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The Chinese luxury jewellery category plummeted in the first quarter of 2020 due to the closure of stores and lockdown measures implemented by the government. Moreover, the Spring Festival and Valentine’s Day events, when luxury jewellery brands generally record a significant spike in sales each year, slumped in 2020 due to the pandemic.
Encouraging second-quarter sales helped luxury jewellery to weather the impact of the pandemic with further positive growth seen for the remainder of the year. After a challenging first quarter, luxury jewellery in China quickly capitalised on the reopening of stores in the second quarter, helping them to recover lost ground.
Demand for luxury jewellery among Chinese consumers did not cool due to COVID-19. In fact, in addition to a resurgence in demand, price rises by Bulgari and Dior have helped to offset unfavourable exchange rates and high raw material costs, which enabled them to compensate for the slowdown in quarter one volume growth to some degree.
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Overview
Discover the latest market trends and uncover sources of future market growth for the Luxury Jewellery industry in China with research from Euromonitor's team of in-country analysts.
Find hidden opportunities in the most current research data available, understand competitive threats with our detailed market analysis, and plan your corporate strategy with our expert qualitative analysis and growth projections.
If you're in the Luxury Jewellery industry in China, our research will save you time and money while empowering you to make informed, profitable decisions.
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Gain competitive intelligence about market leaders. Track key industry trends, opportunities and threats. Inform your marketing, brand, strategy and market development, sales and supply functions.