Luxury jewelry Market Size worth USD 43.21 billion by 2025 | At a CAGR over 6%
Published | March 2019
According to BlueWeave Consulting, The demand of Luxury jewelry in the market was valued USD 43.21 billion by 2025, anticipated to grow at CAGR over 6% during 2019-2025. Growing per capital disposable income, rising per capital expenditure on self-grooming, change in lifestyle among affluent consumers are driving the global market of luxury jewelry over the forecast years.
The market is expected to be driven by various growth-enhancing factors such as the growing number of digital buyers, increasing middle class per capita income, growing high net worth individuals (HNWI) population, the growth of international tourism, etc. Technology advancement, such as integration of new technology, Computer-Aided System (CAD) in the manufacturing of jewelry makes complex designs possible, allows manufacturers to create new and critical jewelry designs easily.
Several luxury jewelry manufacturers are adopting various growth strategies in order to maintain their market position. Other key strategies followed by major players in the market are mergers, acquisitions, expansions with the launch of new products worldwide. The major factor restraining the luxury jewelry market is the high cost of jewelry. However, the impact of the high cost of luxury jewelry is projected to decrease with an increase in the disposable income of consumers globally over the forecast period.
Global luxury Jewelry – Product type Analysis
Based on the Product type, the jewelry market is divided as Necklace, Ring, Bracelet, Hair Ornaments, Earring, Leg & Feet Ornaments, and Others. The Earing segment is expected to have the lion share over the forecast period due to the trend of simple and classic dress up. Moreover, rising trend of earlobe piercing among both men and women will push the segment upward globally during the forecast period. Manufacturers are also focusing on craftsmanship and quality of the product, and market would witness a surge in demand for all product segments of the luxury jewelry market.
Global luxury Jewelry – Material Analysis
Based on the Material used, the luxury jewelry market is divided as Gold, Silver, Diamond, Platinum, and Gems & Others. Among material, the gold segment is projected to have the lion share over the forecast period as gold is preferred as the most precious metal in the luxury jewelry market. Moreover, in developing countries such as India and China, people prefer to buy gold jewelry over other materials as it serves as a mode of investment. Thus, it increases the revenue of the gold segment in the coming years. Global luxury Jewelry – Distribution Channel Analysis
Based on the Distribution Channel, the global luxury jewelry market is divided into Mono Brand store, Online and Offline Stores. Among all distribution channels, the mono-brand segment accounted for lion market share in the global luxury jewelry market in a fast few years. These stores offer products of a particular brand only as it develops brand identity and can increase the number of consumers that are loyal to the brand and its products. Furthermore, to retain its customers, they provide offers and discounts specifically designed for its loyal customers. Moreover, increasing the adoption of online luxury jewelry marketing is playing a crucial role in boosting sales of luxury jewelry.
Browse Detailed Analysis with TOC, “Global Luxury Jewelry Market, By Type (Fine jewelry & Custom jewelry), by Product Type (Necklace, Ring, Bracelet, Hair Ornaments, Earring, Leg & Feet Ornaments, and Others), By Material (Gold, Silver, Diamond, Platinum, Gems & Others), End User (Male & Female), By Distribution Channel (Mono- Brand, Online & Offline Stores), by Region (North America, Latin America , Asia Pacific (APAC), Europe, Middle East & Africa), Size and Forecast, 2015-2025”
Global luxury Jewelry – Regional Analysis
Based on the region, the global luxury jewelry market is segmented into six regions, which are North America, Latin America, Asia Pacific, Europe, Middle East, and Africa. Europe has the biggest market for luxury jewelry products. Key factors such as jewelry customization, the increasing popularity of pop-up stores, and the fusion of costume jewelry with trending fashion are boosting the growth of the overall market in Europe over the overcast period. On the other hand, the Asia Pacific region is also growing owing to factors such as increasing disposable income of the mid-age population in emerging economies such as China and India.
Global luxury jewelry Market: Competitive Landscape
Companies, such as David Yurman, Tiffany & Co., Yakult Honsha Co Ltd, Van Cleef & Arpels, Harry Winston, LVMH, and Buccellati, are the major players in the global luxury jewelry market, providing various products of luxury jewelry. In April 2017, the Franco-Swiss group FM Industries Sycrilor, manufacturer of luxury jewelry for companies such as Louis Vuitton, Cartier, and Mont-Blanc, started one of its technological and production centers in the Portuguese city, Covilha.