Deep Analysis of Impact of COVID-19 on “Luxury Jewelry Market 2019-2025” Growth Worldwide….



The global luxury jewelry market size is expected to reach USD 65.54 billion by 2025 registering a CAGR of 7.6%, according to a new report by Grand View Research, Inc. Growing demand for jewelry as an investment and demand for luxury items is expected to boost the overall market over the forecast period. Changing lifestyle and rising usage of jewelry as substitute accessories to denote the style statement as per changing fashion trend is projected to drive the demand further.
The clothing, footwear, & accessories industry is anticipated to witness checkered growth throughout 2020, as a result of the unprecedented supply chain disruptions caused by the COVID-19 outbreak worldwide. The expected decline in the global sales of clothing, footwear, & accessories is attributable to massive supply chain disruptions across significant export markets, including China and India. However, the industry is likely to recover over the forecast timeframe, given the rising popularity of online/e-commerce sales. From a manufacturing standpoint, the sustainable or ethical fashion trend is expected to favor market growth throughout the forecast timeframe. Luxury apparel is another lucrative space for prospective manufacturers to target, given the mushrooming number of affluent and fashion-conscious consumers across the globe. Our team is diligently working towards accounting these factors in our report with the aim of providing you with the up-to-date, actionable market information and projections.
Influence of western culture on developing economies, such as India, China, and Bangladesh, along with quick adoption of new cultural trends in these countries is also anticipated to increase the product demand over the next few years. The female application segment is expected to lead the global market from 2019 to 2025 on account of availability of innovative designs and types of jewelry for women. Moreover, growing economic independence of females plays a significant role in the development of this segment.
Increasing trend of customized and personalized jewelry products, such as bracelets, chains, rings, and pendants, is also expected to boost the product demand. Asia Pacific accounted for more than 63% of the global market share in 2018 due to multipurpose use of jewelry, such as in various rituals and traditions and for investment purposes, and as fashion trend. New product launches from the leading companies are also expected to propel the luxury jewelry market growth.
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Companies in this market focus on making new designs to make their style statement in the market. For example, in February 2019, Harry Winston Co. launched a new segment of jewelry watches for women. Through such innovative products, companies are trying to capture new markets, especially in North America and Europe, and to maintain a their position in the existing markets of developing countries.
Further key findings from the study suggest
·         Gold-based jewelry was the dominant material segment and is projected to expand further at the highest CAGR of 7.8% from 2019 to 2025 due to high demand, particularly in the developing countries of APAC
·         Ring product segment is expected to witness the maximum CAGR of 7.8% from 2019 to 2025 due to rising demand for the product
·         Offline distribution channel accounted for the highest market share of 59.39% in 2018 and is likely to maintain the dominance throughout the forecast years as customers emphasize on proper examination of the product before buying it
·         Moreover, due to high prices of these products, customers prefer offline channels over any other means of distribution
The global luxury jewelry market size was estimated at USD 39.33 billion in 2018 and is projected to expand at a CAGR of 7.6% from 2019 to 2025. High demand for premium fashion products across the globe is projected to remain a favorable factor for the market growth. Luxury jewelry products are relatively costly on account of the quality and usage of precious materials including diamond and gold.
The market is expected to witness strong demand, particularly from developing countries of Asia Pacific as a result of increased purchase power in urban class population. Rising disposable income levels have positively affected the market growth. Increasing consumer preference for branded jewelry is also likely to contribute to the product demand. Consumers are willing to spend more on branded and luxury jewelry to create their own style statement.
Moreover, the manufacturers are introducing new products of different shapes and colors to fulfill the changing consumer demands. These factors are expected to propel the market growth in the years to come. The female application segment is leading the global market due to availability of a variety of products for women. Economic independence of individuals has also been a major driver for the global luxury jewelrymarket.
Market growth in the glamour and fashion sector has also helped boost the product demand as top models and celebrities are marketing branded products, which helps target a larger consumer base. High demand for ethical, high-quality, and latest designs is also increasing the product demand across the globe. Major manufacturers focus on the new trends, changing fashion styles, and consumer behavior for the growth and development of the various variants.
The product demand has also increased owing to extensive usage of jewels in fashion accessories including, watches, apparels, and bags. Therefore, this indirect market for luxury jewelry products is also anticipated to impel the overall demand in the years to come. Moreover, technological developments, resulting in digitalization of marketing, provides a better customer satisfaction with a view of targeting a wider section of population at once, thereby supporting market growth.
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The gold segment is anticipated to have the majority of the market share due to high demand for gold-based jewelry, particularly in developing countries of Asia Pacific including, India, China, and Bangladesh. Following gold, platinum is also expected to witness a significant growth at a CAGR of 7.6% from 2109 to 2025. Platinum is considered as a premium material and has high demand, particularly in the Europe and North America regions. Customer preference for personalized patterns and designs in the westerns countries is anticipated to drive the platinum segment growth.
Increasing demand for couple rings, bracelets, and other jewelry-based accessories made using diamonds is driving the diamond material segment. Other materials, such as, silver, titanium, black rhodium, and black gold, cover a smaller segment in materials used as base for manufacturing luxury jewelry. These are easily available and are cheaper than platinum, gold, and diamonds, hence are not considered as the fittest base material for product manufacturing.
Grand View Research has segmented the global luxury jewelry market on the basis of material, product, distribution channel, application:
Luxury Jewelry Material Outlook (Revenue, USD Million, 2015 - 2025)
·         Gold
·         Platinum
·         Diamond
·         Others
Luxury Jewelry Product Outlook (Revenue, USD Million, 2015 - 2025)
·         Necklace
·         Ring
·         Bracelet
·         Earring
·         Others
Luxury Jewelry Distribution Channel Outlook (Revenue, USD Million, 2015 - 2025)
·         Online
·         Offline
Luxury Jewelry Application Outlook (Revenue, USD Million, 2015 - 2025)
·         Male
·         Female
About Grand View Research
Grand View Research, Inc. is a U.S. based market research and consulting company, registered in the State of California and headquartered in San Francisco. The company provides syndicated research reports, customized research reports, and consulting services. To help clients make informed business decisions, we offer market intelligence studies ensuring relevant and fact-based research across a range of industries, from technology to chemicals, materials and healthcare.



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