In keeping with the pattern observed across most personal luxury categories, following steep declines in 2020 luxury jewellery has seen total volume and current value sales bounce back strongly in 2021. The return to growth has been facilitated by the rollout of COVID-19 vaccines and the easing of pandemic-related restrictions, developments that have in turn supported the recovery of the Dutch economy, bolstered consumer confidence and enabled people to begin resuming their normal routines.
The perception of luxury fine jewellery in the Netherlands has shifted somewhat in recent years, with several manufacturers and retailers pushing more modern and affordable lines in an effort to broaden the category’s appeal, especially among younger consumers. This trend has been reinforced by the economic fallout of the pandemic, which has made many people more cautious in their discretionary spending habits.
The value share of e-commerce in luxury jewellery rose substantially in 2020 as non-essential stores were forced to close for lengthy periods under lockdown rules and concerns about potential exposure to COVID-19 made many consumers wary of frequenting specialist and mixed retailers outlets when they were allowed to reopen. The same factors have continued to drive the expansion of this channel in 2021, with another healthy gain projected for the entire year.
The outlook for luxury jewellery is bright, with total volume and current value sales projected to increase at robust rates over the forecast period. While much will depend on the evolution of the pandemic, a more favourable economic climate in the Netherlands should continue to strengthen confidence among consumers and encourage higher spending on these products.
While Dutch consumers appreciate stylishly designed jewellery, they are traditionally quite price-sensitive, and many have recently become more so due to the negative economic impact of the pandemic. Together with high gold and silver prices, this should ensure luxury costume jewellery continues to gain popularity as a more affordable alternative to luxury fine jewellery over the forecast period.
As with many other personal luxury categories, the value share of e-commerce looks set to continue rising in luxury jewellery over the forecast period. With the fallout of COVID-19 having accelerated the long-term migration to this channel, more consumers have recently developed a greater appreciation for the convenience, wider range of choices and capacity for easier price comparison online shopping affords as compared to making in-store purchases.
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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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