As a result of the outbreak of COVID-19 in 2020, demand for both costume jewellery and fine jewellery declined, with the landscape recording a double-digit value decline for that year. This was a striking change from the previous years, where retail volume sales and current value sales of jewellery recorded steady, albeit moderate, growth, with volume sales growth slightly stronger for less expensive costume jewellery.
Amongst other restrictions to control waves of COVID-19, the Spanish authorities have continued to encourage working from home policies throughout 2021. Working from home has increased price sensitivity in the country, with many consumers uncertain about their financial security and future.
Domestic player Joyería Tous led jewellery in value sales terms in 2020, a position the company has held in the highly fragmented category throughout the review period. However, the company's image was damaged during the Catalan crisis in 2017, and that limited its growth in Spain.
Having recorded low level value growth of 1% in 2021, value sales are set to pick up over the rest of the forecast period, with jewellery looking to record a volume CAGR of 8%. However, the economic uncertainty the country is witnessing will lead to some consumers showing a more conservative and reluctant approach in terms of spending over the early forecast period.
The importance and ongoing rise of e-commerce sales is set to continue growing over the forecast period, with many consumers having become accustomed to the ease and convenience of online shopping during the outbreak of COVID-19. However, the future growth of the channel is set to be limited by the fact that many Spaniards do not feel confident to spend more than EUR1,000 online.
Prior to the pandemic, many younger consumers decided to spend their money on experiences rather than on objects, and at some level, this negatively affected demand for jewellery. As consumers recover from the impact of the pandemic and decide to go out more often, this trend of accumulating experiences will likely regain its importance, and this will somewhat challenge growth across the early forecast period.
Files are delivered directly into your account soon after payment is received and any tax is certification is verified (where applicable).
This report comes in PDF with additional info in Excel included.
Understand the latest market trends and future growth opportunities for the Jewellery industry in Spain 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.
If you're in the Jewellery industry in Spain, our research will help you to make informed, intelligent decisions; to recognise and profit from opportunity, or to offer resilience amidst market uncertainty.
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 Definitions
This report originates from Passport, our Jewellery research and analysis database.
If you purchase a report that is updated in the next 60 days, we will send you the new edition and data extraction Free!