by The global luxury jewellery market is estimated to reach a value of US$ 56.02 Bn in 2023 and is projected to witness a CAGR of 7.1% during the forecast period of 2023-2030, according to Coherent Market Insights.
Market Overview:
Luxury jewellery is highly sought after for its exquisite designs, superior craftsmanship, and use of precious materials such as diamonds, gold, and gemstones. The market offers a wide range of products, including necklaces, earrings, rings, bracelets, and watches. Luxury jewellery serves as a status symbol and an expression of individuality, making it a popular choice among affluent consumers. The increasing disposable income, changing consumer preferences, and the growing desire for exclusivity and personalization are driving the demand for luxury jewellery worldwide.
Market Key Trends:
Personalized Jewellery on the Rise: One key trend in the luxury jewellery market is the growing demand for personalized pieces. Consumers are seeking unique and customized jewellery that reflects their individual style and personality. Jewellery brands are responding to this trend by offering customizable options, including engraving, birthstone customization, and alphabet pendants. This trend not only enhances customer engagement but also provides a sense of exclusivity, which further drives the demand for luxury jewellery.
Segment Analysis:
The luxury jewellery market can be segmented based on product type, distribution channel, and end-user. In terms of product type, the dominant segment in the luxury jewellery market is diamond jewellery. Diamonds have always been associated with luxury and are considered a status symbol. They hold a timeless appeal and are often used in high-end jewellery designs. The demand for diamond jewellery is expected to remain strong during the forecast period due to the increasing preference for luxury and premium products.
In terms of distribution channel, the dominating segment is the retail segment. Luxury jewellery is mainly sold through exclusive retail stores, boutiques, and high-end department stores. These retail outlets provide a personalized shopping experience, allowing customers to browse through a wide range of luxury jewellery options. The retail segment is expected to dominate the market due to the increasing number of luxury jewellery stores globally.
In terms of end-user, the dominant segment is the female segment. Historically, women have been the primary consumers of luxury jewellery. The increasing economic empowerment of women, rise in the number of working women, and changing social norms have contributed to the growth of the luxury jewellery market in the female segment. Moreover, the trend of self-purchase among women is gaining popularity, further driving the demand for luxury jewellery.
Key Takeaways:
The Global Luxury Jewellery Market Size is expected to witness high growth, exhibiting a CAGR of 7.1% over the forecast period 2023-2030. This growth can be attributed to various factors. Firstly, the increasing disposable income of consumers, particularly in emerging economies, is driving the demand for luxury jewellery. As people have more disposable income, they are willing to invest in luxury products, including high-end jewellery.
Secondly, the growing influence of social media and celebrity endorsements is also fueling the demand for luxury jewellery. Consumers are increasingly influenced by the lifestyles and fashion choices of celebrities, leading to a rise in the demand for luxury jewellery.
In terms of regional analysis, Asia Pacific is expected to be the fastest-growing and dominating region in the luxury jewellery market. The region has witnessed significant economic growth, leading to an increase in the number of affluent consumers. The rising middle class with higher purchasing power and changing consumer preferences towards luxury goods are driving the demand for luxury jewellery in the region. Furthermore, the presence of key jewellery manufacturers and growing tourism in countries like China, India, and Japan are also contributing to the growth of the luxury jewellery market in Asia Pacific.
Key players operating in the luxury jewellery market are Gucciogucci S.P.A., Harry Winston, Inc., Societe Cartier, Tiffany & Co., Compagnie Financiere Richemont SA, Buccellati Holding Italia SpA, Graff Diamonds Corporation, Bulgari S.p.A, K. Mikimoto & Co., Ltd., and Chopard International SA. These players have a strong brand presence and offer a wide range of luxury jewellery products. They invest heavily in marketing and promotion activities to maintain their position in the competitive luxury.
In conclusion, the luxury jewellery market is poised for significant growth in the forecast period. The market offers various advantages, including exquisite designs, superior craftsmanship, and the use of precious materials. Additionally, the rise of personalized jewellery is a notable trend, catering to the growing demand for unique and customized pieces.
*Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it
