2021 was favourable year for luxury jewellery in Russia. One of the main factors behind the dynamism seen in 2021 was the fact that even after Russia reopened its borders in April most people refrained from travelling unless necessary due to fears around COVID-19 and the strict entry requirements of most markets.
Due to the nature of luxury jewellery online demand is relatively limited, with consumers typically preferring to shop in store in order that they can examine the product prior to purchase. However, the outbreak of COVID-19 has changed the way Russians are shopping, with in-store sales and assistance coming under scrutiny as the government looks to control the spread of the virus.
Cartier was the most dynamic brand in 2020 thanks to its long history, good brand positioning within luxury fine jewellery. Additionally, since 1 April 2020, RLG (which owns the Cartier brand) activated its distanced sales strategy for all of its luxury jewellery and luxury timepieces in Russia.
The reopening of Russia’s borders is expected to lead to a significant slowdown in sales of luxury fine jewellery over the forecast period. Some consumers will likely focus their spending on travelling, while for those who do look to purchase luxury fine jewellery these sales may move abroad.
All players are set to place a stronger focus on e-commerce over the forecast period, in order to enhance their brand image, maintain customer communication and to encourage sales. It is likely that players will also follow the example set by RGL, whereby customers may place their orders by telephone, pay for it online, and receive their orders delivered to their homes.
As projected across personal luxury, it is the larger and better known brands that are expected to see the stronger performances over the forecast period. Brands such as Bvlgari, Cartier and Tiffany & Co have strong appeal due to their well-established position in the world of jewellery and fashion.
Files are delivered directly into your account soon after payment is received and any tax is certification is verified (where applicable).
This report comes in PDF with additional info in Excel included.
Understand the latest market trends and future growth opportunities for the Luxury Jewellery industry in Russia with research from Euromonitor International's team of in-country analysts – experts by industry and geographic specialisation.
Key trends are clearly and succinctly summarised alongside the most current research data available. Understand and assess competitive threats and plan corporate strategy with our qualitative analysis, insight and confident growth projections.
If you're in the Luxury Jewellery industry in Russia, our research will help you to make informed, intelligent decisions; to recognise and profit from opportunity, or to offer resilience amidst market uncertainty.
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.
If you purchase a report that is updated in the next 60 days, we will send you the new edition and data extraction Free!