The demand of luxury jewelry in the market is anticipated to grow on account of growing per capita disposable income, rising per capita expenditure on self-grooming, change in lifestyle among affluent consumers are driving the global market of luxury jewelry over the forecast years. The market is expected to be driven by various growth enhancing factors such as the growing number of digital buyers, increasing middle class per capita income, growing high net worth individuals (HNWI) population, the growth of international tourism etc. Technology advancement also expected to add value to the market growth such as Integration of new technology, Computer Aided System (CAD) in the manufacturing of jewelry makes complex designs possible and allows manufacturers to create new jewelry designs, which is otherwise very challenging if designed manually. Several luxury jewelry manufacturers are adopting various growth strategies, in order to maintain their market position. Other key strategies followed by major players in the market are mergers, acquisitions, expansions with the launch of new product worldwide. The major factor restraining the luxury jewelry market is the high cost of jewelry. However, the impact of the high cost of luxury jewelry is projected to decrease with an increase in disposable income of consumers globally over the forecast period.
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Global luxury Jewelry – Product type Analysis
Based on the Product type, the jewelry market is divided as Necklace, Ring, Bracelet, Hair Ornaments, Earring, Leg & Feet Ornaments, and Others. The Earing segment is expected to have the lion share over the forecast period due to the trend of simple and classic dress up. Moreover, the rising trend of earlobe piercing among both men and women is likely to drive the growth of this segment, globally over the forecast period. However, the manufacturers are also focusing on craftsmanship and quality of the product, owing to which the market would witness a surge in the demand for all product segments of the luxury jewelry market.
Global luxury Jewelry – Material Analysis
Based on the Material used, the luxury jewelry market is divided as Gold, Silver, Diamond, Platinum, and Gems & Others. Among material, the gold segment is projected to have the lion share over the forecast period as gold is preferred as a most precious metal in the luxury jewelry market. Moreover, in developing countries such as India and China people prefer to buy gold jewelry over other materials as it serves as a mode of investment. Thus, increases the revenue of the gold segment in the coming years. Global luxury Jewelry – Distribution Channel Analysis
Based on the Distribution Channel, the global luxury jewelry market is divided into Mono Brand store, Online and Offline Stores. Among all distribution channels, mono-brand segment accounted for lion market share in global luxury jewelry market in fast few years. These stores offer products of a particular brand only as it develops a brand identity and can increase the number of consumer that are loyal to the brand and its products. Furthermore, to retain its customers they provide offers and discounts specifically designed for its loyal customers. Moreover, increasing adoption of online luxury jewelry marketing is playing crucial role in boosting sales of luxury jewelry.
Global luxury Jewelry – Regional Analysis
Based on the region, the global luxury jewelry market is segmented into six regions which are North America, Latin America, Asia Pacific, Europe, Middle East, and Africa. Europe has the biggest market for luxury jewelry products. Key factors such as jewelry customization, the increasing popularity of pop-up stores, and fusion of costume jewelry with trending fashion are boosting the growth of the overall market in Europe over the overcast period. On the other hand, the Asia Pacific region is also growing owing to the factors such as increasing disposable income of mid-age population in emerging economies such as China and India.
Global luxury jewelry Market: Competitive Landscape
Companies, such as David Yurman, Tiffany & Co., Yakult Honsha Co Ltd; Van Cleef & Arpels, Harry Winston, LVMH, and Buccellati are the major players in the global luxury jewelry market, providing various products of luxury jewelry. In April 2017, the Franco-Swiss group FM Industries Sycrilor, manufacturer of luxury jewelry for companies such as Louis Vuitton, Cartier, and Mont-Blanc, started one of its technological and production centers in the Portuguese city, Covilha.
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