The jewellery industry in Italy has a large presence of small independent jewellers, all of whose activity was halted during the COVID-19 lockdown of spring 2020. In addition, once the lockdown from March-May was over, operators faced major challenges because the typical outlet is very small, and in most cases, retailers were unable to implement social distancing.
Luxury fine jewellery (particularly women’s luxury fine jewellery) will be top performer in luxury jewellery in terms of its rate of retail current value sales growth during 2021, largely due to the partial return of wedding ceremonies. As a result of the pandemic, there were very few weddings in 2020, with most of the weddings that would otherwise have taken place during the year rescheduled for 2021 or 2022.
Physical boutiques remain the main distribution channel for luxury jewellery in Italy, but e-commerce grew in importance throughout the forecast period, particularly during 2020. Luxury jewellery brands are now paying more attention to this channel, with Bulgari launching its own e-commerce website in Italy during 2020, for example.
The pace of recovery in retail current value sales of luxury jewellery will accelerate during 2022, as the economic shock of the pandemic continues to fade and international tourism continues to revive. International tourists tend to favour Italian luxury fine jewellery brands, such as Bvlgari, Gianni Carità, Pomellato and Damiani.
Luxury jewellery will continue to benefit from its emotional appeal, as it is often used to celebrate occasions and reunions, which many local consumers appreciate even more in the wake of the pandemic. Moreover, fine luxury jewellery will continue to be seen as a relatively safe investment.
E-commerce will continue to grow in significance as a distribution channel for luxury jewellery during the forecast period. Luxury jewellery was already trending towards branded products prior to the advent of COVID-19, and the growth of e-commerce will provide additional support to this trend.
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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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