Luxury jewellery led the post-COVID-19 recovery of jewellery in the Chinese market and grew ahead of pre-crisis levels, buoyed by the repatriation of luxury spending due to the travel restrictions in place. Besides overseas demand shifting back home, delayed demand for wedding jewellery is set to be released in 2021 and beyond.
The COVID-19 pandemic prompted digital transformation in luxury jewellery. Jewellery brands have flooded into the Tmall Luxury Pavilion since the outbreak of the pandemic in 2020.
As one of the fastest growing categories in personal luxury in China, jewellery is seen by many leading luxury houses as the new growth engine to drive their business in China. The past few years witnessed the growing ambitions of luxury brands such as Chanel, Kering and Dior in luxury jewellery, and the resilience this category showed amidst COVID-19 accelerated their ambitions in jewellery.
With Chinese consumers increasing their purchases of luxury jewellery, making their story-telling resonate with local consumers has become one of the key to success for luxury jewellery brands in the Chinese market. One of the representative occasions is Chinese Valentine’s Day, when luxury jewellery brands scramble to hold love-themed campaigns and launch limited special editions for this holiday.
Consumers’ consumption purposes and usage occasions for jewellery will continue to become increasingly diversified in the forecast period. Demand for wedding jewellery will lead sales growth in the forecast period.
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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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