The popularity of costume jewellery continued to increase in 2019, for various reasons. One major influence is the high crime rate in some major urban areas, with many becoming increasingly fearful of snatch thefts and robberies.
2019 saw sales of fine jewellery hit by economic uncertainty, with many consumers reluctant to splash out on expensive items of high-end jewellery. Relatively high inflation as of April 2019 combined with spreading job insecurity and the rising cost of living to discourage spending on jewellery generally, with fine jewellery hardest hit.
Licensing designs that involve collaborations between jewellery manufacturers and the holders of the image licenses of well-known characters continued to become more important for sales of jewellery in 2019. One notable example of this during the year was Poh Kong’s launch of Disney licenced character design jewellery to celebrate 90 years of Mickey Mouse under the name Mickey the True Original: 90 Years of Magic.
A fairly even split in sales of jewellery can be seen between international and domestic players. Well-known domestic jewellery players such as Poh Kong, Wah Chan, Tomei and Habib are prominent among the category’s leading names and this is largely due to their ability to create jewellery that responds to the specific needs of local people.
Jewellery and watch specialist retailers remains heavily dominant in the retail distribution of jewellery in Malaysia. This is largely due to the premium image that many retailers have as well as the numerous advantages that these retail outlets offer.
Widespread price cuts were seen in jewellery in 2019 as the uncertain economic conditions and waning demand prompted numerous players in the category to make their products more affordable to support demand. This was much more evident among non-luxury fine jewellery brands such as Poh Kong, Tomei, Wah Chan and Habib as these brands cater predominantly to consumers who are not particularly affluent.
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This industry report originates from Passport, our Jewellery market research database.