Jewellery in Asia Pacific

April 2022

Jewellery sales recorded a strong rebound in 2021 from the steep decline seen in 2020, when Coronavirus (COVID-19) first hit the region. Sales began to recover in the second half or final quarter in many Asia Pacific countries in 2020, and, although some markets were impacted by further lockdowns during 2021, performances improved markedly year on year in most markets across the region in 2021, although Asia Pacific sales as a whole will take a few more years to return to pre-pandemic levels.

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Key Findings

Region sees a return to positive growth in 2021

While most markets in Asia Pacific were recording positive growth in their jewellery sales in 2021, following the marked declines seen almost across the board in 2020, many were unable to return immediately to their pre-pandemic levels. China, the region’s biggest market, was an exception to this, in spite of also having seen a slight sales decline in 2019, prior to the pandemic. The Thai market continued to decline in 2021, with COVID-19’s economic impact meaning that many Thai consumers were maintaining conservative and economical spending behaviour, hitting demand for jewellery products.

Fine jewellery more dynamic in 2021

Fine jewellery tended to outperform costume jewellery across much of the region in 2021. In China, for example, this was due to luxury spending happening more in the domestic market than usual, given the travel restrictions still in place. However, the postponement of many weddings to 2021, also helped sales of gold jewellery, a common gift at wedding ceremonies in both China and India, driving fine jewellery sales.

E-commerce gains share in the pandemic

Although store-based retailing continues to dominate jewellery sales in Asia Pacific, circumstances combined in 2020 to help e-commerce record strong growth, with the biggest shares seen in Hong Kong, Japan and China. While the online sales shares shrank in some countries in 2021, they also tended to remain well above pre-pandemic levels.

Positive growth expected over 2021-2026

Jewellery will see positive annual growth rates over the 2021-2026 period, although they will be gradually slowing year on year. Pre-pandemic sales levels are not, currently, expected to be reached until 2023, although the spiking case numbers being seen in early 2022 could push this date back a little further.

Introduction

Scope
Key findings

Regional Overview

Asia Pacific the biggest and most dynamic regional jewellery market
Strong rebound seen in 2021, with further growth expected to 2026
China leads the regional rebound in 2021
Fine jewellery again outperforms costume jewellery in 2021
Chinese fine jewellery dominates new 2016-2021 sales
China leading the recovery from COVID-19 in 2021
Jewellery and watch specialist retailers the dominant channel
Pandemic helps boost the e-commerce channel’s regional share

Leading Companies and Brands

Jewellery has a fragmented competitive landscape in Asia Pacific
Chinese players continue to lead jewellery in Asia Pacific
China, India and Japan the main markets for the top 10 players
Bvlgari enters the top 10 brands in Asia Pacific

Forecast Projections

Strong rebound seen in 2021…
…but sales will not return to pre-pandemic levels until 2023

Country Snapshots

China: Market Context
China: Competitive and Retail Landscape
Hong Kong, China: Market Context
Hong Kong, China: Competitive and Retail Landscape
India: Market Context
India: Competitive and Retail Landscape
Indonesia: Market Context
Indonesia: Competitive and Retail Landscape
Japan: Market Context
Japan: Competitive and Retail Landscape
Malaysia: Market Context
Malaysia: Competitive and Retail Landscape
Philippines: Market Context
Philippines: Competitive and Retail Landscape
Singapore: Market Context
Singapore: Competitive and Retail Landscape
South Korea: Market Context
South Korea: Competitive and Retail Landscape
Taiwan: Market Context
Taiwan: Competitive and Retail Landscape
Thailand: Market Context
Thailand: Competitive and Retail Landscape
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