Luxury Jewellery in Thailand

2020 IMPACT

The COVID-19 pandemic places pressure on the retail distribution of luxury jewellery

Luxury jewellery faced a very unfavourable scenario during 2020 as the COVID-19 pandemic led to sales dropping substantially over the course of the year. The main negative influence on category sales was the unavailability of the leading store-based retail channels for luxury jewellery during the quarantine lockdown that was in place between the middle of March and the middle of May.

No major stock shortages or interruptions to the supply of luxury jewellery are seen

Despite the issues seen in the retailing of luxury jewellery over the course of 2020, the category faced no major product shortages during the year as the COVID-19 pandemic did not result in any major interruptions to the supply chains of the category’s leading players. However, declining demand did force the category’s leading brands to review their pricing policies and marketing campaigns so as to maintain profitability at a time of flagging demand.

Purchases of luxury jewellery tied to brand privileges as a way of boosting demand

Another important strategy that emerged over the course of 2020 as luxury jewellery brands sought to boost sales in the face of falling demand due to the COVID-19 pandemic was to link sales of products in the category to various brand -related privileges. These privileges generally consisted in access to exclusive, often limited edition products sold in various other categories of luxury goods under the same brand.

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