Luxury Jewellery in Australia

PROSPECTS

Millennial women continue to invest in luxury fine jewellery

Luxury fine jewellery posted faster current value growth than luxury costume jewellery in 2019, and looks set to remain the most dynamic performer in this respect over the forecast period. The category will continue to benefit from the growing tendency of consumers to purchase luxury fine jewellery products not only as fashion accessories, but also as an investment.

More players introduce customisation and bespoke services

In a sign of the growing importance of personalisation as a competitive strategy in luxury goods, more luxury jewellery players have started to offer customised and made-to-order products in recent years. For example, the invitation-only EIP Privé platform launched by Net-a-Porter in mid-2019 accommodates customisation and bespoke requests, allowing loyal customers to buy rare and one-of-a-kind pieces from renowned brands such as Piaget, Boehmer et Bassenge and Boghossian.

New Tiffany flagship exemplifies focus on providing luxurious in-store experiences

Offering customised and bespoke pieces is just one of several ways in which luxury jewellery companies in Australia are attempting to enhance the experiential component of their brands for consumers. Many players are also focused on providing more exclusive shopping experiences, including by opening lavishly decorated stores in prestigious locations.

COMPETITIVE LANDSCAPE

Swarovski embraces “conscious luxury” with ethical and eco-friendly collections

As is the case across all luxury goods categories, companies in luxury jewellery are increasingly pursuing ethical and sustainability initiatives to keep pace with changing consumer preferences. Swarovski is among the players that have been to the fore in this regard in recent years, adopting a variety of policies to improve energy efficiency and waste management, reduce water usage and cut its overall emissions.

Pandora marks global brand revamp with Pitt Street pop-up installation

Danish luxury jewellery manufacturer and retailer Pandora relaunched its eponymous brand in 2019 following a complete overhaul of its image and marketing strategy. Implemented to address poor sales and concerns the brand had drifted away from its original affordable luxury positioning, the project included the revamp of all Pandora stores worldwide and the brand’s online operations, an updated logo and monogram, increased spending on promotional campaigns featuring celebrities and influencers, and the launch of new Harry Potter- and Disney-themed collections.

Investment in online sales and marketing strategies continues to rise

The value share of the internet retailing channel in luxury jewellery remained comparatively low in 2019, with store-based retailers – mainly specialist outlets – continuing to dominate distribution. This reflected the fact that consumers tend to enjoy the in-store experience and want to see and touch products before parting with their money, particularly when it comes to higher-priced luxury fine jewellery.

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