Luxury jewellery shows clear signs of rebound after being strongly impacted in 2020, particularly due to the store closures in March-May. In 2021, shopping centres remained opened throughout the year, helping luxury jewellery companies regain clients who were sceptical about ordering such products online.
Luxury jewellery companies tend to strongly rely on collaborations with local influencers to gain new customers. As such, most players have paid partnerships with local social media influencers, who promote their products to their followers.
It is worth noting that the least dynamic category, in terms of both the 2020 value decline and 2021 rebound, is luxury costume jewellery. This is a fashion-led issue as well as financial since this category has lower prices than fine jewellery.
Luxury jewellery is expected to recover to pre-pandemic sales levels by 2024 but will remain highly influenced by the development of the pandemic and the vaccination rate of the population. If additional lockdowns are imposed in the coming years, the recovery will be slowed.
There is expected to be a boost in the number of purchases of luxury rings when the pandemic has been brought under control. During 2020 and 2021 (excluding the two months in the summer when infection rates were low), weddings were banned to stop the spread of the virus.
Luxury jewellery will become an even more highly fragmented competitive landscape over the forecast period. Collectively, smaller ‘other’ brands will continue to take share from market leaders Richemont, Cie Financière, Kering and LVMH Moët Hennessy Louis Vuitton, following trends established over the review period.
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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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