Luxury jewellery had already been going through challenging times before the pandemic. The objective of captivating millennials and generation Z with traditional status symbols was proving difficult to achieve, preventing the category from seeing significant growth.
Logistics processes were severely hindered by the preventative measures regarding global transportation. Governments closed the doors on arrivals from other countries, raw material supplies were temporarily paused, manufacturers suspended operations and retailers were closed.
Many consumers found it a challenge to maintain their mental health during the long periods of confinement. Household repairs, refurbishments and decoration makeovers were some of the most common “therapies” that families used, with the objective of enhancing the place where it was mandatory for them to stay for an indefinite period.
Important macroeconomic indicators, such as unemployment and indices of industrial activity, have been strongly negative during the pandemic, and the impact will continue to be felt in the long term. Prior to the pandemic, the luxury industry was aiming to expand its pool of consumers.
Leading players such as Bulgari have launched e-commerce platforms in Brazil. The increasing number of luxury e-commerce platforms brings more possibilities for brands to use other players’ marketplaces, such as Farfetch, Iguatemi 365, CJ Fashion (Shopping Cidade Jardim) and NK Store.
The period of social restrictions is predicted to last until at least mid-2021, with consumers still largely being confined to Brazil owing to the severe impact on the flows of international tourism. The lack of options in terms of leisure activities, with restrictions on the opening of restaurants, clubs and bars, is predicted to result in a transferring of expenditure to other personal luxury categories, such as jewellery and accessories.
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Understand the latest market trends and future growth opportunities for the Luxury Jewellery industry in Brazil with research from Euromonitor International's team of in-country analysts – experts by industry and geographic specialisation.
Key trends are clearly and succinctly summarised alongside the most current research data available. Understand and assess competitive threats and plan corporate strategy with our qualitative analysis, insight and confident growth projections.
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This report originates from Passport, our Luxury Jewellery research and analysis database.
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