Online Jewelry Sales Statistics (2011–2022)
Jewelry is one of the most popular items people purchase online. From necklaces and earrings to bracelets and watches, the jewelry market is worth several billions of dollars in the US.
As it is, its overarching category, fashion, ranks among the top online shopping categories in the world. And given the growing US fashion industry size, especially in ecommerce, it’s no wonder the online jewelry market is also doing relatively well.
In fact, the latest online jewelry sales statistics in the US show that there’s been constant sales growth from 2011 to 2019. In 2019, the online jewelry market generated nearly $8.4 billion, its best year of the decade.
During this period, the online jewelry market size grew at an average of 8.64 percent annually. The biggest year-over-year increase was registered in 2012 when online jewelry sales surged 18.78 percent.
Experts say the growth the industry experienced towards the latter part of the previous decade is due to the increased demand for jewelry. This is spurred by consumers’ growing disposable income, which permitted them to not only spend but also spend more on expensive discretionary goods such as jewelry.
Online Jewelry Sales Statistics: Impact of the Coronavirus
Following 2019, online jewelry sales statistics show a fall in sales: 2020 marked a 9.68 percent plunge, falling to just under $7.6 billion—around $800 million less than the previous year.
Industry analysts say this is the result of the impact of the coronavirus pandemic, which forced consumers to reduce expenditure and above all, cut down on costly discretionary goods.
The dip in 2020 has also driven average growth rates down. From 2017 to 2022, the online jewelry market is projected to grow at 0.6 percent per year—a fraction of the growth rate of the previous five years.
That said, the online jewelry market has been slowly recovering. Already, in 2021, online jewelry sales grew 0.72 percent to hit $7.6 billion. Growth is also expected in 2022 with forecasts predicting that the online jewelry market will increase 1.36 percent this year to total $7.7 billion.
This forecast is positive, despite any lingering uncertainty around the pandemic. This is encouraging for any budding entrepreneurs looking to start an online jewelry business. That said, there will be high competition as more and more people choose to purchase jewelry over the internet than in physical stores.