Although all types of luxury jewellery recorded retail value losses during the COVID-19 pandemic, luxury fine jewellery performed slightly better than luxury costume jewellery, despite its significantly higher prices. Men’s luxury fine jewellery recorded the lowest losses in 2020, as luxury fine jewellery is often regarded as a relatively safe investment in periods of economic uncertainty.
On the other hand, luxury costume jewellery recorded a weaker performance during the health crisis, despite its lower prices. These products are mainly purchased by millennials and middle-income demographics, the disposable incomes of which have been badly hit by the financial fallout from the pandemic.
Luxury jewellery is often worn by consumers on social occasions, such as when meeting friends or dining out. Given the strict restrictions on travel and socialising during the crisis, these activities all but ceased during the health crisis, with few occasions for consumers to go out.
Luxury jewellery is set to return to good, single-digit constant 2020 retail value growth rates throughout the forecast period. However, absolute value sales will not achieve 2019 levels until 2024 as many consumers remain cautious in their spending for some time, given the devastating impact on their personal and household budgets during the health crisis, whilst many will remain wary of attending social occasions for some time to come.
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.
Luxury jewellery products are often worn on happy and special occasions such as marriages, birthdays or other celebrations. After the rigours of the long lockdown periods during the pandemic, when consumers had little to celebrate and even fewer social occasions, manufacturers are likely to focus on the joyous aspects of luxury jewellery going forward.
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Understand the latest market trends and future growth opportunities for the Luxury Jewellery industry in Philippines 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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