Sales of UK jewellery grew 1.2% from £4.1bn in 2014 to an estimated £4.15bn in 2015, according to new data released from market research firm Mintel.
The report found that precious metal jewellery sales were strong during the year, rising 3.7% from £3.36bn in 2014 to an estimated £3.4bn in 2015. Mintel forecasts that the jewellery market will increase by 9.5% to £4.5bn by 2020.
Mintel said the growth could be put down to an increased number of women buying precious metal jewellery for themselves. Some 55% of women aged 16 to 24 buy precious metal jewellery for themselves, compared with 45% who buy costume jewellery for themselves
Alice Goody, research analyst at Mintel, said: “Young women aged 16-24 are the biggest self-purchasers, driven by the trend for charm bracelets and stacking rings.
“The fact that these collectible items often come in the more affordable precious metal types such as silver and rose-gold plate encourages women to keep adding to their jewellery collections.”
Some 11% of Britons who have purchased, or are considering purchasing jewellery, are interested in being able to personalise the jewellery that they buy, such as using 3D-printing designs before purchase.
This rises to 24% of males aged between 16 and 24 and 21% of females aged between 16 and 24.
Meanwhile, half (50%) of consumers have bought jewellery online in the past five years, while a third (34%) of buyers have bought precious metal online.