Thanks to its catch-up bounce-back of 2021-2022, jewellery already reached its pre-pandemic level in early 2022 according to local industry sources. Regarding luxury and upmarket jewellery, after the atypical peak of 2021-to-early 2022, 2023 and the short-term period should witness the comeback of affluent Americans and customers from the Arabian Peninsula, but likely not from China.
Sales could be driven by recovery in men's fine jewellery (mainly due to a catch-up effect, as it dropped more than others in 2020-2021), and the ongoing success of wedding jewellery that previously suffered from restrictions around events gathering numerous people. All fine jewellery related to engagement, wedding and other events should forge ahead too – essentially, everything that has been lost in the troubled years of 2020-2021 will be regained in the short-term, according to Orest, a key manufacturer and subcontractor in tin this area.
The rise of ethical consumerism, especially with an eye on sustainability, is supporting the increasingly fashionable status of purchasing luxury apparel and, particularly, watches, as long-lasting investments (as opposed to fast fashion indulgences) and this is likely to become an increasingly prominent trend in jewellery. Following the 2009 recession, the trend of purchasing gold exploded as consumers looked to make more secure investments.
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Jewellery
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 DefinitionsThis report originates from Passport, our Jewellery research and analysis database.
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