NEW YORK - May 23, 2022 - PRLog -- According to a new in-depth jewelry market statistics study by CWC, the average American spends $78.14 on jewelry each year. The amount translates into 2.9 work hours worth of jewelry. Interestingly, the average household jewelry expenditure is significantly higher at $434.3.
- In 2020, the average American jewelry expenditure fell 35% compared to the previous year, suggesting companies across the jewelry market felt the impacts of the pandemic.
- Millennials spend an average of $203 on jewelry every year in the United States. The average millennial spends 157.9% more on jewelry than the average American. Although millennials account for 23% of the total world population, they make up 57% of all jewelry expenditure globally.
- The largest spenders are found in Gen X (45-54 age group), where the average person spends a whopping $304.6 on jewelry each year.
Key Jewelry Market Demographic Findings
In addition to age groups, the study also uncovered the most frequent jewelry buyers categorized by gender, marital status, and country.
- 56% of women have bought some jewelry during their lives, as opposed to 46% of men, suggesting women buy more jewelry than men.
- 55% of all jewelry purchases are made by married people, while single individuals account for 30% and people in a relationship only 12%.
- Hong Kong leads the world with $1288.4 of annual jewelry revenue generated per capita. Singapore and the United States follow Hong Kong at $439.6 and $187.4, respectively.
About CWC
Classy Women Collection (CWC) is an affordable fashion company in the women's jewelry and accessories industry. At CWC, women aren't just customers; they are family and deserve the best. Since its establishment in 2017, CWC has launched hundreds of products ranging from anklets to bracelets, including a new necklace collection with 500 different styles and looks. It operates side-by-side with its counterpart Classy Men Collection. As a result, CWC and CMC form a unique organization accommodating to women's and men's fashion needs around the globe.
Press Contact:
info@classywomencollection.com
Contact
David Green, CMO
Classy Women Collection
***@classywomencollection.com
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