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.
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.
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.
While a tentative recovery is expected in the medium to longer term, all categories of luxury jewellery are set to experience negative average retail value growth at constant 2020 prices over the forecast period. By 2025, sales at constant 2020 prices are expected to stand at only around two-thirds of their value in 2019.
The pandemic of 2020 led to consumers becoming more aware of sustainability issues in the field of personal luxury and luxury jewellery, especially with regard to the mining of diamonds, other precious metals and precious stones. While a variety of sustainability projects were temporarily suspended during 2020, interest in synthetic diamonds and recycled materials is expected to grow over the forecast period.
Prior to the COVID-19 pandemic, many observers considered that the industry was moving too fast in the sense that consumers need time to digest and appreciate their purchases. In this respect, there is set to be a shift away from a multitude of seasonal trends and a greater emphasis on timeless pieces in luxury jewellery.
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Understand the latest market trends and future growth opportunities for the Luxury Jewellery industry in Turkey 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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