Luxury jewellery saw a significant sales decline in 2020 as a result of the COVID-19 pandemic, which caused multiple lockdowns and social distancing restrictions and led to store closures. Social distancing restrictions also negatively impacted luxury jewellery due to the cancellation of social occasions such as weddings and other gatherings.
Heritage brands such as LVMH’s Tiffany & Co and Richemont’s Cartier saw impressive growth in 2021, given the steep declines in sales for much of 2020. The sales momentum of these heritage brands has been particularly strong in the second half of the year, along with the easing of restrictions in the UK and the reopening of non-essential retail from April 2021, allowing for the return of social occasions such as birthday parties and weddings.
Before the pandemic, sales of luxury jewellery primarily took place in physical stores, and therefore the store closures as a result of lockdowns in the UK had an significant negative impact on sales in 2020. Consumers still generally prefer to buy luxury jewellery in-store, rather than online, both because of the experiential aspect of physical retail, such as trying on jewellery, and because of their high price points, which makes consumers feel more secure purchasing these expensive items in-store.
Many consumers found their lifestyles disrupted by the pandemic, and while spending more time confined in their homes due to lockdowns and social distancing, they were forced to take time to reflect on their life priorities and values, with many concluding that they wanted their consumption habits to be more environmentally-friendly. As luxury consumers increasingly try to do their part to protect the environment, they expect that the brands they patronise do the same.
The exciting revamp of LVMH’s recently acquired Tiffany & Co brand, with Alexandre Arnault at the helm, has led to the brand enjoying a strong performance in 2021. Since taking control of Tiffany & Co, LVMH has pursued several high-profile marketing initiatives, both physically and online.
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Luxury Jewellery
This is the aggregation of luxury fine jewellery and luxury costume jewellery.
See All of Our DefinitionsThis report originates from Passport, our Luxury Jewellery research and analysis database.
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