rolex
being the undisputed market leader. Of these, while
18% 12%
7% Rolex and Patek Philippe are single-brand companies,
7% 7% Omega (Swatch Group), Longines (Swatch Group), and
7% 5% Cartier (Richemont) are part of larger groups.
5%
5%
5% The luxury jewelry market, on the other hand, is more
diversified and less concentrated. The five leading
brands make up 37 percent of the worldwide market
revenue, with Tiffany & Co., recently bought out by
LVMH Group, single-handedly accounting for the
largest revenue share at 12 percent. Asian companies
Others contribute significantly to the luxury jewelry market as
Others
64%
58% well. The premium jewelry segments of the two leading
Chinese companies, Chow Tai Fook and Lao Feng
Xiang, make up over 10 percent of worldwide revenue.

Note(s): based on 2020 revenue figures in CHF and converted to USD on the 2020 average exchange rates. Only premium market segments considered.
21 Source(s): company annual reports; Deloitte; Monochrome; Morgan Stanley; Statista
With a high investment value over a 10-year period, ownership also
represents a profitable pay-off for luxury watches and jewelry
Weighted average of the change in value of luxury watches and jewelry as of the fourth quarter of 2020

12-month value change A Rolex is not just a watch: It is a symbol

that says a lot about the owner’s status and
478% lifestyle. At the same time, it can also be a
smart investment that is likely to go up in
value each year. In fact, the value of a hard
luxury item like a watch increases by 89
10-year percentage change in value

percent over a period of 10 years against an

increase of only 5 percent 12 months after
the purchase. This increasing of value over
time makes luxury watches also attractive
5% 89%
investment items. The investment value of
193% jewelry is slightly lower, with a 10-year value
-1% 67% increase of 67 percent.
127%
108% All in all, the investment potential of luxury
72% 71% watches and jewelry is probably the
39% strongest argument in favor of ownership.
22%

Rare Cars Wine Handbags Watches Coins Art Jewelry Colored Furniture
whiskey diamonds

Source(s): Art Market Research; Knight Frank

22
03 Luxury watches and jewelry:
alternative consumption
▪ Consumers’ attitudes towards renting
▪ Revenue in selected countries
 „
We need to switch the word from being value to being smart.
The average consumer cares about making smart choices,
not being ripped off. She is thinking about how often she’s
going to use something for.
–
Jennifer Hyman
Chief Executive of Rent the Runway

24
The sharing market is growing with budding online marketplaces
that offer luxury watches and jewelry on-demand
Overview

Revenue of the shared market in million U.S. dollars, selected countries The luxury watch and jewelry market is one within the consumer
goods industry that is receptive to the sharing business model. As
Shared luxury watches Shared luxury jewelry
discussed in the following pages, the shared market is still small
CAGR compared with the traditional luxury watch and jewelry market,
9.2%
complementing it rather than challenging it. Yet, it offers an
CAGR appealing alternative to people who want luxury products without
9.9%
613.2 permanent ownership. However, the cost of luxury timepieces and
jewelry is not the only consumer concern driving this new trend.
394.7
326.4
Today many companies successfully apply the sharing model to
203.8
luxury personal goods. Prompted by Rent the Runway – a
subscription fashion service valued at half a billion U.S. dollars – a
2020 2025 2020 2025
growing number of startups offer high-end, luxury watches and
Luxury watches Luxury jewelry jewelry on demand. According to Statista estimates, in 2020, the
Selected online marketplaces for luxury watch and jewelry rentals shared market for luxury watches generated revenues of 394.7
million U.S. dollars, while the shared market for luxury jewelry was
valued at just over 200 million U.S. dollars. Of the two markets,
Statista forecasts that despite generating lower revenues, the shared
luxury jewelry market will develop at a slightly higher CAGR of 9.9
percent over the five-year period to 2025.

Source(s): Crunchbase; Statista

25
Gen Z and millennials are more open to renting luxury goods, but
watch and jewelry rentals are far from universally popular
Attitudes towards renting luxury goods in 2020

Have you rented/leased luxury goods Leading reasons for not renting luxury items** Alternative consumption models that
in any of these categories within the past year?* focus on sharing rather than owning are
gaining momentum with consumers. In
Total Gen Z and the luxury segment, sharing and renting
18-39 years 40+ consumer millennials
business models are more popular with
Gen Z and millennial shoppers, while
19%
Want to own older consumers remain on the fence
luxury 44% 42% about renting luxury goods like watches
16% products
15% and jewelry.

The allure of ownership remains the main

11% Don’t want to
use something
hurdle to overcome for the rental market,
owned or used 12% with 44 percent of survey respondents
by someone stating this as the leading reason for not
7% 7%
else
renting luxury goods. However, Gen Z and
millennial shoppers are less concerned
Afraid of about ownership, which once again
damaging the 12% highlights a notable difference between
product the attitudes of the general luxury
Clothing and Accessories Watches and consumer and younger generations.
footwear jewelry

Note(s): * Affluent individuals in the United States, UK, and France in 2019; ** global consumers in 2020
26 Source(s): Altagamma (right chart); Altiant (left chart); BCG; LuxuryOpinions
The shared luxury watch and jewelry markets are estimated to
generate the largest revenue in the United States in 2020
Shared luxury watch and jewelry market revenue in million U.S. dollars in 2020

With the traditional business model, China was the

Shared luxury watches Shared luxury jewelry biggest market for both luxury watches and luxury
North United States 130.1 65.0 jewelry in 2020, but the United States had the upper
America Canada
hand in the shared markets.
4.9 4.4
There is another striking difference between the
shared market and the way the luxury market
Asia China 96.5 23.9
tradionally trade: Luxury jewelry typically generated
more revenue than luxury watches in the traditional
United Kingdom 33.5 18.1 markets, but the opposite is true for the alternative
consumption markets.
Germany 30.3 26.7

France 29.7 20.5 Over time, the luxury watch market appears to have
developed an established, independent shared
Italy 21.8 19.0
Europe market. The alternative market of luxury jewelry, on
Spain 20.0 16.3 the other hand, is developing alongside the shared
Netherlands 11.6 3.6 apparel market, with popular platforms like Rent the
Runway usually including both apparel and jewelry in
Sweden 11.4 4.1
their catalogs.
Austria 4.7 2.0

Source(s): Statista
27
The shared luxury watch market is forecast to grow steadily with a
CAGR of more than six percent in all the analyzed countries
Shared luxury watch revenue in million U.S. dollars and CAGR from 2020 to 2025

CAGR Revenue, 2020 The shared luxury watch market of the 11 countries analyzed is estimated to increase from an
9.5% Revenue, 2025 overall revenue of 394.7 million U.S. dollars in 2020 to 613.2 million by 2025, with an average
CAGR of 9.2 percent over the five years.

The United States is not only forecast to keep generating the largest revenue, but it is also
CAGR
7.6% expected to show the fourth-largest growth rate among the countries presented.
204.7
In Europe, the United Kingdom and Germany are the largest markets by revenue. France,
however, is forecast to have the fastest growth rate among all the analyzed countries and is
projected to become the largest European market shortly after 2025.
139.3
130.1
CAGR CAGR CAGR CAGR
5.4% 11.4% 8.5% 13.7%
96.5 CAGR CAGR
9.6% 7.8% CAGR
11.0% CAGR
2.2% CAGR
57.5 56.5 8.9%
45.6
33.5 30.3 29.7 34.6
29.2
21.8 20.0 19.6
6.4
11.6 11.4 12.7 7.2
4.9 4.7

U.S. Canada China UK Germany France Italy Spain Netherlands Sweden Austria

Shared
Source(s): Statista luxury watches
28
The United States is forecast to increase its shared luxury watch
market by around 70 percent by 2025
Shared luxury watch market revenue in million U.S. dollars

United States
Share of traditional market (see page 15) In North America, revenues generated
4.7% by the shared luxury watch market in
3.8% 4.2%
3.4% 3.5% the United States are, on average,
3.4%
204.7
more than 25 times larger than the
187.4
143.7 155.6 171.1 corresponding market in Canada.
130.1
Positive developments are forecast
when analyzing the revenues of the
2020 2021 2022 2023 2024 2025
shared and traditional markets. In
2020, revenues from the shared
markets were comparable to just over
three percent of the revenues
Canada generated by the traditional markets.
However, the shares will increase for
both countries, with revenues in the
3.6% U.S. shared market rising to almost five
3.2% 3.1% 3.1% 3.2% 3.4%
percent of the traditional market by
6 6.1 6.4 2025.
4.9 5.2 5.5

2020 2021 2022 2023 2024 2025

Shared
Source(s): Statista luxury watches
29
China’s shared luxury watch market is expected to reach 139
million U.S. dollars by 2025, widening the revenue gap with the U.S.
Shared luxury watch market revenue in million U.S. dollars

China Among the countries analyzed, China

Share of traditional market (see page 14) has the largest market worldwide for
luxury watches, but it has the second-
1.1% largest shared luxury watch market. In
1.0% fact, when comparing the two markets,
1.0% the shared market’s revenue is
1.0% 139.3 significantly lower (just one percent of
1.0% 127.4 the traditional market).
1.0%
116
105.5 However, as is the case with the United
101
96.5 States and Canada, rates of revenue
growth in China’s shared luxury watch
market are higher than the traditional
market over the five-year period.

2020 2021 2022 2023 2024 2025

Shared
Source(s): Statista luxury watches
30
Revenue from the shared luxury watch markets of Europe’s eight
largest countries is forecast to total 263 million U.S. dollars in 2025
Shared luxury watch market revenue in million U.S. dollars

The United Kingdom and Germany have the largest shared luxury watch In the largest European markets, shared market revenues were more
markets in Europe based on revenues. When comparing the revenues than five percent of traditional market revenues in 2020, driving a
of the traditional and shared luxury watch markets, there are some cumulative share of 4.5 percent. By 2025, the shares of all eight
differences between countries across Europe and those in the rest of countries are forecast to increase to 5.8 percent, highlighting a higher
the world. maturity of sharing-based business models in European countries.

United Kingdom Germany France Italy

57.5 45.6 56.5 32.8 34.6
53.3 41.0 43.3 46.8 51.5 29.3 31.0
45.4 49.3 5.1% 38.7 42.4 25.3
39.3 30.3 34.4 35.9 21.8
33.5 29.7

2020 2021 2022 2023 2024 2025 2020 2021 2022 2023 2024 2025 2020 2021 2022 2023 2024 2025 2020 2021 2022 2023 2024 2025

Spain Netherlands Sweden Austria

26.7 27.9 29.2
22.6 25.4 18.0 19.6 12.7
20.0 14.9 16.4 12.2
11.6 13.2 6.0 6.4 6.8 7.2
11.4 11.3 11.6 4.7 5.3
11.0

2020 2021 2022 2023 2024 2025 2020 2021 2022 2023 2024 2025 2020 2021 2022 2023 2024 2025 2020 2021 2022 2023 2024 2025

Share of traditional market, European countries: 4.5% 5.8%

2020 2025 Shared

Source(s): Statista luxury watches
31
The shared luxury jewelry market generates lower revenues than
the shared watch market, but it is forecast to grow faster
Shared luxury jewelry revenue in million U.S. dollars and CAGR from 2020 to 2025

In 2020, revenues generated in the shared luxury jewelry markets of all Luxury jewelry is often rented or offered on sharing platforms that also
11 countries analyzed were less than the shared luxury watch markets. include other luxury items (mainly apparel and accessories). Therefore,
The total revenue generated by the shared luxury jewelry market was Statista expects smaller revenues for the shared luxury jewelry market
estimated to be 203.8 million U.S. dollars in 2020. Forecasts show that but better growth prospects over the five years because there is the
this cumulative figure will reach 326.4 million by 2025, with a CAGR of potential for a shared luxury jewelry market to operate independently.
9.9 percent over the five years.

CAGR Revenue, 2020 Revenue, 2025

9.1%

100.7
CAGR CAGR CAGR CAGR CAGR CAGR
6.5% 10.1% 12.9% 10.8% 12.2% 11.1%
65.0 CAGR CAGR CAGR CAGR
8.1% 11.3% 3.3% 9.4%
43.2
32.8 37.5
31.7 32.3 27.6
23.9 26.7
20.5 19.0 18.1 16.3
4.4 6.5 3.6 6.1 4.1 4.8 2.0 3.2

U.S. Canada China Germany France Italy UK Spain Netherlands Sweden Austria

Shared
Source(s): Statista luxury jewelry
32
The shared luxury jewelry market in the United States is forecast to
exceed 100 million U.S. dollars in revenue by 2025
Shared luxury jewelry market revenue in million U.S. dollars

United States
Share of traditional market (see page 19) The United States, the largest shared
luxury watch market worldwide, is also
1.4%
1.2% 1.3% estimated to be the largest shared
1.2% 1.2% 1.2%
luxury jewelry market.
91.6 100.7
75.0 83.0 The shared luxury jewelry markets in
65.0 70.5
both North American countries are
estimated to generate revenues that
amount to less than two percent of the
2020 2021 2022 2023 2024 2025 respective revenues of the traditional
markets. These shares are more than
twice as low as the corresponding
Canada
figures for the shared luxury watches
(see page 29), highlighting the
potential to expand the market over
1.4%
1.1% 1.1% 1.2% 1.3% the next five years.
1.2%

5.4 6.0 6.5

4.4 4.7 4.9

2020 2021 2022 2023 2024 2025

Shared
Source(s): Statista luxury jewelry
33
China’s shared luxury jewelry market is forecast to remain around
one-fifth the size of the shared watch market
Shared luxury jewelry market revenue in million U.S. dollars

China As presented in chapter two, China’s

Share of traditional market (see page 18) traditional luxury jewelry market
0.4% generated around 3 billion U.S. dollars
0.4% less than the luxury watch market in
0.4% 32.8 2020. Switching focus to the shared
0.4%
0.4% 30.4 markets, the revenues generated may
0.4% 28.0 not be as large, but the relative gap
25.8 between the two is wider.
24.9
23.9
Statista forecasts that China’s shared
luxury jewelry market will expand at a
growth rate larger than 6 percent
between 2020 and 2025. However,
revenues will be comparable to less
than one percent of the traditional
jewelry market, hinting that this
alternative market in China is still at an
establishment phase.

2020 2021 2022 2023 2024 2025

Shared
Source(s): Statista luxury jewelry
34
In Europe, Germany’s shared luxury jewelry market is forecast to
keep generating the largest revenue
Shared luxury jewelry market revenue in million U.S. dollars

Similar to what was observed in the shared luxury watch market, In Europe, it is generally true that shared luxury jewelry markets –
Europe is the region where revenues of the shared luxury jewelry despite lower revenues – are expected to grow faster than shared
markets are highest when presented as a share of the revenues from luxury watch markets. Germany, the European market leader in 2020, is
the traditional luxury jewelry markets. expected to consolidate its position over the five years, while the United
Kingdom is forecast to overtake Italy in 2022.

Germany France Italy United Kingdom

37.5 29.6 32.3
43.2 33.9 29.2 31.7 27.1
36.3 39.7 30.4 26.8 24.7
33.1 27.3 24.5 21.4
26.7 29.9 23.9 19.0 21.6 18.1
20.5

2020 2021 2022 2023 2024 2025 2020 2021 2022 2023 2024 2025 2020 2021 2022 2023 2024 2025 2020 2021 2022 2023 2024 2025

Spain Netherlands Sweden Austria

25.3 27.6
21.1 23.1 6.1
16.3 18.6 5.1 5.6 4.8 3.2
4.1 4.6 4.6 2.7 2.9
3.6 4.4 2.0 2.3 2.5
4.1 4.1 4.1

2020 2021 2022 2023 2024 2025 2020 2021 2022 2023 2024 2025 2020 2021 2022 2023 2024 2025 2020 2021 2022 2023 2024 2025

Share of traditional market, European countries: 1.7% 2.0%

2020 2025 Shared

Source(s): Statista luxury jewelry
35
04 Conclusions and outlook
The traditional luxury watch and jewelry markets are expected to
return to sustained growth, driven by the expansion of China
Conclusion and outlook

The global traditional luxury watch and jewelry markets are estimated Shanghai, and Piaget announced it would expand its Chinese retail
to have generated revenues of 24 and 27 billion U.S. dollars in 2020, presence. With international travel restrictions still firmly in place, these
respectively, forecast to reach 32 and 37 billion U.S. dollars by 2025. recent moves signal that local consumption will sustain the traditional
luxury industry and post-pandemic growth.
Heavily impacted by the economic downturn caused by the COVID-19
pandemic, the luxury watch and jewelry markets are expected to return
to their sustained growth levels as early as 2021. China, the largest
market for both luxury watches and jewelry prior to the pandemic, is
expected to lead the global rebound of both markets. China’s economy Revenue of the traditional
2020 23,762.6
luxury watch market,
has already shown signs of a swift recovery following the steady worldwide (in million
+33%
relaxation of containment measures at the end of 2020, much sooner 2025 31,639
USD)
than in the rest of the world. These two factors led the Asian country to
be the first among the countries analyzed in this DossierPlus to spring Largest traditional luxury 2020 9,347.0
watch market, by revenue +39%
back to pre-pandemic levels of economic growth. Indeed, China is
China (in million USD) 2025 13,025.3
expected to outperform the global growth average in both traditional
markets, with jewelry revenues forecast to increase by more than 39 Revenue of the traditional
2020 26,597.4
percent between 2020 and 2025. luxury jewelry market,
+40%
worldwide (in million
2025 37,228.8
The world’s leading luxury watch and jewelry brands have taken note of USD)
China’s post-pandemic leverage in the market and responded by
Largest traditional luxury
opening more stores in the region throughout 2020 and 2021. 2020 6,277.3
jewelry market, by
+37%
Spearheaded by Cartier, several companies launched flagship stores on revenue China (in million
2025 8,582.2
USD)
Tmall’s Luxury Pavilion, Bulgari opened a new flagship store in

Source(s): Statista
37
Europe and the United States lead the alternative luxury watch
and jewelry market; the market in China is still in its infancy
Conclusion and outlook
China is the outright market leader in the traditional markets, but consumer experience by becoming a one-stop shop for renting and sharing
competition is much closer in the alternative markets of renting and sharing services.
luxury watches and jewelry. The companies in these alternative markets
mainly offer deals through digital platforms, providing customers the
opportunity to own a luxury item temporarily.

Many sharing-based markets have captured a large and growing share of

consumers, especially in North America and Europe. The shared luxury
watch and jewelry markets are building on the momentum of the sharing
Europe* U.S. China Europe* U.S. China
economy, with forecasts showing that revenues will increase by more than
50 percent by 2025 compared to 2020 revenues. In the eight European +61% +57% +44% +69% +55% +37%
countries analyzed by Statista, the alternative luxury watch markets are

alternative market (in million USD)

alternative market (in million USD)

forecast to generate a combined 263 million U.S. dollars by 2025, while the

Revenue of the luxury jewelry

Revenue of the luxury watch
revenues of the alternative luxury jewelry markets are expected to hit 186 262.8
million U.S. dollars.
204.7 186.4
When analyzing the alternative business models, the luxury watch market 163.1
generated higher revenues than the luxury jewelry market in 2020 – the 130.1 139.3 110.4
opposite was true for the traditional models. There are indications that the 96.5 100.7
shared luxury watch market is operating as a standalone market, a feature 65.0
that helps increasing their revenues. On the other hand, the shared luxury 23.9 32.8
jewelry market has developed more slowly. This is perhaps due to
2020 2025 2020 2025 2020 2025 2020 2025 2020 2025 2020 2025
companies combining fashion items like jewelry and apparel, enhancing the

Note(s): * Europe is the sum of the United Kingdom, Germany, France, Italy, Spain, Austria, the Netherlands, and Sweden
38 Source(s): Statista
Sources
Altagamma LuxuryOpinions Barbu, Catalin M.; Bratu, Raducu S.; and Sirbu, Elena M.:
Business Models of the Sharing Economy
Altiant LVMH
University of Craiova: Faculty of Economics and Business
Art Market Research Monochrome Administration, 2018.

Boston Consulting Group (BCG) Morgan Stanley

Chanel PWC

Chow Tai Fook Reuters

Crunchbase Richemont

Deloitte Statista

Federation of the Swiss Watch Industry (FHS) Statista Global Consumer Survey

Financial Times Statista Market Outlook

Knight Frank Tiffany & Co.

Lao Feng Xiang World Wildlife Fund (WWF)

39
Recommendations
DossierPlus Dossiers Outlooks
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road
European machine tool market Car-sharing market outlook
Cross-border e-commerce
Luxury goods market in China Luxury Goods market outlook
Luxury travel and tourism amid the
Luxury goods in Europe Mobility Services Report 2020
pandemic
Luxury personal goods industry
Luxury travel and tourism in Europe
worldwide
amid the pandemic
Luxury watch industry
Mobility Services
Sharing services in the U.S.
Power-driven hand tools

Shared apparel

40
Authors

Simone Caliò Tuğba Şabanoğlu

Analyst Expert – Retail and e-commerce

Simone Caliò studied economics and Tuğba Şabanoğlu is a research specialist in

management in Rome (B.S.) and economics retail and e-commerce with an M.A. in
in Hamburg (M.S.). Before joining Statista, he English. At Statista, she reviews and writes
gained experience in academic economics about the digital transformation of the retail
research. industry.

E-MAIL simone.calio@statista.com E-MAIL tugba.sabanoglu@statista.com

41