Overall, luxury jewellery is expected to perform considerably well in 2020 with current value growth rates dropping only slightly. However, the pandemic has resulted in some consumption pattern shifts.
The outbreak of COVID-19 hits Taiwan in March 2020, however the government were able to control the situation rapidly and by April the country entered it post COVID-19 phase. Nonetheless, some events continued to be postponed until at least the summer months.
The increasing exposure of luxury jewellery in the media has been having a positive impact in demand in recent years. For example, the Korean drama “Crash Landing on You” which is available to stream via Netflix has become increasingly popular in the APAC region.
From 2021, growth is anticipated to slow slightly, and continue to do so over the duration of the forecast period. Although local demand has been less impacted as the government was able to control the virus quickly, there has been a disruption in the supply chain.
Over the forecast period, the increasing demand of luxury costume jewellery is anticipated to be one of the main drivers of growth. More and more middle-class younger women are seeking to purchase ‘light jewellery’ (affordable jewellery which focuses on a basic, delicate design and is easy to style with daily outfits).
Currently, many traditional luxury jewellery brands rely heavily on store-based sales and have very little digital presence. Consumers prefer to visit stores where they can rely on the jewellery whilst receiving VIP treatment, which in some ways offers a luxurious experience to the consumer as well.
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Understand the latest market trends and future growth opportunities for the Luxury Jewellery industry in Taiwan 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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