Luxury jewellery suffered a steep value decline in 2020, with value sales dropping by a third. Costume jewellery fared best, largely because it is more affordable.
Richemont retains its leadership of a highly fragmented competitive landscape for luxury jewellery in 2019, offering leading brand Cartier, in addition to Van Cleef & Arpels and Montblanc. Unsurprisingly, high-end global brands including Cartier, Louis Vuitton, Chanel and Bvlgari are highly placed in value share terms but their consumer reach is limited, compared to more affordable luxury offerings.
Luxury jewellery continues to be dominated by products targeting women, with value sales for women being well over three times higher than for men. This is also partly driven by higher average unit price for women’s luxury jewellery, compared to men’s.
For luxury jewellery to return to retail current value growth, the economy will have to recover quickly from COVID-19. If infection rates start to fall in 2021, and society can open up again, then luxury jewellery will record double-digit value growth in 2021, in comparison with the dramatic value decline in 2020.
Demand for luxury costume jewellery will continue to increase, driven mainly by younger consumers. The younger generation are increasingly searching for interesting pieces that allow them to show their status and distinguish themselves from their peers.
Brand heritage is an important part of marketing luxury jewellery to consumers, with retailers increasingly focusing on discussing with customers the history of the selected piece, its origin and uniqueness. This strategy is fully utilised by chained stores such as Apart, which introduced its jewellery collection under the slogan “Your Diamond Story”.
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Understand the latest market trends and future growth opportunities for the Luxury Jewellery industry in Poland 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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