After two years of declining sales in 2019 and 2020, hit by social unrest and then the pandemic, sales of luxury jewellery are expected to record double-digit percentage growth in 2021, albeit from what has become a much smaller base. Local consumption of high jewellery had already started to bounce back in the final quarter of 2020, and pent-up demand has provided a further boost to sales in 2021, aided by the rolling out of Hong Kong’s vaccination programme as well as stimulus from government initiatives.
Richemont remained the leading player in luxury jewellery in 2020, in spite of seeing its value share decline during the year. Its brands such as Cartier or Van Cleef & Arpels were showing relatively strong resilience in terms of local consumption, but its strong reliance on tourist spending meant that local consumption was unable to offset the loss of sales to inbound visitors.
With consumers’ spending power having been hit by the measures implemented to contain the spread of the COVID-19 virus in 2020 and 2021, despite the e-consumption coupons sponsored by the government, entry-level products with lower prices were popular. Luxury jewellery brands looking to drive the initial recovery in the category as the threat from COVID-19 diminishes will therefore need to attend to prevailing trends among local consumers, as the revival of inbound travel is likely to take time.
Although luxury jewellery has returned to seeing positive growth, it is expected to remain volatile over the forecast period, particularly in the short term, due to the uncertainty of border arrangements with Mainland China. Tourists from Mainland China will likely play an important role in terms of driving a full recovery in the luxury jewellery performance in Hong Kong.
Brand owners continue to boost the service quality and exclusivity via their digital platforms, which will further strengthen the retail evolution towards the omnichannel approach, extending the customer journey before and after making purchases. Richemont has further enhanced its e-commerce services during the pandemic, including free delivery and flexible refund policies for its Piaget and Cartier brands.
High jewellery is expected to remain resilient and dynamic over the forecast period as demand among affluent local consumers remains vibrant. Brands such as Chanel or Van Cleef & Arpels are seeing stable performances.
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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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