Luxury jewellery sales have been hit hard by the COVID-19 crisis, with lockdown periods bringing an abrupt halt to key occasions on which to wear these products. The shift to remote working and the curtailing of celebratory gatherings have meant that there have been far fewer opportunities for wearing and displaying luxury jewellery.
The image of luxury brands in general, and luxury jewellery brands in particular, is strongly founded on allusions to heritage and tradition. This has placed them in a strong position to tap into enhanced consumer feelings of nostalgia in the markedly changed conditions of the COVID-19 crisis.
As in 2020, most of the major luxury jewellery brands have been communicating with consumers through messaging apps such as Zoom, Viber and WhatsApp in 2021. The store closures and home seclusion seen during the early stages of the pandemic, in particular, forced brands to seek new ways to stay in touch with consumers and maintain brand awareness, while e-commerce provided a method of generating sales as they looked to compensate for the impact of store closures.
The forecast period is likely to see the further development of the emergent trend towards female consumers purchasing luxury jewellery for themselves, often as a way to celebrate personal milestones. The trend, which is being seen internationally, is being underpinned by women increasingly taking up educational and career opportunities and, thereby, both creating new types of personal milestone and having greater financial independence.
Given the severe impact of the pandemic on both the economy and personal finances, some wealthier Filipinos will likely continue to regard luxury fine jewellery as an investment, and not just as pieces to be worn on social occasions. Many of these products feature timeless and classic designs, whilst some brands are increasingly offering more striking modern pieces.
As well as trading on heritage and tradition, the luxury jewellery category places a strong emphasis on positive memories and commemorating and celebrating key events. Luxury jewellery products are often worn on happy and special occasions such as marriages, birthdays or other celebrations.
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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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