Jewellery saw a whirlwind of ups and downs in 2020. As non-essential goods, jewellery was highly vulnerable to the impact of the COVID-19 pandemic, with initial uncertainty manifesting as a quick sharp current value decline followed by a strong rebound.
Luxury jewellery led the recovery of China’s jewellery sales and registered exponential growth towards the end of the review period. This was thanks to strong domestic consumption, buoyed by repatriation of luxury spending.
As a traditional retail industry, China’s jewellery is led by old-fashioned established brands with a long history. The COVID-19 pandemic however led to the urgent call for digital transformation for this traditional industry.
Gold jewellery dominates fine jewellery sales in China, with the overall current value performance of jewellery impacted by fluctuations in gold price. According to China’s gold association, the consumption of gold jewellery dropped by nearly 30% in 2020 in terms of volume but saw current value sales bolstered by the fact that gold prices saw constant growth since 2019, with this mitigating the dramatic decline in volume sales.
Consumers’ consumption purposes and usage of jewellery will continue to become increasingly diversified in the forecast period. Demand for wedding jewellery will contribute to forecast period sales growth but self-reward and investment purchases will also drive sales recovery beyond 2021.
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Understand the latest market trends and future growth opportunities for the Jewellery industry in China with research from Euromonitor International's team of in-country analysts – experts by industry and geographic specialisation.
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This report originates from Passport, our Jewellery research and analysis database.
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