Luxury Jewellery in Spain

PROSPECTS

Consumers want to spoil themselves

As the economy recovers, and along with this, employment and disposable incomes, Spaniards are spoiling themselves. This is resulting in the growing importance of impulse consumption, and the trading up from costume jewellery to real jewellery, or from basic ranges to higher-quality products.

Luxury jewellery companies mimic the strategies of non-luxury companies

Although Spaniards are increasingly acquiring more luxury products, there is a growing interest amongst consumers in allocating resources to experiencing more, and acquiring fewer items. As a consequence, sales of luxury products, and in particular jewellery, are not growing to their full potential.

Fashion to keep shaping sales

Concern with aesthetics is nothing new, but the fixation with self-image has reached unprecedented levels. Looking great in selfies and showing the latest fashion trends will continue to be crucial in shaping what type of jewellery is sold and how it is worn.

COMPETITIVE LANDSCAPE

Bulgari España leads

Bulgari España took the lead in luxury jewellery in value terms in 2016, and the company consolidated its leadership in 2017. Although the company is well-known by locals, tourists concentrate the bulk of its consumer base in the country.

Local companies are losing ground

Although Spain is a country with a long tradition of jewellery, the number of key players in luxury jewellery is limited. In Spain, most players operating in the category are international, whilst only Suárez and Carerra & Carrera are the local players with a reasonably high position in the ranking.

Players launch more accessible ranges

Impulse consumption is set to be more important amongst Spanish women than men. Traditionally in Spain, luxury jewellery was bought by men for women.

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