Luxury Jewelry Market – Overview
The increased availability of disposed income to a broader population base is promoting the luxury jewelry market globally. Reports that review the consumer and retail industry has been offered by Market Research Future, which generates reports on industry verticals that evaluate the market development and opportunities. The market is anticipated to gain an elevated CAGR in the forecast period.
The escalation in the trend of consumerism around the world is motivating the luxury jewelry market. The development of the product range and variety in luxury jewelry is anticipated to motivated the market for luxury jewelry. Moreover, increased level of social consciousness related to status is expected to fuel the luxury jewelry market in the coming period.
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The segmentation of the luxury jewelry market has been carried out on the basis of material, distribution channel, type, end-user, and region. Based on type, the luxury jewelry market has been segmented into ring, earrings, necklace, bracelet, and others. On the basis of material, the luxury jewelry market is segmented into silver, gold, platinum, and others. Based on the end-user, the luxury jewelry market is segmented into men and women. Based on the distribution channel, the luxury jewelry market has been segmented into non-store-based and store-based. The store-based is further segmented into specialty store, multi-brand store, and others. The non-store-based is further segmented into e-commerce. The notable regions in the luxury jewelry market are Asia Pacific, North America, Europe, and the rest of the world.
Detailed Regional Analysis
The regional overview of the luxury jewelry market observes that the Asia Pacific region is anticipated to control the market for luxury jewelry through the forecast period due to the increasing preference of consumers towards luxury and branded jewelry. Additionally, the rise in use of jewelry among consumers for their aesthetic appeal along with the trend of growing number of jewelry producers extending fusion jewelry in China and India is likely to boost the development of the Asia Pacific luxury jewelry market. The European region is also expected to control a momentous share of the luxury jewelry market owing to the growing number of high net worth individuals’ populace in the region. The nations like France, Germany, and Italy are the foremost contributors to the progress of the European Luxury Jewelry Market. Furthermore, as Italy and France are regarded as the fashion capitals of the world, and jewelry is an integral part of the outfits is creating favorable circumstances for the growth of the luxury jewelry market in the region. The market in the North American region is projected to record the uppermost CAGR throughout the forecast period with Canada and the US being the major country-level markets for luxury jewelry in the region. Due to the growing spending on clothing and accessories, the North American luxury jewelry market is expected to be increased in the forecast period.
The profitability in the market is enhanced significantly by the existence of strong strategies deployed by market players. The market is ushering in a phase of development that is expected to be motivated by the positive factors in the market. The demographics present in the market present a favorable outlook in terms of product expansion and future growth potential. The strategies in the market are being aimed at improving the overall progress of the market, with the business models taking into account all contingencies that may arise in the coming years. The identification and use of apposite media channels are expected to transform the market development in the coming years. The pull created by the businesses in the market by positioning marketing policies and events is additionally growing the development of the market. The improvement of production resources is likely to stimulate the market’s improvement in the forecast period.
Harry Winston, Inc. (US), Guccio Gucci S.p.A. (Italy), Tiffany & Co. (US), Société Cartier (France), Compagnie Financière Richemont SA (Switzerland), Buccellati Holding Italia SpA (Italy), K. Mikimoto & Co., Ltd. (Japan), Graff Diamonds Corporation (UK), Bulgari S.p.A.(Italy), Chopard International SA (Switzerland) are some of the significant companies in the luxury jewelry market globally.
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