Demand for luxury jewellery continued to drop in South Africa in 2021 following double-digit declines recorded by the category the previous year due to the pandemic. Ongoing non-essential store closures during hard lockdowns and consumers’ unwillingness to visit stores to try out new products when they did reopen despite efforts to make these environments safer through stringent hygiene measures, have heavily impacted sales.
With the pandemic still raging in South Africa due to the emergence of new variants, restrictions on the number of guests permitted to attend wedding ceremonies forced many couples to postpone their celebrations to a more appropriate time when restrictions have been eased, and they can enjoy the wedding they originally envisaged with a wider circle of friends and family able to attend. This scenario continued to have an impact on sales of luxury jewellery in 2021, particularly for fine jewellery.
During the period of store closures, some sales moved online, with the value share of luxury jewellery via e-commerce increasing in 2020. Some jewellery stores have invested in online services, such as Browns jewellers, which offers an online shopping facility as well as home delivery.
As social distancing rules are further relaxed and weddings are allowed to resume at full capacity, demand for luxury jewellery is expected to gradually improve over the forecast period, leading to predictions for a stronger retail volume growth performance for luxury fine jewellery driven by the men’s segment. Within luxury jewellery, the important group of affluent travellers will also contribute to the improving sales once border restrictions around the world relax and inbound tourism recovers.
Small jewellers offer the opportunity for consumers to customise their jewellery as they can leverage their custom jewellery services to take sales away from more established players that work on a larger scale. On the other hand, major brands do not traditionally offer this service unless it is for particularly expensive items that are deemed more lucrative due to the time dedicated to crafting a unique piece.
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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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