luxury jewelry market growth
Luxury jewelry market to surge in Europe and Asia-Pacific
Luxury jewelry is a personal ornament designed with a variety of materials, including gold, silver, diamonds, and platinum. It includes a variety of products such as necklaces, brooches, rings, bracelets, pendants, hair ornaments, earrings, cuffs, etc.
Rising consumer spending on luxury goods is considered to be a key factor expected to drive the global Luxury Jewelry Market growth during the forecast period. The increasing promotion of luxury jewelry by online marketers complemented by diverse product portfolio and discounts applied on online purchases is also expected to further accelerate global market growth during the forecast period. Prominent luxury jewelry brands that offer online and offline activities to increase product visibility include some names such as David Yurman, Tiffany & Co., and Swarovski.
The high cost of luxury jewelry is a key factor that is expected to somewhat restrain the growth of the global luxury jewelry market during the forecast period. But the improving standard of living and high expenditure on luxury items should subdue the negative effects created by the high product costs. Apart from the significant demand for women jewelry, a recent trend observed in the luxury jewelry market is an increase in demand for men's jewelry, which is expected to continue over the forecast period, further boosting luxury jewelry market demand.
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Rising investments in new jewelry processing and manufacturing technologies, such as computer-aided systems (CAD) -- now highly used for jewelry manufacturing, are expected to create immense potentials to generate revenue-making opportunities for players operating in target markets over the forecast period.
Based on materials, the diamond segment is expected to record significant growth in terms of revenue during the forecast period, due to increased demand for diamond rings across the globe. Especially used for occasions like engagements or marriage ceremonies seen in high practice worldwide.
Based on the distribution channels, the mono-brand store segment is expected to record a significant revenue share over the forecast period, owing to the advantage of developing brand identity and increasing consumer visits to such dedicated retail establishments. Based on product type, the earring segment is expected to record a significant revenue share over the forecast period, with a sharp increase in women's preference for wearing earrings nowadays which allows them to quickly and easily adapt to their dress style.
The European market is expected to dominate the global luxury jewelry market share in terms of overall revenue during the forecast period, with increased customization of jewelry, the increased popularity of pop-up stores, and the rising trend of costume & jewelry fusion in different countries of the region You. Besides, the Asia-Pacific luxury jewelry market will also account for a substantial revenue share during the forecast period due to increased consumer preferences for luxury goods purchases well supported by high disposable income in the middle-aged working professionals in the region.
Author Name : Report Hive Research