Along with luxury timepieces, luxury jewellery is one of the most emblematic categories in luxury goods, and thus was amongst the first categories to bear the brunt of the COVID-19 crisis. As in other categories, luxury goods suffered from the closure of non-essential retail outlets throughout France from March to May 2020 as well as in late 2020 and early 2021.
Cheaper gold, less silver and costume jewellery, and limited albeit rising prices for wedding jewellery could summarise the developments in luxury jewellery during second half of 2020 and 2021. Given this, sales of some categories and price-brackets waned more than others.
All players suffered from declining sales in 2020 as a result of the COVID-19 crisis with Swarovski suffering particularly significant losses that culminated in the loss of 600 employees in the middle of the year. Swarovski traditionally relies on collaborations with fashion designers and the film industry but given the lack of fashion events and filming opportunities, demand for its products slumped.
After a rather damp reprieve in 2021, the next couple of years within the forecast period are anticipated to be the real years of recovery for French luxury jewellery, primarily thanks to the expected return of inbound tourists. However, it is likely that players must rely much less on Asian tourists than in the past because Chinese millennials are increasingly buying French luxury brands in their own country and no longer see a Parisian shopping spree as a vital part of a European holiday.
Following the 2009 recession, the trend of purchasing gold exploded as consumers looked to make more secure investments. The same effect is expected to follow the economic upheaval of the COVID-19 crisis.
More than ever, the pandemic revealed how damaging delaying digital development was for luxury jewellery players, particularly in fine jewellery. Millennials are more likely to be attracted to companies with a wider online presence.
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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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