Both fine jewellery and costume jewellery are set to see significant growth in 2021, having experienced a marked fall in sales in the previous year. Fine jewellery was hit particularly hard by COVID-19 in 2020, with declines in sales caused by weakened consumer spending power, and travel restrictions resulting in a lack of tourism, particularly from China.
Looking to adapt to the closure of physical stores and consumer concerns about viral transmission through social contact, jewellery retailers have introduced virtual consultations and try-on services. Michael Hill was the first to introduce this service in Australia, allowing customers to book a one-on-one virtual consultation of 10-30 minutes with a specialist through its website.
Pandora Jewelry Pty Ltd overtook Michael Hill Jeweller (Australia) Pty Ltd to regain the lead in jewellery in 2020, as it benefited from the international reputation of its eponymous brand. The company had lost the lead in 2016, but in order to boost its popularity it undertook a brand relaunch by renovating stores, redesigning its e-commerce website – which proved to be a particularly important factor in the context of the COVID-19 crisis - and using celebrities and social media influencers to generate publicity.
Australia has not been affected as severely by the COVID-19 pandemic as many parts of the world, and the jewellery category is expected to continue to recover strongly, exceeding pre-COVID-19 sales by 2022. As well as looking to adapt their core offer and practices to conditions during the pandemic, players are also looking for novel pockets of growth.
The move to digital currency is a notable development under way in jewellery. The markedly changed market conditions resulting from the COVID-19 crisis have encouraged a lot of companies to be open to new ways of doing business, including adopting digital currency.
It is important for players in jewellery not to neglect the costume jewellery segment during the forecast period. Costume jewellery is well-placed for online sales, which have become significantly more important as a result of the COVID-19 crisis, as it is cheaper and therefore offers a lower purchase risk than fine jewellery.
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Jewellery is a kind of personal adornment usually made with various precious and semi-precious materials such as gemstones, precious metals, beads, glass, and shells. Jewellery segment as either real or costume jewellery. Hair Accessories are not included as part of Real or Costume jewellery.See All of Our Definitions
This report originates from Passport, our Jewellery research and analysis database.
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