USD 40.61 billion
Report ID: SQSG25K2017 | Region: Global | Published Date: September, 2022 | Pages: 165
Global Luxury Jewelry Market size was valued at USD 40.61 billion in 2021, and it is expected to reach a value of USD 70.96 billion by 2028, at a CAGR of 8.3% over the forecast period (2022 - 2028).
Jewelry made with precious metals or stones is referred to as luxury jewelry. Jewelry design, mold-making, polishing, casting, and plating of metals like gold, silver, or platinum are all part of the manufacturing process. Rings, bracelets, earrings, cufflinks, tie clips, watches, necklaces, and hair accessories are examples of luxury jewelry and timepieces.
Increased modernization, westernization, and personal disposable income are the main drivers of the luxury jewelry market's expansion. Other indirect factors driving the growth of the luxury jewelry market include an increase in consumer preference for opulent goods, the advancement of the jewelry industry, and the rise of new fashion jewelry. The preference of consumers for branded jewelry is growing, which has further encouraged manufacturers to promote the widespread availability of various types of luxury jewelry in the market. Long-term market expansion opportunities for luxury jewelry will also be lucrative and rewarding owing to the increase in television marketing and the expanding use of ornaments in ceremonies. Additionally, a sharp rise in consumer belief in astrology will pave the way for the expansion of the luxury apparel market.
Global Market Size
USD 40.61 billion
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The global luxury jewelry market segmentation is based on product, distribution channel, application, and region. Based on product the luxury jewelry market is segmented into a necklace, rings, bracelets, hair ornaments, earrings, leg and feet ornaments, and others. Based on distribution channels the market is segmented into offline and online. Based on application the market is segmented into men, women, and children. Based on region the global luxury jewelry market is segmented into North America, Europe, Asia-Pacific, Latin America, and the Middle East and Africa.
Analysis by Product
With more than one-fourth of the global luxury jewelry market share in 2021, the necklaces segment held the largest market share. It is anticipated that this segment will continue to lead the market throughout the forecast period. Chain necklaces, choker necklaces, collar necklaces, and other types of necklaces are among the many styles and designs that are offered. Additionally, multi-strand chains, thin or fine necklaces, and bold neck chains are all options. Popular pendants include those made of precise metals and gems like gold, platinum, emerald, ruby, black opal, and diamond. The market for luxury necklaces is expanding as a result of the abundance of these pieces.
Analysis by Distribution Channel
More than two-thirds of the global luxury jewelry market was captured by the offline segment in 2021, and it is anticipated that this segment will continue to lead the market throughout the forecast period. 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 accessibility of a wide range of options, and assistance from sales executives in selecting the best product based on one's unique needs, the significant players are making the most money from offline sales.
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More than one-third of the global market was held by the market in the Asia-Pacific region in 2021, and it is anticipated that this region will continue to lead the market throughout the forecast period. This is explained by the expectation that consumers will continue to be concerned with their appearance as a result of the influence of beauty shows, TV shows, and magazines in various Asia-Pacific nations. The market is expanding as a result of widespread acceptance of luxury jewelry as well as increased awareness of affordable jewelry designs, a preference for western culture, and the expansion of the luxury jewelry segment in tier 2 cities.
Due to its high concentration of millionaires, who are the main drivers of the rising consumption of opulent goods, the North American region is anticipated to exhibit the fastest CAGR during the forecast period. Additionally, it is anticipated that the increasing number of ornament trade shows, including Luxe Pack, The Love Expo, Luxury Bridal Expo, and others, will aid in the expansion of the market in the area.
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To increase sales across numerous nations, manufacturers are changing their product branding and advertising strategies. The manufacturing companies have adopted creative strategies to boost sales of high-end jewelry, such as new product launches featuring stones that look like semi-precious stones, daring jewelry designs, and colorful stones engraved in chains that are beautifully packaged. For instance, the first collection of gold jewelry made without the use of mercury was introduced in May 2021 by the leading US luxury jewelry brand Futura Jewelry. The product launch aims to lessen the threat of mercury emissions on the planet in light of the effects of gold mining on the environment.
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According to our analysis, the necklaces market held the largest market share in 2021, accounting for more than one-fourth of the global luxury jewelry market. The offline category accounted for more than two-thirds of the global market in 2021, and it is anticipated that it will hold the top spot throughout the projected timeline. In 2021, the Asia-Pacific region held more than one-third of the global market, and it is expected that this region will continue to dominate the market throughout the forecast period. During the forthcoming years, the North American region is expected to have the fastest CAGR.
|Market size value in 2021||USD 40.61 billion|
|Market size value in 2028||USD 70.96 billion|
|Forecast period||2022 - 2028|
|Forecast Unit (Value)||USD Billion|
|Regions covered||North America (US, Canada), Europe (Germany, France, United Kingdom, Italy, Spain, Rest of Europe), Asia Pacific (China, India, Japan, Rest of Asia-Pacific), Latin America (Brazil, Rest of Latin America), Middle East & Africa (South Africa, GCC Countries, Rest of MEA)|
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Parent Market Analysis
KEY MARKET INSIGHTS
MARKET DYNAMICS & OUTLOOK
Market Size by Region
KEY COMPANY PROFILES
For the Global Luxury Jewelry Market, our research methodology involved a mixture of primary and secondary data sources. Key steps involved in the research process are listed below:
1. Information Procurement: This stage involved the procurement of Market data or related information via primary and secondary sources. The various secondary sources used included various company websites, annual reports, trade databases, and paid databases such as Hoover's, Bloomberg Business, Factiva, and Avention. Our team did 45 primary interactions Globally which included several stakeholders such as manufacturers, customers, key opinion leaders, etc. Overall, information procurement was one of the most extensive stages in our research process.
2. Information Analysis: This step involved triangulation of data through bottom-up and top-down approaches to estimate and validate the total size and future estimate of the Global Luxury Jewelry Market.
3. Report Formulation: The final step entailed the placement of data points in appropriate Market spaces in an attempt to deduce viable conclusions.
4. Validation & Publishing: Validation is the most important step in the process. Validation & re-validation via an intricately designed process helped us finalize data points to be used for final calculations. The final Market estimates and forecasts were then aligned and sent to our panel of industry experts for validation of data. Once the validation was done the report was sent to our Quality Assurance team to ensure adherence to style guides, consistency & design.
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Product ID: SQSG25K2017