Prior to the outbreak of COVID-19, jewellery had been growing in popularity due to the emerging casual fashion trend that is being seen not only in Brazil but across the world. An increasing interest in silver and more diverse and accessible materials was making jewellery more affordable, even among those products being offered by luxury manufacturers.
In 2021, Mother’s Day (one of the most important commercial dates of the year) fell after the easing of lockdown restrictions and the resumption of commercial activities, with this benefiting jewellery sales to an extent. Some consumers were able to call on higher purchasing power during this period thanks to savings accumulated due to the lack of expenditure on travelling and entertainment.
With consumers unable to visit physical stores for a prolonged period due to lockdown measures being introduced in early 2021, this pushed players to invest in e-commerce. Important players such as Vivara reported a huge increase in online sales during the first quarter of 2021, with the overall share of e-commerce increasingly significantly since the outbreak of COVID-19.
The brief respite between the periods of imposed commercial lockdown have not been enough to see consumer demand return to pre-pandemic levels. The consistently high numbers of cases and deaths related to COVID-19 has forced Brazil to retain a cautious approach.
Many players are working as wholesalers of imported items delivering affordable items that historically find very fertile ground in Brazil. The large number of new entrants positioned as popular brands of costume jewellery that are recruiting resellers is influencing the market to such a point that even the category leader is considering the business model.
As a very fragmented category, jewellery traditionally counts on a vast number of small players. However, these small players have become more vulnerable due to the uncertainties created by the COVID-19 pandemic.
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This report originates from Passport, our Jewellery research and analysis database.
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