In 2020, luxury jewellery suffered a steep contraction in retail value sales due to the significant impact of store closures during the state of emergency in April and May. Long-term border closures also led to plummeting sales as the performance of luxury jewellery is heavily supported by inbound tourists.
Tiffany & Co continues to hold a strong lead luxury jewellery, thanks to unique collaborations and promotional campaigns to maintain consumers’ interest. In 2021, the brand ran a promotion called “My Styling, My HardWear”, collaborating with famous stylists such as Masaru Sakurai to use the Tiffany HardWear line to style various celebrities, both female and male, such as singer-songwriter and guitarist Miyavi.
In the review period, more gender fluid concepts started to emerge in Japan. This trend was not limited to jewellery, but also evident in other industries, such as beauty and personal care (with men’s skin care and colour cosmetics showing momentum) and also apparel (unisex clothing, more availability of gender fluid underwear, etc.
In 2021, the number COVID-19 cases continued to surge, especially in the middle of the year, with the highest number of cases recorded in August. Consumers therefore maintained home seclusion for much of the year, refraining from unnecessary outings.
Luxury jewellery is set to see another year of dynamic current value growth in 2022, before slowing to more stable single-digit growth rates for the rest of the forecast period, reaching the pre-pandemic level of sales at the end of 2023 or beginning of 2024. With e-commerce becoming increasingly important in luxury jewellery as a result of the pandemic, it will be important for players to have a presence online, but it should be noted that physical outlets will also remain important in order for luxury brands to offer unique experiences.
In the forecast period, players in luxury jewellery will need to keep a close eye on non-luxury players, as some are very agile and are implementing new concepts and emerging trends more rapidly. For example, 4? by Yondoshi Holdings, which is one of the leading non-luxury players in Japan, announced two new lines following recent trends.
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Understand the latest market trends and future growth opportunities for the Luxury Jewellery industry in Japan 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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