Consumers’ continuing price sensitivity is negatively impacting sales of non-essential items, such as jewellery in 2021. Economic uncertainty in the face of the pandemic, coupled with relatively low GDP growth rates, the increasing cost of living, social and political instability as well as continued low consumer confidence levels are all factors exacerbating consumers spending on non-essential goods.
Jewellery and watch specialist retailers are increasingly participating in promotion-based sales, outside of the regular Valentine’s day or festive holiday promotions during 2021. This is particularly true for fine jewellery that generally has fewer promotion-based sales or discount periods.
Jewellery trends as part of the fashion industry, are heavily impacted by the latest fashion or style trends. The COVID-19 pandemic resulted in changes to fashion trends due to many consumers’ movements being restricted as they are increasingly at home, for work as well as due to social distancing measures.
The impact of jewellery manufacturing on the environment is becoming increasingly important to many consumers. Consequently, many jewellery companies are tracking and publishing environmental performance measures such as their carbon dioxide emissions, their water and energy consumption during the manufacturing process as well as the amount of packaging that is used.
Jewellery is naturally valued at high prices as a result of the scarcity of the materials, manufacturing processes, industry status, and the mark-ups that are added to the final product. However, unlike other personal accessory items in the luxury industry, the Added Luxury Value (ALV) of jewellery is seldomly identified and used in the process of valuing the jewellery.
The e-commerce channel saw sustained value growth over the review period, but uptake accelerated during 2020 and has shown enormous growth potential. However, jewellery was one of the categories that initially did not seem to be able to successfully sell items through e-commerce platforms due to consumers preferring to see and feel the products before purchasing, as well as appreciating the added value of being assisted by trained personnel or the designers themselves, in the decision-making process.
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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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