Top Emerging Trends Of Jewelry Market Progress Forecast 2030 |Grand View Research, Inc.
Posted by Mrudula Anil Karmarkar on July 26th, 2022
The global jewelry market size is expected to reach USD 518.90 billion by 2030, according to a new report by Grand View Research, Inc. It is expected to expand at a CAGR of 8.5% from 2022 to 2030. The luxury goods industry continues to drive the market for jewelry, amid challenges concerning varying economic trends.
The demand for jewelry is increasing as the world is recovering from a recession and the global financial crisis of 2008. Over the past few years, consumer preference has turned to branded jewelry. This trend is more prominent among the emerging upper middle class or wealthy consumers, particularly in Asia Pacific, for whom branded jewelry is a status symbol. According to the World Gold Council, India and China accounted for more than 50% of the global gold jewelry demand in 2018.
Most consumers buy jewelry from international or established brands as they offer authentic and trustworthy products and unique designs. E-commerce is another important trend in the industry. Most consumers in this market prefer to research online before purchasing any product, and many make purchases from online portals for convenience.
Technological advancements have been transforming the jewel industry, from mining and discovering precious metals to cloud solutions and e-commerce platforms. Computer-aided design (CAD), 3D printing, and augmented reality (AR) are among the most notable technologies that have been prompting the growth of the industry in recent years. From a distribution standpoint, the emergence and popularity of these technologies have been aiding jewelry manufacturers around the world to realize higher profit margins in retail outlets.
A key trend that has been gripping the jewelry industry over the years is the transformation of the shopping experience using technology. For instance, in June 2017, YOOX NET-A-PORTER GROUP, an Italian online fashion retailer, partnered with Lumyer Inc., a U.S.-based app developing company, to launch an AR camera app designed to enable users to try on jewelry, sunglasses, and handbags in virtual reality.
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The rising number of double-income households in emerging economies such as India, China, and Brazil have resulted in increased spending on luxury goods, including jewelry. Spending on luxury products is expanding at a more substantial rate in tier-II cities in India than in tier I cities. According to American Express, high-end spending in tier II cities between 2013 and 2018 grew 30 times faster than that in tier I cities. The rise in luxury spending in tier I and tier II cities is due to strict measures by the Indian government, such as an increase in excise duty on gold and diamond, demonetization, and a rise in taxes on luxury items to curb black money.
Jewelry Market Report Highlights
Increasing disposable income and innovative jewelry designs offered by manufacturers are expected to drive the product demand. Changing lifestyles and perceptions of jewelry as a status symbol are expected to boost the growth of this market. COVID-19 has had a positive effect on jewelry sales, with 30% of consumers in a recent poll reporting they purchased more jewelry during the pandemic, according to a study from the supplier group, the Plumb Club. The survey entitled “The Plumb Club Industry & Market Insights 2021” also noticed that 49% of consumers bought as much jewelry as they always did, while 21% purchased less.
The increasing acceptance of jewelry among men is also propelling the growth of the market. Products such as cufflinks, plain gold chains, tie bars, cartography necklaces, and signet rings are some of the products commonly in demand among men. A vast client base makes it possible for manufacturers to cater to a large market and earn profits. The introduction of new designs and emerging fashion trends are attracting customers and manufacturers are leveraging this frequent change in fashion to design unique products to attract customers.
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Bridal jewelry also plays a significant role in driving the market. In countries like India, high expenditure on wedding ceremonies and celebrations is expected to positively impact the market growth. Women are focusing on the latest trends when it comes to jewelry and accessories. The availability of customization for such products is an important factor among consumers and is likely to bode well for the market. Additionally, rising awareness regarding the authenticity of the metals and gems used in the jewelry pieces is driving the market. Manufacturers are not only adhering to authenticity and quality standards but also educating consumers through advertising campaigns.
Diamonds are becoming increasingly popular due to an increase in consumer disposable income and spending capacity. Diamonds are considered to be one of the earth’s most impressive natural materials due to their stunning attributes and are perceived as a reflection of one’s financial status. The market for jewelry is also expected to witness significant growth via the online channel as major players are focusing on using their websites to announce product launches, sales, and other relevant information. However, rising e-commerce frauds and a lack of knowledge about hallmarks on jewelry are expected to hinder the market growth.
List of Key Players of Jewelry Market
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About the AuthorMrudula Anil Karmarkar
Joined: July 2nd, 2020
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