When compared with other luxury goods, luxury jewellery had not been performing well even before COVID-19 struck. Luxury jewellery is becoming less fashionable and less expensive jewellery such as from retail brand Pandora has been gaining value share over the review period.
Luxury jewellery companies are concentrated in Kiev, the capital city, where the core consumer base lives and works. The category is led by renowned international luxury brands like Van Cleef & Arpels, Swarovski and Cartier, although the competitive landscape is highly fragmented.
Jewellery doesn’t follow trends in the same way as apparel or eyewear and as a result replacement purchases are less frequent. In addition, with prices so unaffordable for many, this is another reason why consumers postpone purchases.
Once the threat of COVID-19 subsides, luxury jewellery is expected to return to retail current value growth. If infection rates start to fall in 2021 and people are allowed to move around freely again, then value growth will be in the high double digits as sales pick up from the dramatic decline in 2020.
Luxury costume jewellery continues to enjoy higher retail volume sales than luxury fine jewellery, although the latter leads in retail value sales terms due to much higher unit prices. However, luxury costume jewellery is set to see higher retail volume and value growth performances over the forecast period.
While local designer pieces tend not to be positioned as luxury jewellery, they offer highly expensive, individual fine jewellery made from prestigious materials like gold and diamonds. Nonetheless, most local players focus on mass products, with rare forays into luxury jewellery.
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Understand the latest market trends and future growth opportunities for the Luxury Jewellery industry in Ukraine 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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