Luxury jewellery witnessed strong current value growth in 2021, after seeing a significant decline in 2020 due to the COVID-19 pandemic. Luxury costume jewellery, or luxury fashion jewellery as it can also be referred to, performed particularly well, with demand for such products increasing amongst younger generations as they value them for their aesthetics rather than intrinsic value, as is the case with luxury fine jewellery that is made of gold or other precious metals.
During the pandemic, high-income consumers in Germany saw their purchasing power barely change, and since the economy has been recovering, their prospects have actually improved substantially. As this group increased in total size in the country, so did expenditure on luxury jewellery.
The lockdowns imposed in both 2020 and 2021 boosted the importance of e-commerce for luxury jewellery in Germany. However, despite the considerable growth witnessed in the past decade, this channel is still far from the share registered in other product categories within luxury goods.
While it is obvious at this stage that e-commerce is increasing non-stop in all luxury goods categories, including luxury jewellery, despite its relatively slower pace of growth, it is also important to understand how store-based retailing is shifting along with the impact of the pandemic. Before 2020, it was already the case that department stores were facing some challenges in the country.
With lower international expenditure when compared with pre-pandemic levels and a constant increase in the number of high-income individuals residing in Germany, per capita expenditure in the country on luxury jewellery is expected to increase very rapidly and surpass the 2019 level throughout the forecast period. Albeit higher purchasing power partly explains this effect, the increases in prices by brands since the start of the pandemic and relatively inelastic demand seen in the country from such groups will drive sales in this luxury goods category in the forecast period.
Sustainability is an important topic in Germany, and the pandemic has only reinforced the feeling of responsibility amongst consumers throughout the country. Even when it comes to luxury goods this trend has been growing, and luxury jewellery is no exception.
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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 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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