Luxury Jewellery in Ukraine

PROSPECTS

Enduring economic effects and long replacement cycle shrink demand

Ukrainian women traditionally pay high attention to jewellery as a key component of their appearance and image. In addition, the wearing of luxury jewellery as a way to highlight one’s high socioeconomic status sustains consumer demand.

Out-of-country purchases continue to limit category potential

Luxury jewellery’s potential in Ukraine was enhanced by purchases of such items for investment purposes during Soviet times. However, this practice is less common in Ukraine, today.

Younger consumers favour costume items for price and variety reasons

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. Moreover, luxury fine jewellery is set to continue to see the best retail volume and value growth performances over the forecast period.

COMPETITIVE LANDSCAPE

International players appeal through high-quality pieces and strong brand images

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.

Local players offer exclusivity to help affluent consumers stand out from the crowd

International brands face competition from local designers and fine jewellery companies, as some affluent consumers seek exclusive, made-to-order pieces that help them to stand out from the crowd. Local designers create pieces or collections that appeal to local consumers’ tastes and needs.

Desire to see and try on products and fear of imitations boost store traffic

Authenticity remains a key concern of potential purchasers of luxury goods, including jewellery, in Ukraine. Therefore, store-based non-grocery specialists account for almost all retail value sales.

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