Despite COVID-19, the luxury jewellery category continued to demonstrate positive growth in 2020, albeit much lower than that seen in 2019. This overall performance was underpinned by women’s luxury fine jewellery.
Luxury jewellery’s main retailing channel is department stores, which were not closed by the authorities. Although duty-free was badly hit due to the restrictions on travel, the local market did not suffer too much.
Demand for luxury jewellery is strongly related to the number of weddings taking place. Shortly after the 3-day holiday of 15-17 August, when the government suggested local consumers travel to help the local economy, the number of COVID-19 cases surged.
Over the forecast period the luxury jewellery category in Korea is expected to see a notable recovery in the post-pandemic and environment. Luxury costume jewellery will see a return to growth, but it is luxury fine jewellery, particularly women's products, that are expected to see the greatest improvement.
Luxury jewellery has a higher portion of local demand compared to luxury timepieces, which has a considerable proportion of Chinese tourists. Thus, even if the COVID-19 situation continued through 2021 and affected inbound travel flows, luxury jewellery is unlikely to see a significant effect.
COVID-19 is not expected to affect the forecast period performance of the luxury jewellery category. In the post-pandemic environment, the resumption of weddings and other celebrations will boost demand.
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This report originates from Passport, our Luxury Jewellery research and analysis database.
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