Luxury Jewellery in Turkey

2020 IMPACT

Reduced consumer confidence, fewer celebrations and less travel prompt a sharp fall in sales of luxury jewellery in 2020

The COVID-19 pandemic led to a sharp fall in spending on luxury jewellery in 2020, with women’s luxury fine jewellery recording the steepest decline. Reduced consumer confidence in the context of economic uncertainty and pressure on disposable incomes impacted spending on high-ticket items, while the category was also hit by travel restrictions and lockdowns, which led to lower tourist spending.

Consumers look to affordable luxury and luxury costume jewellery in place of fine jewellery in 2020

Prior to the COVID-19 pandemic, growth in luxury jewellery was driven by the increasing availability of affordable luxury featuring the use of semiprecious gemstones such as rubies, sapphires and emeralds, along with strong growth in luxury costume jewellery, both of which helped to widen the overall consumer base. Reflecting this, luxury costume jewellery recorded a lower decline in retail value sales in 2020 compared to the largest category of luxury fine jewellery.

Reliance on store-based sales hinders ability to adapt to challenges of COVID-19 crisis in 2020

Many of the more traditional luxury jewellery brands rely heavily on store-based sales and have a limited digital presence. This hindered their ability to quickly adapt and remain agile in the face of the challenges posed by the COVID-19 pandemic in 2020.

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