Luxury Jewelry Market Research Future Insights
The global luxury jewelry market is expected to register a CAGR of 7.85% from 2023 to 2030 and hold a value of over USD 95.8 billion by 2030.
The global luxury jewelry market size is anticipated to rise due to rising living standards, increasing urbanization, expansion of online retailing, an increase in online customers, and major improvements in logistics services in developed and developing nations. The luxury jewelry market is expanding due to rising demand for gender-neutral jewelry and jewelry made from sustainable materials. Many customers seek out distinctive and significant items since luxury jewelry has evolved into a vehicle for self-expression. Jewelry collections now include items made of unconventional forms, shapes, and materials. A layer of personality that appealed to clients' sense of individuality was added through asymmetrical cuts, gemstone flaws, useful products, and opaque gems. The US Vice President Kamala Harris, A-list actors, musicians, and members of the British Royal Family gave pearl jewelry their enthusiastic support at high-profile public events. The COVID-19 pandemic's effects on manufacturing facility closures, product sales, and marketing have all hurt the market's expansion.
Key Players
Some key market players are Guccio Gucci S.p.A.; The Swatch Group Ltd.; Richemont; Tiffany Co.; GRAFF; Louis Vuitton SE; Signet Jewelers Limited; Chopard International SA; MIKIMOTO; Pandora Jewelry, LLC.
Market Segmentation
The global luxury jewelry market overview has been segmented into raw materials, products, applications, and distribution channels.
Based on product type, the market has been segmented into gold, platinum, diamond, precious pearls, gemstones, and others. The gold segment accounted for the largest share of the market in 2021. Investing in gold is enticing when there is a political or economic crisis. Gold has transformed itself to fit contemporary aesthetics thanks to the development of lightweight jewelry designs. Gold jewelry that may be worn has become extremely fashionable, and the precious metal is no longer just used for classic heirloom goods. On the other hand, the diamond segment was the fastest-growing segment during the forecast period. This is due to changes in the preference of people.
Based on application, the market has been segmented into necklaces, rings, earrings, bracelets, and others. Ring accounted for the luxury jewelry market's largest revenue share in 2021. Women can quickly and easily dress up and match their outfit style with different-patterned rings, resulting in a huge demand for different-sized earnings among females. The earring was the fastest-growing segment. Celebrity endorsements and social media branding are a company's main marketing strategies. Similarly to this, firms' marketing campaigns' messaging choices have a big influence on what consumers decide to buy.
Based on end-user, the market has been segmented into women, men and children. The women segment accounted for the largest share in 2021 in the market for luxury jewelry. The increasing demand for premium fashion products worldwide. Men were the fastest-growing segment. Rising per capita disposable income to boost the market growth of luxury jewelry.
Based on the distribution channel, the market has been segmented online and offline. The offline segment accounted for the largest share of the market in 2021. The shops were constructed to give customers a more individualized experience. Due to the benefits they provide to the customers, such as free demonstrations, the ability to physically inspect the product before purchase, the availability of a wide range of options, and assistance from sales executives in selecting the best product based on one's unique needs, the major players are making the most money from offline sales. On the other hand, the online segment was the fastest-growing segment during the forecast period. Software for augmented reality, alternative jewelry options made to order, and digital user interfaces have helped close the gap between online sales platforms and brick-and-mortar stores.
Regional Analysis
Asia Pacific dominated the market for luxury jewelry in 2021. The need for high-quality jewelry among elite customers and the newest trends are two key factors propelling this region's market for luxury jewelry. The use of contemporary technologies in jewelry production, such as computer-aided design, is another factor driving the market. The popularity of internet distribution is anticipated to rise throughout the region. Most expensive jewelry is bought for unique events or weddings and engagements.
North America is expected to register lucrative growth in the market for luxury jewelry. The industry is expanding in Europe thanks to key trends such as jewelry customization, the rise in popularity of pop-up stores, and the blending of costume jewelry with current fashion. Additionally, the quick uptake of online luxury jewelry marketing is significantly boosting sales in the jewelry category.
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