According to MRFR (Market Research Future), the luxury jewel market had a value of USD 22,766.05 million in 2019, and could reach USD 31,439.02 millions by 2027-end. According to MRFR, its growth rate is expected to be about 5.52% from 2020-2027.
The Most Prominent Drivers and Impediments
Consumers are more interested in fashion trends, and will choose items with trendy looks. Many occasions, such as weddings, bridal showers and parties, have a positive impact on the luxury jewelry industry. Entertainment is a major consumer of luxury jewelry. This has pushed the market demand to an enormous extent. The market’s growth rate is supported by frequent technological developments in manufacturing processes, the introduction of the latest fashion trends, and the availability of various designs and materials.
Major brands have many options due to the rapid growth of the retail sector and the emergence of so many e-commerce websites. Many vendors are turning to online shopping sites to sell products because of the lower cost than traditional retail outlets. E-commerce allows brands to reach more consumers than any other outlet, which results in a huge brand awareness.
The luxury jewelry categories include rings, accessories and hair adornments. Due to the increasing popularity of studs among teenage girls around the world, the stud market could grow at a rapid pace over the next few years.
You can divide the luxury jewelry market by material into silver, pearls and gold, platinum, precious stones, and others. The largest market share is held by the gold section.
The MRFR study lists both men and women as the top end-users.
There are two types of distribution channels for luxury jewelry: store-based and not-store-based.
Europe leads the way, with the growth factors being the increasing number of online buyers and the growing female population. Market value is further supported by the large middle-class population and surging tourism. The increase in advertising and promotional activities to attract more consumers will further boost the market share. Luxury jewelry brands target certain age groups like youth and adolescents. To appeal to consumers, they are also creating new designs and colors. This will increase the value of the business in the region.
International manufacturers have attractive business opportunities in Asia Pacific, which could generate significant profits over the next few years. Most consumers in the region follow the latest fashion trends, particularly in India and China where luxury accessories are growing in popularity. Luxury jewelry sales are also on the rise due to an increase in urbanization, increased disposable incomes and better purchasing habits.
North American consumers are increasingly choosing sustainable jewelry, while demand for gender-fluid jewelry continues to rise. These factors are expected to have a significant impact on the luxury jewelry market. The majority of luxury jewelry buyers in the region are looking for unique pieces and designs. Luxury jewelry collections are gaining significant popularity in North America, particularly in the United States, due to their non-traditional forms, materials, and shapes.
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, Guccio Gucci S.P.A., Chanel, LVMH Hennessy, Signet Jewelers, Cartier International SNC, Rajesh Exports Ltd.
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