Following jewellery sales’ strong rebound in 2021 from the pandemic-induced steep decline seen in 2020, the re-emergence of COVID-19 in China resulted in a slowdown in the regional performance in 2022, with a return to 2019 sales levels not now expected until 2023. While jewellery does not lend itself to online sales as well as many other products, e-commerce continued to gain ground in 2022, with the pandemic having helped drive digitalisation within the industry.
This report comes in PPT.
Jewellery sales were growing almost universally across the region in 2022 as Asia Pacific continued to recover from the pandemic, even as the Omicron variant was leading to a resurgence in COVID-19 case numbers in China. Gold jewellery, which dominates fine jewellery sales in China, was performing well here, despite renewed lockdowns and a therefore difficult economic climate, helped by this product’s strong value retention characteristics.
With almost half a billion women in the 15-64 age group in India, and ever more of them joining the workforce, this is also boosting the number of females with disposable income to purchase lightweight everyday fine or costume jewellery, in addition to the traditionally more popular heavy gold jewellery designs ideal for wearing at formal family events. Women in India have therefore been showing a rising interest in purchasing lightweight everyday jewellery that they can wear at work, to informal events or for everyday purposes.
Interestingly, Hong Kong and Singapore – which have the highest per capita spend on jewellery – also have two of the three biggest e-commerce shares. The pandemic undoubtedly forced a global business paradigm shift towards the digital economy. However, face-to-face interaction remains important for jewellery sales, so that store-based retail still dominates distribution.
Although China will remain the biggest market in the region, India will be adding more new sales over the forecast period, accounting for 44% of the new value expected to be seen in Asia Pacific. Rising demand for silver jewellery, more men wanting to look stylish with the help of jewellery products and investments by players and retailers across the omnichannel spectrum will help drive growth in India in the coming years. Between them, China and India will account for 77% of the region’s new sales in 2022-2207.
Personal Accessories refers to a diversified group of personal products including Bags & Luggage, Jewellery, Watches and Writing instruments.
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