Average American Spends $78 On Jewelry Annually, Finds New CWC Jewelry Market Study (2024)

CHICAGO, ILLINOIS, UNITED STATES, May 23, 2022 /EINPresswire.com/ -- 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.

Learn more about the jewelry market study and discover the best-selling jewelry categories and the true value, including costs and margins of jewelry today.

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 accomodating to women's and men's fashion needs around the globe.

Press Contact:
info@classywomencollection.com

David Green
Classy Women Collection
info@classywomencollection.com