The jewellery industry in Italy has a large presence of small independent jewellers, all of whose activity was halted during the COVID-19 lockdown. In addition, once the lockdown from March-May was over, operators faced major challenges because the average square meters per outlet is small, and in most cases, stores were unable to implement social distancing.
In Italy, gold and silver are increasingly being sold at higher prices, given that investors consider these a safe hub at a time of economic and political uncertainty. This is causing all jewellers to raise the prices of products they have in stock, to make higher margins against fewer sales.
Within luxury jewellery, retailers felt confident about the 2020 Christmas season. Although social life and opportunities to showcase new pieces were limited during the year, due to COVID-19, jewellery is something intimate and personal that men and women can continue to wear, even during seclusion.
Luxury jewellery is expected to recover from 2021, aligning to when consumers feel confident enough to visit stores and shop in public. During 2020, e-commerce saw an increase in sales, with consumers feeling more comfortable to shop in the safety of their home.
Considering the unprecedented rise in gold and silver costs over the forecast period, operators will focus on new collections that reduce the quantity of these materials. This will favour products made of mixed materials, such as gold and silver with cotton and rubber.
Over the forecast period, the human and artisanal touch of some jewellery pieces will be considered a premium offering by affluent customers, given that many prefer having unique pieces made by Italian artisans. Consequently, Italy is forecasted to invest in developing a more skilled younger workforce that can produce unique pieces.
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This report originates from Passport, our Luxury Jewellery research and analysis database.
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