Luxury jewellery saw a notable current value decline in 2020. COVID-19 lockdown restrictions, social distancing and limitations on social events and gatherings created a challenge to the growth of luxury jewellery, due to fewer occasions for wearing such pieces, including weddings and parties.
The rising demand for gold in 2020, which was considered an alternative investment for risk-averse investors during the pandemic, resulted in prices of the precious metal soaring to all-time highs. According to the Singapore Exchange, gold shares were the most traded ETFs in the first six months of 2020, topping other ETFs in total returns.
Luxury jewellery players had to leverage online platforms to generate sales through e-commerce channels in order to try and offset the loss of sales due to the closure of store-based retail outlets lockdown. Chaumet and Tiffany & Co Singapore allowed consumers to directly connect with one of their shopping advisors through phone or e-mail, while also offering complementary doorstep delivery for all purchases.
As Singapore reopens, and social gatherings and celebrations are allowed to resume, it is likely that consumers will return to discretionary spending on luxury jewellery. Whether purchasing luxury jewellery for gifting purposes or for occasion-based wear, consumers are likely to regain confidence in spending on these big-ticket items.
Due to changes in purchasing habits during the pandemic, e-commerce is expected to be an increasingly popular alternative distribution channel for luxury jewellery. Although the share of e-commerce remained low in 2021, it is set to rise.
Sustainability is an upcoming trend amongst consumers in jewellery, as concern is rising due to global warming and several environmental issues. Thus, there are more moves from jewellery brands to respond to consumers’ concerns and interest in sustainability.
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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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