Having plunged by more than a quarter during 2020, retail current value sales of luxury jewellery exhibited no more than a modest rebound in 2021. The collapse of inbound international tourism for much of 2020 weighed heavily on demand for luxury jewellery, and it remained quite depressed during early 2021 before picking up somewhat during the second half of the year.
Demand for luxury jewellery among local consumers was hard hit by the economic shock of the pandemic during 2020, in addition to the closure of non-essential retail outlets for an extended period and the fact that restrictions on movement meant that there were far few opportunities to socialise with friends and family. Meanwhile, many employees spent much of the year working from home.
E-commerce emerged as a significant distribution channel for luxury jewellery during 2020, with its retail value share almost doubling over the previous year. Moreover, it retained most of these gains during 2021, in spite of the fact that retail outlets were operating normally again.
Retail current value sales of luxury jewellery will continue to recover throughout the forecast period, but they will not exceed their pre-pandemic (2019) peak in constant value terms until 2025. A revival in inbound international tourism will be a key driver of this recovery, as will the return of such social events as weddings, engagement parties, anniversary parties, first communions and baptisms.
E-commerce is likely to grow in importance as a distribution channel for luxury jewellery. While some baby boomers may remain wary of it, younger generations are much more comfortable with online shopping, and these will grow in importance as purchasers of luxury jewellery during the forecast period.
The fact that affluent consumers are becoming increasingly interested in experiential consumption, rather than conspicuous consumption, will pose a growing challenge to luxury jewellery brands during the forecast period. Their pieces will increasingly need to provoke an emotional response in consumers.
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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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