Traditionally, sales of luxury jewellery in Indonesia have tended to spike in the run-up to major religious festivals such as Eid Al Fitr and Hari Raya. This is because many of Indonesia’s more affluent people choose to purchase expensive items of jewellery before returning to their hometowns and villages, a tradition known as Mudik, either as gifts for friends and family or in many cases to flaunt their wealth and signify their elevated social economic status to their proud family and friends back home.
Sales of luxury jewellery declined significantly during 2020 as the social distancing protocols in response to the COVID-19 pandemic encouraged many people to postpone weddings, birthday parties, and other celebrations until the COVID-19 situation is resolved. This has had a particularly strong negative impact on demand for luxury jewellery, which is frequently purchased as a gift for major celebrations.
2020 saw a significant increase in the price of gold at global level. This is because gold was increasingly regarded as a safe investment at a time of considerable uncertainty in currency and capital markets.
While the forecast period is expected to see sales of luxury jewellery gradually recover from the pressures created by the COVID-19 pandemic, sales growth is not expected to be as high as in other categories of luxury goods. This is due to the uncertain economic environment and the desire of investors to play it safe, particularly with the prices of gold continuing to rise and the devaluation of the local Rupiah against the US dollar.
The popularity of luxury costume jewellery is expected to increase over the forecast period as consumers priced out of luxury fine jewellery turn to less expensive but equally elegant items categorised under luxury costume jewellery. The rising price of luxury fine jewellery is largely tied to the increasing price of gold at global level, with many of those unable to afford luxury fine jewellery expected to turn to items made from gold-plated steel rather than solid gold.
The forecast period is expected to witness the increasing importance of collaborations between brands and popular social media influencers to market luxury jewellery. Many luxury fine jewellery brands have sought to take advantage of the strong public profiles of numerous notable Indonesians in their marketing campaigns, launching their fine jewellery collections in collaboration with notable celebrities and, increasingly, social media influencers as well.
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Understand the latest market trends and future growth opportunities for the Luxury Jewellery industry in Indonesia 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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