Due to restrictions imposed to curb the spread of COVID-19, sales of luxury jewellery in Malaysia were restricted in 2020. For example, during the country lockdown between 18 March and 4 May 2020, non-essential stores were required to cease operations, including jewellery specialist retailers.
In 2020, players responded to the pandemic with different strategies. Entry-level luxury jewellery brands such as Tiffany & Co, Coach, Tory Burch, and Swarovski actively engaged in price promotion strategies to attract consumers.
In 2020, consumers increased their purchases through online channels, although this was mostly applicable to entry-level brands, as well as luxury costume jewellery. In fact, consumers preferred the online shopping experience for entry-level brands such as Coach.
In 2021, luxury jewellery is set to return to positive growth in current retail value terms, although it will likely still be slow. From 2022 on, growth is expected to return to stronger rates, only intensifying through the remainder of the forecast period.
In the forecast period, players will have to engage in active marketing campaigns in order to stimulate demand. Discounts promotions will likely continue to be used by entry-level luxury jewellery brands such as Tiffany & Co, and Coach.
Online expansion will continue to be important in the forecast period, although it will be subjected to the type of luxury jewellery offered. The online channel will be more applicable to entry-level luxury jewellery brands rather than exclusive brands like Piaget, Cartier, and Chanel.
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Understand the latest market trends and future growth opportunities for the Luxury Jewellery industry in Malaysia with research from Euromonitor International's team of in-country analysts – experts by industry and geographic specialisation.
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This report originates from Passport, our Luxury Jewellery research and analysis database.
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