Brands have started undergoing premiumisation in fine jewellery. With the squeeze on disposable incomes in 2022, which is expected to continue in the immediate forecast, the consumers most likely to buy non-luxury pieces of jewellery in the coming years are anticipated to spend on experiences rather than possessions.
With shifts in consumers’ spending and priorities in the UK in 2022, due to the increase in the cost of living, brands will have to look to new ways to maintain existing customers’ interest and attract new ones in the years to come. Some are doing so by focusing on sustainable and ethical production, which appeals to environmentally-conscious Britons.
Inbound arrivals from China and the Gulf States, regions where a high proportion of high-spending tourists come from, are projected to return to pre-pandemic levels in 2023-2024, even though total inbound arrivals in the UK are expected to recover fully in 2026. US tourists are not interested in shopping in the UK, as the country is considered expensive, and the fact that travel from North America is not anticipated to reach the 2019 levels in the forecast period will not have a pronounced effect on luxury sales in the UK.
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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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