Argentinian consumers with a higher disposable income have not been significantly affected by the COVID-19 pandemic and local recession; the pandemic has even improved their situation as, according to Euromonitor’s Income Distribution Model, a 20-25% increase is expected in the number of households with a disposable income above USD100,000 for the 2020-2025 period. As these consumers have higher purchasing power, luxury categories such as jewellery have seen a recovery in 2021 as social occasions have returned.
As the pandemic has strongly impacted the local economy, a vast number of people have turned to selling their valuable belongings either out of necessity or for safety reason due to the increasing number of jewellery robberies in Argentina. Smaller jewellers and pawnshops have seen a booming offer of all kinds of luxury jewellery but mainly gold items like rings and necklaces.
The noted international luxury jewellery brand Pandora entered Argentina in 2018 with the opening of its first mono-brand retail outlets. The company quickly found success in the country and it has expanded very rapidly, helping it to overtake Swarovski as the leading brand of luxury jewellery by value share.
As part of confinement and fear of catching COVID-19, interest in online auctions has boomed in 2021. Art, furniture and even jewellery can be found in virtual auctions and consumers appreciate shopping for these luxury items in the comfort of their homes whilst maintaining their anonymity.
Due to the uncertain economic situation in Argentina, all of the main luxury jewellery brands distribute their products through partnerships with official local distributors. These specialists have a great reputation amongst local consumers and have successfully developed omnichannel strategies to overcome the COVID-19 pandemic.
The Style Store, which emerged as a rebranding of Style Watch, went from being a website for watches and jewellery to becoming a marketplace for international luxury brands, in addition to exclusively representing firms such as Hugo Boss, Swatch, Swarovski and Tissot in the country, and has its own line of Italian silver jewellery, Carmín. With 20 own stores in shopping malls and a presence in CABA, GBA, La Plata, Mar del Plata, Rosario, Córdoba, Mendoza and Neuquén, it combines physical stores with franchises and an innovative e-commerce strategy.
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Understand the latest market trends and future growth opportunities for the Luxury Jewellery industry in Argentina with research from Euromonitor International's team of in-country analysts – experts by industry and geographic specialisation.
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This is the aggregation of luxury fine jewellery and luxury costume jewellery.See All of Our Definitions
This report originates from Passport, our Luxury Jewellery research and analysis database.
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