January 24, 2020 by Pradeep
Luxury jewelry is a style statement among the consumers, which leads to increasing demand for different styles and designs in the luxury jewelry market. Implementation of new technologies such as Computer Aided System (CAD) in the jewelry creation is expected to boost the growth of the luxury jewelry market. CAD technology helps manufacturers to create new and unique jewelry designs, which in comparison to manual designs is challenging. Hence, shifting trend of consumers towards new and fusion designs is expected to boost the luxury jewelry market.
Based on type, the global luxury jewelry market share has been segmented into necklace, ring, bracelet, earrings and others. The earring segment accounted for the maximum market share in 2017 and is expected to grow at a high rate during the forecast period as there is an increasing fashion trend where women prefer earring as the statement jewelry with their outfit, owing to the factor that earrings are easier to carry and match to the outfit. Ring segment also held a substantial share as these, products are mostly preferred by consumers as an investment and also as gift product.
The global luxury jewelry market has been segregated, by material, into gold, silver, platinum and others. The gold segment is expected to dominate the global luxury jewelry market during the assessment period, as gold is most preferred metal in luxury jewelry market. According to the World Gold Council, in 2018, 48% of the gold was utilized to manufacture jewelry. Additionally, gold jewelry is very popular in countries such as India and China.
The global market for luxury jewelry has also been classified, by end-user, as men, and women. The women segment is expected to dominate the market during the review period. Owing to the factor that jewelry enhances the appeal of the outfit. Furthermore, people opting for luxury products to maintain their symbol of status in the society increasing number of working women populations in the countries such as the US, Canada, UK, China and India, has led to rise in sales of luxury jewelry over the years. However, there is a shift in trend, due to increasing focus of men on aesthetic appeal to their look and self-grooming has led men investing in luxury jewelry.
The global luxury jewelry market has been segregated, by distribution channel, into store-based and non-store based. The store-based segment has been further segregated into multi-brand store, specialty stores, and others. The store-based segment is expected to generate higher revenue, with the multi-brand store sub-segment being the largest due to the strong and widespread network of stores. The non-store-based segment is expected to register the higher CAGR during the assessment period owing to technological advancements in the e-commerce industry and growing consumer preference for online retailing.
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Based on region, the global luxury jewelry market has been segmented by North America, Europe, Asia-Pacific, and RoW. Asia Pacific is expected to dominate the global luxury jewelry market owing to increasing awareness about branded jewelry. Additionally, increasing influence of promotional campaigns through social media has led to high adoption of modern fashion trends in consumers.
The luxury jewelry market in Europe is expected to grow rapidly due to factors such as growing popularity of customized jewelry according to consumer requirement and increasing demand for fusion of traditional jewelry with trending fashion is expected to boost the luxury jewelry market during the forecast period.