The pandemic has seen sales of luxury jewellery drop sharply in 2020. There is a mixture of reasons for this.
There is an extremely strong culture of luxury jewellery in Switzerland. Leading retailers in the country’s cities are shopping destinations for domestic consumers, but also for tourists and business travellers, and sales generated by foreign expenditure generate an unusually high share of turnover for the industry.
Although the pandemic has severely impacted sales of luxury jewellery in Switzerland, the sector was already in poor shape. There is a generational trend of consumers moving away from luxury jewellery, both among domestic and international consumers.
Although growth rates are anticipated to bounce back strongly in the aftermath of the pandemic, value sales in current terms will not return to pre-pandemic levels before 2024, and in volume terms sales are not set to reach 2019 levels before the end of the forecast period. However, there is clearly still potential for growth in Switzerland, which has an affluent and sophisticated consumer base, highly attuned to the nuances of status.
E-commerce sales saw a lift in value share in 2020 as a result of store closures and consumer reluctance to return once they re-opened. However, sales generated by the channel dropped, as weak consumer confidence undermined the category as a whole.
The competitive environment is set to concentrate in 2021 and over the forecast period, as many smaller brands struggle to stay in business as the economic impact of the virus starts to bite. The category as a whole is facing a shrinking consumer base, which is increasing pressure on brands.
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Understand the latest market trends and future growth opportunities for the Luxury Jewellery industry in Switzerland with research from Euromonitor International's team of in-country analysts – experts by industry and geographic specialisation.
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This report originates from Passport, our Luxury Jewellery research and analysis database.
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