Global Luxury Jewelry Market Shining Bright Amid the Gloom: Projected to Grow at a CAGR of 5.7% During the Forecast Period
Published | 27 May 2021
A recent study conducted by the strategic consulting and market
research firm BlueWeave Consulting revealed that the global
luxury jewelry market was worth USD 35.2 billion in the year 2020. According
to the study, the market is estimated to grow at a CAGR of 5.7%, earning
revenue of around USD 51.4 billion by the end of 2027. Growing per capita and disposable income, rising expenditure on self-grooming,
change in lifestyle among affluent consumers are expected to drive the global
luxury jewelry market during the forecast period.
Development of E-Commerce Platforms Boosting the Global Luxury Jewelry
Market
Initially, the consumers of luxury jewelry had no choice but to buy these items
from mono-brand and offline shops. However, with the growth of e-commerce sites
and the opening of numerous online stores, the customer base has rapidly
shifted towards online platforms. This is due to the fact that online retailing
offers more options than offline retailing and provides convenient access to
multinational brands whose stores are not present in the country. Owing to
these factors, the luxury jewelry market is projected to flourish during the
forecast period.
Demand for Various
Types of Jewelry Pushing the Market Growth
There are various
types of luxury jewelry items available in the market, such as rings, necklaces,
bracelets, earrings, hair ornaments, leg & feet ornaments, etc. Earrings
enjoy the largest market share among all types of jewelry due to the trend of
simple and classic dress up. Moreover, the rising trend of earlobe piercing
among men and women is likely to push the segment forward globally during the
forecast period. Additionally, manufacturers are emphasizing craftsmanship and
product quality. As a result, demand for all product segments of the luxury
jewelry sector is expected to grow in the foreseeable future.
The Gold Segment Will Lead the
Market During the Forecast Period
Based on the
material used, the global luxury jewelry market is divided into gold, silver,
diamond, platinum, and gems & others. Among all the material types, the
gold segment is expected to have the largest market share during the forecast
period, as gold is favored as the most precious metal in the luxury jewelry
market. Furthermore, in developing countries like India and China, people
prefer gold jewelry to other materials because it can be used as an investment
as its value rises over time. As the result, the market for the gold
segment is flourishing significantly, which in turn is propelling the luxury
jewelry market worldwide.
Global Luxury Jewelry Market - By Regional Insight
Geographically, the global luxury jewelry market is segmented into North America, Europe, Asia-Pacific, Latin
America (LATAM), Middle-East & Africa. Europe has the biggest market for luxury jewelry
products. Factors such as jewelry customization, the growing popularity of
pop-up stores, and the demand for convergence of conventional 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
due to factors such as rising disposable income among the middle class in
emerging economies such as China and India.
Impact of COVID-19 on the
Global Luxury Jewelry Market
The global luxury jewelry business came to a halt
as a result of the COVID-19-induced pandemic. Retail jeweler sales
plummeted significantly across the globe in March and April 2020, owing to
early pandemic store closures. The imports and exports of products other than
essential items were completely banned during lockdown which heavily impacted
the luxury jewelry market. The manufacturing and production of luxury jewelry
were also put on hold. Furthermore, due to lockdown, many lost their jobs which
significantly declined the purchasing power of people. As a result, a large portion of the target
customer base prioritized the purchasing of essential goods over luxury
products, thereby adversely impacting the global luxury
jewelry market.
Global Luxury Jewelry Market Competitive Landscape
The leading market players in the
global luxury jewelry market are Buccellati Holding Italia SPA. Chopard
International SA, Mikimoto & Co., Ltd., Bulgari S.P.A., Graff Diamond
Corporation, Compagnie Financiere Richemont S.A., Tiffany & Co., Societe
Cartier, Harry Winston, Inc., Guccio Gucci S.P.A., Chanel, LVMH Moet
Hennessy, Signet Jewelers, Cartier International SNC, Rajesh Exports Ltd. and
other prominent players. Several luxury jewelry manufacturers are adopting various
growth strategies in order to maintain their market position. Other key
strategies followed by the major players in the market are mergers,
acquisitions, expansions, and the launch of new products worldwide.
Don’t miss the business opportunity of the global luxury
jewelry market. Consult our analysts to gain crucial insights and facilitate
your business growth.
The in-depth analysis of the report provides information
about growth potential, upcoming trends, and statistics of the global luxury
jewelry market. It also highlights the factors driving forecasts of total
market size. The report promises to provide recent technology trends of the
global luxury jewelry market and industry insights to help decision-makers make
sound strategic decisions. Furthermore, the report also analyses the growth
drivers, challenges, and competitive dynamics of the market.
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