Overall demand for luxury jewellery rebounded in 2021, with the category recording a marginal decline in total volume sales following a steep double-digit contraction in 2020. This turnaround was driven by increased confidence among Turks as lockdown measures were lifted and the pace of economic expansion picked up in line with the rollout of COVID-19 vaccines.
While luxury fine jewellery saw volume sales decline slightly in 2021, luxury costume jewellery witnessed a return to growth in this regard, and was also the more dynamic of the two categories in current value growth terms. Its stronger performance reflected the fact that despite the lifting of lockdown measures and a robust economic recovery, many Turks remained cautious in their spending habits amidst ongoing pandemic-related uncertainty and the rapid increase in living costs that resulted from the depreciation of the lira.
Turkish consumers traditionally prefer to inspect luxury jewellery in person before buying, especially when it comes to more expensive pieces made with precious metals and stones such as gold, diamonds etc. This has historically discouraged manufacturers and specialist retailers from investing heavily in online sales and marketing strategies, hence the category has been particularly hard hit by lockdown measures and consumer concerns about potential exposure to COVID-19 in physical stores since early 2020.
The outlook for luxury jewellery is broadly favourable, in that overall demand is projected to increase steadily throughout the forecast period. However, total current value sales are unlikely to reach pre-pandemic levels until 2025, while by 2026 total volume sales are still expected to be well below the figure recorded in 2019.
Saturation was a growing issue in luxury jewellery in the years leading up to the pandemic, with industry observers voicing concerns that the constant stream of new launches was diluting the appeal of the category and not giving consumers sufficient time to appreciate their purchases. Together with the fact that most companies have recently suffered significant losses and the likelihood of a relatively sluggish recovery from the impact of COVID-19, this should result in a slowdown in the pace of innovation over the forecast period.
As is the case across the Turkish luxury goods market, the issue of sustainability looks set to exert a greater influence on consumption habits and competitive strategies in luxury jewellery over the forecast period. With the pandemic having made people more conscious of the wider impact of their purchasing decisions, interest in products made using ethically sourced materials and more eco-friendly production methods is expected to increase.
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This is the aggregation of luxury fine jewellery and luxury costume jewellery.See All of Our Definitions
This report originates from Passport, our Luxury Jewellery research and analysis database.
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