Luxury jewelry involves creation of jewelry using precious stones or metals. The products include in the luxury jewelry market are necklaces, rings, earnings, bracelets, and others.
Changes in lifestyle, rise in disposable income, an increase in the price of precious metal jewelry, an increase in fashion consciousness, and variations in packaging styles and appealing marketing strategies all contribute to the market's growth. However, factors impeding market growth include an increase in the price of raw materials used in luxury jewelry and the jewelry's limited period popularity.
Conversely, increased urbanization, design innovations, and a surge in demand for men's luxury jewelry provide potential opportunities for manufacturers to innovate and develop new products based on consumer preferences.
The COVID-19 pandemic had a significant impact on markets across all industries, with the number of COVID-19 cases increasing by the day. The virus outbreak also had an impact on luxury jewelry industry. As the lockdown continues, demand has fallen and losses have begun to rise. The lockdown, which was necessary in the interests of the people, occurred unexpectedly and in March, which is the end of the fiscal year, affecting targets and actual business. Moreover, March is the month in which the final bookkeeping is delayed, all of which has a significant impact on all businesses, including the luxury Jewelry market.
The global market is segmented into product type, application, distribution channel, and region. On the basis of product type, the market is classified into necklaces, rings, earrings, bracelets, and others. By application, it is bifurcated into men, women and children. As per distribution channel, it is categorized into online and offline. Region wise, it is analyzed across North America (the U.S., Canada, and Mexico), Europe (Germany, UK, Italy, Spain, France, and the rest of Europe), Asia-Pacific (China, Japan, India, Australia, South Korea, and the rest of Asia-Pacific), and LAMEA (Brazil, Argentina, South Africa, United Arab Emirates, Saudi Arabia, and the rest of LAMEA).
The key players in the luxury jewelry market include Avon Products Inc., Chopard International SA, Giorgio Armani S.p.A, GRAFF, Guccio Gucci S.p.A., LVMH, MIKIMOTO, Pandora Jewelry, LLC, Prada S.p.A, Signet Jewelers Limited, Sukkhi Fashion Jewelry, Swarovski Group, Tanishq, Tribe Amrapali, and Youbella.
KEY BENEFITS FOR STAKEHOLDERS
- This report provides a quantitative analysis of the market segments, current trends, estimations, and dynamics of the luxury jewelry market analysis from 2021 to 2031 to identify the prevailing luxury jewelry market opportunities.
- The market research is offered along with information related to key drivers, restraints, and opportunities.
- Porter's five forces analysis highlights the potency of buyers and suppliers to enable stakeholders make profit-oriented business decisions and strengthen their supplier-buyer network.
- In-depth analysis of the luxury jewelry market segmentation assists to determine the prevailing market opportunities.
- Major countries in each region are mapped according to their revenue contribution to the global market.
- Market player positioning facilitates benchmarking and provides a clear understanding of the present position of the market players.
- The report includes the analysis of the regional as well as global luxury jewelry market trends, key players, market segments, application areas, and market growth strategies.
Key Market Segments
By Product Type
- Necklaces
- Ring
- Earrings
- Bracelets
- Others
By Application
- Men
- Women
- Children
By Distribution Channel
- Online
- Offline
By Region
- North America
- U.S.
- Canada
- Mexico
- Europe
- Germany
- U.K.
- France
- Italy
- Spain
- Rest of Europe
- Asia-Pacific
- China
- Japan
- India
- Australia
- South Korea
- Rest of Asia-Pacific
- LAMEA
- Brazil
- Argentina
- UAE
- Saudi Arabia
- South Africa
- Rest of LAMEA
Key Market Players
- Avon Products Inc
- Chopard International SA
- Giorgio Armani S.p.A
- GRAFF
- Guccio Gucci S.p.A
- LVMH
- MIKIMOTO
- Prada S.p.A
- Signet Jewelers Limited
- Sukkhi Fashion Jewelry
- Swarovski Group
- Tanishq
- Tribe Amrapali
- Youbella
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Table of Contents
Executive Summary
According to the report, titled, “Luxury Jewelry Market," the Luxury Jewelry Market Size was valued at $21.75 billion in 2021, and is estimated to reach $40.19 billion by 2031, growing at a CAGR of 6.4% from 2022 to 2031.The global luxury jewelry market gained momentum due to rise in disposable income and improvement in living standards. Apart from the developed regions where fashion apparels and accessories have strong foothold, novel products such as luxury jewelry and luxurious products are gaining importance in developed as well as developing regions.
The standard of living among people is increasing, owing to higher disposable incomes, improvement in lifestyle, and increase in corporate culture. Increased proliferation of corporate entities in developing nations has popularized the “carrying expensive & luxurious products” culture among consumers. Based on the analysis and prevailing trend, consumers in developing countries are expected to gradually gain understanding of personal appearance. In addition, the impact of this driver is anticipated to continue during the forecast period.
Online sales is the new trend in the global market especially for luxury goods. Increase in the number of online portals as well as their rising popularity fueled the Luxury Jewelry Market Growth. Growth in the number of working professionals and busy lifestyle supplemented with technological awareness are the key factors responsible for boosting online sales. In addition, online sales offer direct-to-home delivery service, which is one of the key driving factors among urban as well as semi-urban consumers.Online sales trend was limited to developed nations, but has recently gained prominence in the developing nations.
Moreover, the rise in interest in luxury jewelry among both female and male consumers as a result of celebrity endorsement has paved the way for luxury jewelry. Furthermore, rising disposable income and living standards in emerging markets such as India, as well as a growing consumer preference for fashion accessories, are the Luxury Jewelry Market Trends. However, the availability of low-quality and counterfeit products, as well as price fluctuations in the raw materials used to make these jewelries, limit market growth.
Over the Luxury Jewelry Market Forecast period, market demand will be driven by fluctuating gold prices and a surge in the prices of diamonds and other precious metals. Increased awareness of new fashion trends and acceptance of new and changing lifestyles, as well as an increase in people's per capita income, will drive business growth in the coming years. Furthermore, the market will benefit from easy access to colored stone jewelry at lower costs and with some less maintenance fees in the near future.
COVID-19 disease began to spread around the world in early 2021, infecting millions of people, and major countries worldwide enacted foot prohibitions and work stoppage orders. So apart from medical supplies and life support products, most industries have been severely impacted, including the luxury jewelry industry. The luxury jewelry market has declined significantly as economic growth has slowed, but it had been growing at a relatively optimistic rate in the four years preceding COVID-19.
Based on the Luxury Jewelry Market Analysis, the market is segmented into product type, application and distribution channel. On the basis of product type, the market is categorized as necklaces, earrings, rings, bracelets, and others. As per application, it is divided into men, women and children. Based on distribution channel, the luxury jewelry market is segmented as online and offline.
Based on the product type, Earrings segment witness a Luxury Jewelry Market Opportunities in the market. The reason for this is that the availability of lightweight earrings in a various designs and colors that can be worn with a variety of outfits creates market growth opportunities.
By application, the women segment held the largest market share due to increase in spending power, aided by the working female population. The women segment is expected to reach $24,104.6 million by 2031.
Depending on the distribution channel, the offline segment led the market, because retail sales channels provide value-added services such as customer care such as customer care. Moreover, online segment witnesses a significant growth rate of 6.9% during the forecast period.
Product launches, mergers & acquisitions, joint ventures, and geographical expansions are key strategies adopted by players in the market. The key players in the luxury jewelry market include Avon Products Inc., Chopard International SA, Giorgio Armani S.p.A, GRAFF, Guccio Gucci S.p.A., LVMH, MIKIMOTO, Pandora Jewelry, LLC, Prada S.p.A, Signet Jewelers Limited, Sukkhi Fashion Jewelry, Swarovski Group, Tanishq, Tribe Amrapali, and Youbella.
Key Findings of the Study
- By type, necklaces was the major segment of the market in 2021, and is anticipated to grow at a significant CAGR of 5.9% during the forecast period.
- Depending on application, the men segment is expected to grow at a CAGR of 6.9%, in terms of value, during the forecast period.
- As per distribution channel, the online sales channel is anticipated to grow at a CAGR of 6.9% during the forecast period.
- Region wise, Asia-Pacific was the dominant region in 2021, occupying 34.6% Luxury Jewelry market share.
Companies Mentioned
- Avon Products Inc
- Chopard International Sa
- Giorgio Armani S.P.A
- Graff
- Guccio Gucci S.P.A
- Lvmh
- Mikimoto
- Prada S.P.A
- Signet Jewelers Limited
- Sukkhi Fashion Jewelry
- Swarovski Group
- Tanishq
- Tribe Amrapali
- Youbella
Methodology
The analyst offers exhaustive research and analysis based on a wide variety of factual inputs, which largely include interviews with industry participants, reliable statistics, and regional intelligence. The in-house industry experts play an instrumental role in designing analytic tools and models, tailored to the requirements of a particular industry segment. The primary research efforts include reaching out participants through mail, tele-conversations, referrals, professional networks, and face-to-face interactions.
They are also in professional corporate relations with various companies that allow them greater flexibility for reaching out to industry participants and commentators for interviews and discussions.
They also refer to a broad array of industry sources for their secondary research, which typically include; however, not limited to:
- Company SEC filings, annual reports, company websites, broker & financial reports, and investor presentations for competitive scenario and shape of the industry
- Scientific and technical writings for product information and related preemptions
- Regional government and statistical databases for macro analysis
- Authentic news articles and other related releases for market evaluation
- Internal and external proprietary databases, key market indicators, and relevant press releases for market estimates and forecast
Furthermore, the accuracy of the data will be analyzed and validated by conducting additional primaries with various industry experts and KOLs. They also provide robust post-sales support to clients.
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Table Information
Report Attribute | Details |
---|---|
No. of Pages | 315 |
Published | July 2022 |
Forecast Period | 2021 - 2031 |
Estimated Market Value ( USD | $ 21751.6 million |
Forecasted Market Value ( USD | $ 40190.7 million |
Compound Annual Growth Rate | 6.3% |
Regions Covered | Global |
No. of Companies Mentioned | 14 |