The luxury jewelry market is estimated to be valued at US$ 68.82 Bn in 2023 and is expected to exhibit a CAGR of 7.1% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.
Market Overview: Luxury jewelry includes fine jewelry made of precious gemstones and metals such as gold, silver, platinum, and diamonds. Luxury jewelry finds extensive application in weddings, formal events, corporate functions, and daily wear. Rising consumer spending on luxury and premium products along with growing trends of self-purchase and gifting are major factors driving demand for luxury jewelry products. Market Dynamics: One of the key drivers for the luxury jewelry market is rising consumer spending on premium and branded products. Changing fashion trends and improving economic conditions in developing regions have increased consumer spending on luxury items. Additionally, the growing middle-class population with higher disposable incomes in regions such as Asia Pacific and Middle East is fueling market growth. Furthermore, increasing online sales and easy availability of a variety of luxury jewelry products through e-commerce platforms is another major factor propelling the market growth. However, high product and marketing costs associated with luxury jewelry products limit their affordability, which acts as a challenge for full realization of market potential. Nevertheless, growing millennial consumer base who indulge more in experiences and aspire for premium brands is expected to create lucrative opportunities for luxury jewelry market over the forecast period. SWOT Analysis Strength: The luxury jewelry market benefits from strong brand recognition of leading brands such as Gucciogucci S.P.A., Harry Winston, Inc. and Societe Cartier. These brands are known for their high quality materials and intricate craftsmanship. Furthermore, the luxury jewelry items are a status symbol and signify wealth and success which attracts high net worth customers. Weakness: Luxury jewelry items possess very high price points which restricts its target audience to only the ultra-high net worth individuals. Additionally, certain gems and precious metals used in luxury jewelry such as diamonds, gold and platinum are scarce natural resources leading to supply constraints. Opportunity: Emerging markets in Asia Pacific and Middle East regions such as China, India and UAE are expected to drive future growth. These regions are witnessing a surge in number of ultra-high net worth individuals who spend significantly on luxury brands. Furthermore, increasing promotional activities through online channels can help luxury jewelry brands expand their customer base. Threats: Economic slowdowns can negatively impact the luxury goods industry including jewelry since suchitems are considered discretionary purchases. Additionally, development of lab-grown diamonds is a threat as they provide an affordable alternative to mined diamonds. Key Takeaways The Global Luxury Jewelry Market Size is expected to witness high growth, exhibiting CAGR of 7.1% over the forecast period, due to increasing purchasing power of ultra-high net worth individuals globally. The number of ultra-rich individuals with high disposable incomes has significantly increased over last few years especially in developing regions of Asia and Middle East which sees luxury purchases as a status symbol. Regional analysis: Asia Pacific region currently dominates the global luxury jewelry market with maximum sales coming from China, India and other Southeast Asian countries. This trend is expected to continue as the number of ultra-high net worth individuals is growing rapidly in this region supported by strong economic growth. The Middle East region also offers lucrative opportunities backed by affluent customer demographic seeking luxury goods. Key players operating in the Luxury Jewelry market are 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 brands have established themselves as leaders in the market through their premium craftsmanship and creative designs attracting status conscious high spenders globally. Read more: https://www.rapidwebwire.com/luxury-jewelry-market-size-demand/
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