Luxury jewellery, being an industry which predominantly relies on physical retail, was notably affected by reduced consumer foot-traffic in stores during 2020 and also into the start of 2021. The category was also impacted by a lack of social occasions, thus a lack of dressing up occasions, as the Government of Sweden prohibited public gatherings and events with more-than-eight participants.
The trend for pre-owned luxury jewellery continued its growth during the time of the pandemic. Resellers of luxury jewellery are expanding their offers online and capitalising on the desire of customers to make sustainable purchases while saving money.
Luxury jewellery is highly fragmented in Sweden with almost three-quarters of total shares being held by “others”. Beyond this, Thomas Sabo AB maintains its narrow lead with its namesake brand.
Luxury jewellery is expected to see slowly declining value sales over the forecast period, after the uptick seen in 2021 following the slump the previous year. The dynamic recovery growth of 2021 and 2022 can be also attributed to a short-term comeback towards local consumption of “things” over experiences, while domestic consumers remain cautious about travel and leisure activities.
A call for sustainable production is another challenge for luxury jewellery. Sustainable jewellery, which is made from recycled materials, is erroneously perceived as less precious, therefore luxury brands are cautious about making such commitments for fear of damaging the premium status of their products.
Swedish consumers continue to explore the opportunities of online shopping, which is increasingly being offered by producers of luxury jewellery brands. However, shares in e-commerce remain relatively small due to luxury jewellery being highly dependent on in-person experiences.
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Understand the latest market trends and future growth opportunities for the Luxury Jewellery industry in Sweden with research from Euromonitor International's team of in-country analysts – experts by industry and geographic specialisation.
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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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