Millennials have shown the tendency to curb their expenditure on non-essential goods in favour of experiences. This trend of experiential buying has taken its toll on luxury jewellery, as evident from the performance of the category for much of the review period.
A growing trend in luxury jewellery is the use of man-made (or lab-grown) diamonds in place of natural diamonds extracted from the ground. From a price perspective, man-made diamonds are much cheaper to produce, and thus incur a lower price tag to end consumers.
Internet retailing of luxury jewellery continued its recent growth in 2018. Falling in line with many other consumer goods industries, e-commerce offers different advantages to the retail experience.
In March 2017, De Beers ended its retail venture with LVMH. LVMH had acquired a 50% stake in De Beers in 2001 with the hope of developing its retail channel, given De Beers’s established name as a jewellery maker and ownership of the Forevermark brand.
Tiffany & Co maintained its lead in luxury jewellery in 2017, despite a lacklustre year of growth for the company. The company suffered, like other jewellery retailers, due to the US population simply consuming less luxury jewellery.
As the usage of social media continues to rise in the US, especially Instagram, the way in which consumers interact with jewellery brands and trends has evolved. Given the access to a wider audience at a cheaper cost compared with traditional advertising channels, and the ability to tangibly view what is successful with viewers, brands are now able to adjust their product line-ups accordingly.
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