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.
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.
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.
At the end of the review period, many Thai consumers remained extremely reluctant to purchase luxury jewellery via e-commerce. This was mainly due to the risk of unwittingly purchasing fake and counterfeit items, but also due to the perceived risk of online payment fraud and the lack of confidence in delivery services.
Faced with a bleak year for sales of luxury jewellery during 2020, many of the category’s leading brands sought to rely on aggressive price promotions to attract the attention of consumers and support flagging sales. For those brands operating retail outlets in shopping centres, a popular option was to align themselves with the promotional activity of the shopping centres that host their mono-brand boutiques.
The unique exigencies of the COVID-19 pandemic led many of the leading players in luxury goods to focus more on their online operations during 2020. Consumers meanwhile became less reluctant to purchase luxury jewellery online over the course of the year.
Files are delivered directly into your account soon after payment is received and any tax is certification is verified (where applicable).
Understand the latest market trends and future growth opportunities for the Luxury Jewellery industry in Thailand with research from Euromonitor International's team of in-country analysts – experts by industry and geographic specialisation.
Key trends are clearly and succinctly summarised alongside the most current research data available. Understand and assess competitive threats and plan corporate strategy with our qualitative analysis, insight and confident growth projections.
If you're in the Luxury Jewellery industry in Thailand, our research will help you to make informed, intelligent decisions; to recognise and profit from opportunity, or to offer resilience amidst market uncertainty.
This report originates from Passport, our Luxury Jewellery research and analysis database.
If you purchase a report that is updated in the next 60 days, we will send you the new edition and data extract FREE! Home Page