The global luxury jewellery market is estimated to be valued at US$56.02 Bn in 2023 and is expected to exhibit a CAGR of 7.1% over the forecast period of 2023-2030, according to a new report published by Coherent Market Insights.
Market Overview:
Luxury jewellery consists of high-quality, premium jewellery pieces that are made from precious metals and adorned with gemstones. These pieces are known for their exquisite craftsmanship, unique designs, and superior quality. Luxury jewellery carries an inherent sense of luxury, status, and prestige. The growing demand for luxury jewellery can be attributed to the increasing disposable incomes of consumers, changing fashion trends, and the desire to own exclusive and prestigious pieces of jewellery. Luxury jewellery offers various advantages, such as durability, superior quality, and timeless appeal, making it an investment-worthy choice for individuals who value luxury and opulence.
Market Key Trends:
One key trend in the luxury jewellery market is the rising demand for customized and personalized jewellery. Consumers today are seeking unique and one-of-a-kind pieces that reflect their individual style and personality. This trend is driven by the desire for self-expression and the need to stand out from the crowd. Luxury jewellery brands are responding to this trend by offering personalized services, allowing customers to create their own jewellery designs or modify existing designs according to their preferences. Customized jewellery offers a sense of exclusivity and personalization, making it highly desirable among consumers in the luxury segment.
Porter's Analysis:
· Threat of new entrants: The luxury jewellery market is characterized by high barriers to entry, including the need for substantial investment in design, production, and distribution channels. Additionally, established brands hold significant market share and customer loyalty, making it difficult for new entrants to gain traction.
· Bargaining power of buyers: Buyers in the luxury jewellery market have relatively low bargaining power due to the exclusivity and prestige associated with luxury brands. Customers are often willing to pay a premium for high-quality craftsmanship and unique designs, reducing their ability to negotiate lower prices.
· Bargaining power of suppliers: Suppliers of raw materials in the luxury jewellery market hold some bargaining power, particularly in terms of rare and precious stones and metals. However, established brands usually have long-term relationships with trusted suppliers, reducing the risk of any significant disruption in the supply chain.
· Threat of new substitutes: The threat of new substitutes in the luxury jewellery market is relatively low. The emotional and sentimental value associated with jewellery makes it difficult for alternative products or experiences to replace it. Despite economic downturns, demand for luxury jewellery remains relatively stable.
· Competitive rivalry: The luxury jewellery market is highly competitive, with both established brands and emerging players vying for market share. Competition is primarily based on brand reputation, product quality, design innovation, and customer service. Major brands invest heavily in marketing and advertising to differentiate themselves from competitors.
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 is primarily driven by increasing disposable incomes, changing consumer preferences, and rising demand for luxury products in emerging markets such as China and India. These regions have seen a rapid increase in the number of high-net-worth individuals, leading to a surge in demand for luxury jewellery.
The Asia-Pacific region is expected to be the fastest-growing and dominating region in the luxury jewellery market. Countries like China, Japan, and India are experiencing significant economic growth, increasing urbanization, and a growing middle class with a higher purchasing power. These factors have contributed to the increasing demand for luxury jewellery in the Asia-Pacific region.
Key players operating in the luxury jewellery market include 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 key players have established themselves as market leaders through their strong brand reputation, exceptional craftsmanship, and extensive distribution networks.
In conclusion, the luxury jewellery market is poised for significant growth, driven by increasing wealth and consumer preferences for luxury products. The Asia-Pacific region, particularly China and India, presents immense opportunities for market expansion. Established brands and key players in the market will continue to play a crucial role in shaping the industry's growth and meeting the evolving demands of luxury jewellery consumers.
Read more - https://www.insightprobing.com/luxury-jewelry-market-size-and-share-analysis/
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