Jewellery was strongly impacted at the start of the pandemic with the expensive, non-essential nature of the product preventing consumers from buying. Many jewellery stores are within large shopping malls, which suffered from reduced operating hours - this limited the opportunities consumers had for purchasing jewellery.
Despite losses in share, Richemont Asia Pacific continued to lead jewellery in 2020, thanks to its top Cartier brand. Globally known as the epitome of luxury in fine jewellery, Cartier appeals to high-income consumers seeking status symbol pieces.
Whilst Taiwan has not seen as strict COVID-19 lockdowns as other territories, consumers are still shopping in-person less in 2021 to avoid exposure to the virus. As such, brands have increasingly digitalised their businesses and tried to transfer sales to e-commerce.
The growth of jewellery is anticipated to be complicated in the coming years, due to expected economic problems the country will face during and in the aftermath of COVID-19. Consumers with limited budgets will focus their spending on essential categories, of which jewellery is not.
Costume jewellery is expected to become more popular, especially via e-commerce, as consumers seek to buy multiple jewellery pieces as fashion items, that can be rotated and matched with apparel to form different looks. Design and customisation will start to matter more than the brand name in costume jewellery, as consumers increasingly start to value uniqueness in their purchases.
The concept of polarised offerings is set to offer excellent opportunities for fine jewellery players to expand their consumer audiences over the forecast period. Whilst fashion jewellery from traditionally luxurious brands is not in direct competition with costume jewellery, the lower prices and high-end associations provide this emerging concept with a perfect placing between the two.
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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.
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