Sales of luxury jewellery are set to be hit hard by the Romanian government’s response to the pandemic. Jewellery stores were among the non-essential retail outlets closed down at the beginning of lockdown, Stores were closed between March and May, and have reopened hesitantly over the course of the year.
Sales of luxury jewellery have also been impacted by the ban on large social gatherings including weddings, parties and baptisms. This ban was extended at the beginning of November and is in place at the end of 2020.
It is worth noting that the most dynamic category, or at least the category where sales fell least, was luxury costume jewellery. In part, this is a fashion-led issue, but equally important are the lower prices of these products.
Sales of luxury jewellery are not anticipated to return to pre-pandemic levels in either volume terms or constant value terms by the end of the forecast period, underlining the many obstacles to recovery that this category is set to face. The main issue underpinning this will be economic instability that is expected to follow in the wake of the pandemic.
Women’s luxury fine jewellery remained the largest category overall in both volume and value terms in 2020, and is set to see this share rise over the forecast period. Historically, sales of these products have been driven by large volumes of gifting from partners.
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 SA, Cie Financière, Kering SA and LVMH Moët Hennessy Louis Vuitton SA, following trends established over the review period.
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Understand the latest market trends and future growth opportunities for the Luxury Jewellery industry in Romania 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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