Jewellery in Western Europe

August 2021

Jewellery sales in Western Europe slumped in 2020, with Coronavirus (COVID-19), and the measures taken to try and control its spread, having a negative impact on fine jewellery sales in particular. The closure for extended periods of non-essential bricks-and-mortar stores, including jewellery and watch specialist retailers, hit sales, as did the consumer tendency to prioritise spending on more essential products. Sales are immediately expected to pick up again in 2021.

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Key Findings

Asia Pacific is the key contributor to sales

Asia Pacific is the clear leader in global jewellery sales, well ahead of North America and Western Europe. China and India lead the region’s overall sales, which is attributable to strong demand for gold jewellery. The region has recovered from a slowdown in sales growth in 2016, and is poised for further growth over the forecast period, aided by the rise in the middle-class population.

Costume jewellery to drive growth

More young and fashion-conscious consumers are seeking multiple on-trend and fashionable pieces for everyday styling. This has drawn them to purchase costume jewellery for its greater affordability. At the same time, the growing number of working women, coupled with strong demand for fast fashion brands, has also pushed the performance of costume jewellery.

High-end jewellers set to target local consumers rather than purely tourists

Sales of jewellery in Asia Pacific, especially high-end pieces, are largely dependent on the flow of affluent tourists. Nevertheless, in a bid for steadier demand, retailers are opening stores in residential neighbourhoods to extend their presence and reach affluent local consumers.

Online jewellers are adapting to consumers’ shopping habits

Store-based retailing remains the key point of sales for jewellery, as consumers value the experience and services. However, as Asian consumers are becoming more digitalised, jewellers are adopting an omnichannel approach, such as the use of virtual try-on applications and “bricks-and-clicks” strategies, to ease online shopping.

 

Introduction

Scope
Key findings

Regional Overview

Western Europe the world’s third biggest jewellery market
Slow recovery expected for Western Europe in 2020-2025
Greater decline for fine jewellery in 2020
Major decline in fine jewellery sales in Italy
Both fine and costume jewellery in decline over 2015-2020
COVID-19 a major negative factor for jewellery sales in 2020
E-commerce makes significant gains during the pandemic…
…but jewellery and watch specialist retailers still dominate

Leading Companies and Brands

Slight increase in concentration seen over 2014-2019
LVMH completes the acquisition of Tiffany & Co
Fossil Group continues to generate the bulk of its sales in Germany
Pandora continues to lead Western European jewellery

Forecast Projections

Positive annual growth rates expected from 2021…
…but no return to 2019 sales levels over the forecast period

Country Snapshots

France: Market Context
France: Competitive and Retail Landscape
Germany: Market Context
Germany: Competitive and Retail Landscape
Italy: Market Context
Italy: Competitive and Retail Landscape
Netherlands: Market Context
Netherlands: Competitive and Retail Landscape
Spain: Market Context
Spain: Competitive and Retail Landscape
Sweden: Market Context
Sweden: Competitive and Retail Landscape
Switzerland: Market Context
Switzerland: Competitive and Retail Landscape
Turkey: Market Context
Turkey: Competitive and Retail Landscape
UK: Market Context
UK: Competitive and Retail Landscape
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