In 2021, jewellery is expected to begin its gradual recovery from the damage caused by the COVID-19 pandemic to sales in 2020. Jewellery was already struggling to achieve growth in 2019 due to low consumer confidence as a result of economic uncertainty, and due to growing expenditure by consumers on consumer electronics and experiences at the expense of jewellery; this was only exacerbated by the pandemic.
Fine jewellery is expected to register a faster recovery in 2021 than costume jewellery thanks, in part, to the return of group gatherings and celebrations such as weddings. In 2020, ceremonies were put on hold due to the impact of the COVID-19 pandemic, but restrictions on weddings will be eased in 2021, stimulating the recovery of jewellery products as consumers dress up for big occasions.
Pandora continued to lead jewellery by a comfortable margin in 2020, proving to be more resilient to the impact of the COVID-19 pandemic than many of its competitors. Consumers appreciate the luxury positioning and accessibility of this brand which is popular for its bracelets and charms.
Over the forecast period, jewellery is expected to post a gradual recovery from the negative impact of the COVID-19 pandemic. 2022 is expected to see the highest retail current value growth rate as the year when consumers and companies alike will be able to benefit the most from the easing of travel restrictions and other COVID-19 measures.
Over the forecast period, e-commerce is expected to remain a dynamic channel in jewellery, boosted by the experience of the COVID-19 pandemic which prompted companies to expand their online presence and consumers to adopt more e-commerce shopping habits. E-commerce will, however, be more successful in costume jewellery than in fine jewellery because Italian consumers prefer to purchase more expensive fine jewellery products in person due to the added element of trust and for the strong experiential connotations associated with purchasing fine jewellery products which are more often purchased for an occasion or as a gift.
Over the forecast period, there are a number of significant changes expected in the competitive landscape of jewellery. Big brand Swarovski, for instance, is expected to reposition as a more accessible luxury brand in the coming years, raising its position but remaining accessible from a price perspective.
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Understand the latest market trends and future growth opportunities for the Jewellery industry in Italy 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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