Luxury Jewellery in Spain

PROSPECTS

Changing fashion trends limit value growth

As employment and disposable incomes recovered alongside the economy, more Spaniards tended to spoil themselves. This resulted in the growing importance of impulse consumption and growth in luxury jewellery in current value terms in 2019.

Empowered women are the new target audience

Over the review period, Spanish women were increasingly the key purchasers of luxury jewellery, both luxury fine jewellery and luxury costume jewellery. This was in contrast to the tradition whereby Spanish women were the receivers but not the buyers of jewellery.

Fashion trends and influencers will shape sales

In line with the review period, fashion is set to continue determining which types of jewellery are trendy or otherwise. Boho chic remained trendy in 2019, and this supported growth in the category overall.

COMPETITIVE LANDSCAPE

Richemont Iberia maintains its lead with the Cartier brand, popular amongst tourists

As was seen throughout the review period, Richemont Iberia maintained its lead in luxury jewellery in Spain in value terms in 2018. Its brand Cartier remained the leading brand, and this is clearly linked to consumption by tourists.

Two local players aim to keep up with the leaders

Although they did not hold top five positions in luxury jewellery in Spain in 2018, two local players, Suaréz Trading and Carrera y Carrera, are still fighting with international players to gain popularity amongst Spanish consumers, and are hovering just outside the top places. Aiming to meet this objective, Suaréz Trading launched a new collection, Elia, in 2019, with the pieces designed by several well-known Spanish artists.

“Others” remains important due to artisanal players

Spain has a long tradition as a jewellery producer, and as a consequence the importance of small players, included under “others”, remains high, accounting for more than half of value sales in 2018. Small local players are increasingly fighting to position their artisanal ranges, making them visible and available to the wider public.

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