The national lockdown in the UAE led to the temporary closure of many retail outlets in luxury jewellery, which is constrained sales in 2020, especially in the second quarter of the year. The national lockdown and subsequent social distancing measures also, however, led to extended periods of home seclusion and a reduced level of socialising.
Although luxury jewellery has been relatively slow in adopting e-commerce channels or online sales compared to other categories, the COVID-19 pandemic has accelerated the development and innovation of online shopping options in this category. Brands are gradually offering a wider range of options beyond simply showcasing their products online.
Companies in the luxury jewellery category are beginning to see growing competition from pre-loved or second-hand jeweller sellers and products. Websites such as theluxurycloset.
The recovery of luxury jewellery over the course of the forecast period will depend on the speed at which the UAE recovers from the COVID-19 pandemic. This includes providing vaccines to citizens so that the virus no longer poses a threat to public health, and also the ability to welcome tourists safely to the UAE as vaccines become more widely available around the world.
In the forecast period, companies are expected to focus on enhancing the consumer experience online in order to remain connected to consumers. The COVID-19 pandemic has highlighted the importance of maintaining a robust online presence in order to remain connected with consumers when stores are closed.
In the forecast period, consumers are expected to view luxury jewellery products as investment pieces with the intention of selling them in the future. As such, more customers are expected to consider purchasing products to resell rather than use themselves, signalling a shift in consumer priorities.
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Understand the latest market trends and future growth opportunities for the Luxury Jewellery industry in United Arab Emirates 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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