Though jewellery has been severely downgraded due to loss of tourist spending in 2020, fine jewellery has performed relatively better than costume jewellery and it is expected to recover faster than costume jewellery in 2021 and beyond. Firstly, in terms of local demand, bridal jewellery has been perceived more essential than everyday jewellery.
Prior to the COVID-19 pandemic, tourist spending tended to account for a significant share of business of multiple leading brands. As travel restrictions remain uncertain in 2021, local consumers have become the focus of international and local jewellery brands.
As fine jewellery is expected to record a faster growth than costume jewellery in 2021, polarisation of fine jewellery is likely to emerge in 2021. With high jewellery remaining highly desirable and good investment value among high-income customers, young and price-sensitive customers tend to choose affordable and design-oriented jewellery for daily accessory demand instead of trading up to luxury brands.
Over the forecast period, travel flows from mainland China remain an important indicator that will influence jewellery’s performance in Hong Kong. With growing competition from domestic duty-free shopping in mainland China, individual travellers are expected to shop less in Hong Kong than that before the pandemic.
Sustainability has been the focus of multiple jewellery brands since before the pandemic. The pandemic has indeed prompted local brands to move towards sustainability from supply chain management to product innovation.
As brands ramped up their digital presence via social media and e-commerce, internet retailing recorded historical growth in 2020. In 2021 and beyond, though the growth rate is expected to slow down, digital channels will become an essential part of customers’ experiences for future retail.
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Understand the latest market trends and future growth opportunities for the Jewellery industry in Hong Kong, China with research from Euromonitor International's team of in-country analysts – experts by industry and geographic specialisation.
Key trends are clearly and succinctly summarised alongside the most current research data available. Understand and assess competitive threats and plan corporate strategy with our qualitative analysis, insight and confident growth projections.
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This report originates from Passport, our Jewellery research and analysis database.
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