Global Luxury Jewelry Market Shining Bright Amid the Gloom: Projected to Grow at a CAGR of 5.7% During the Forecast Period
Published | 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.
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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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