Prior to the outbreak of the COVID-19 pandemic in Germany, the luxury jewellery industry was steadily performing, characterised by traditional demand that saw the landscape recording value growth of 4% in 2019.
Luxury fine jewellery is set to see the weakest decline in 2020, although it will still record a double-digit value decline. In contrast, luxury costume jewellery is set to record the most significant decline in sales.
While traditionally, the demand for jewellery is high in Germany, the competitive landscape remains fragmented. Although the leading two players, Cartier SA and Louis Vuitton have double-digit value share, there is a high volume of small, niche local players.
Demand for luxury jewellery is likely to increase in 2021; however, this will align to the successful roll-out of a COVID-19 vaccine, or lower levels of cases across the country, which will allow consumers to socialise and attend events once more. Demand could return from summer 2021 if weddings and fashion occasions are back in place.
Given the high prevalence of small jewellery companies in Germany, the severe drop in demand in 2020 will inevitably result in bankruptcies by 2021. Bigger local players such as Wellendorf and the top international players including Cartier SA and Louis Vuitton, are able to take advantage of their strong financial backing, and as such, their recoveries will be much swifter.
E-commerce is not a common retailing method for luxury jewellery, due to consumers desires to try items on in person and discuss details with store staff. However, due to the outbreak of COVID-19, some consumers migrated to the online channel, as they felt this was a safer method of purchasing, while during the lockdown period, this was the only method to access luxury jewellery.
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Understand the latest market trends and future growth opportunities for the Luxury Jewellery industry in Germany with research from Euromonitor International's team of in-country analysts – experts by industry and geographic specialisation.
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This report originates from Passport, our Luxury Jewellery research and analysis database.
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