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The massive luxury jewelry market growth is a result of advanced disposable income and amplified consumer spending on high-end goods. Incorporating the luxury jewels sector with the diversion and allure businesses will create new market opportunities in the forecast period.
The market’s growth is projected to be fueled by increased demand for high-quality jewelry and rising discretionary cash flow levels. The market is enhanced by escalating client demand for branded ornaments. The renewed interest in men’s trinkets further addresses the luxury jewelry market’s potential for development.
Luxury jewelry are items created by artisans or experts for the elite class. They are created using high-end gemstones and raw materials. The luxury jewelry market report by Market Research Future (MRFR) contains useful insights and foresight for jewelry manufacturers for the period of 2018 to 2023 (forecast period). The outbreak of the COVID-19 virus and its impact on production and distribution has been discussed in the report.
Segmentation
The global luxury jewelry market has been segmented by type, material, end-user, and distribution channel.
By type, the global market has been classified as a necklace, ring, bracelet, earrings, and others.
The global luxury jewelry industry has also been segregated, based on material, into gold, silver, platinum, and others.
Based on the end-user market is further segmented into men & women. Women are expected to dominate the market owing to their penchant for fine jewelry. The improved living standards of women and marketing strategies directed at women can spur segment growth. Influences by the fashion and movie industries can assist the segment as well.
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Based on distribution channels, the global market has been divided into store-based and non-store-based. Store-based is further divided into multi-brand store, specialty stores and others. Non-store-based is also further segmented into e-commerce.
Detailed Regional Analysis
The regional overview of the luxury jewelry market includes North America, Latin America (LATAM), Europe, Asia-Pacific (APAC), the Middle East, and Africa. Europe accounted for the lion’s share of the total industry on the alert, followed by North America. These places include developed countries with high per capita income and powerful luxury brands that are filling the market development.
Furthermore, the high female workforce interest rate in these countries is a crucial aspect that contributes to the market’s development. Similarly, the Asia-Pacific region is expected to have a high CAGR during the forecast period. Due to rising awareness of branded jewelry, Asia Pacific will dominate the global luxury jewelry market. Furthermore, the growing effect of promotional activities via social media has resulted in widespread consumer adoption of new fashion trends. The luxury jewelry market in Europe is predicted to rise fast due to the growing approval of customized jewelry based on consumer requirements and the collective desire for a fusion of traditional jewelry with contemporary fashion during the forecast period.
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Competitive Analysis
It is projected that the emphasis on accumulating reserves of resources to deal with unexpected crises would impact future market trends. Due to the return of COVID cases in many locations, the market may exhibit constrained growth. The continuation of occasional lockdowns in numerous regions may cause the market expansion to be hampered if resources such as labor and supply chains are severely impacted. The global market is expected to diversify in operational techniques as innovative models for operation and delivery are implemented. Market developments and research are expected to generate attractive growth opportunities in the next years. The reliance on online commerce for sales is expected to increase significantly during the forecast period, prompting market stakeholders to invest more in its growth. Government assistance is expected to support worldwide market development in the next years.
The leading market players in the global luxury jewelry market are:
Industry Updates:
Dec 2021 With its video campaign, Holy Gems released its inaugural collection of 101 one-of-a-kind pieces of exquisite jewelry with exceedingly rare gemstones sourced from the Holy Land of Israel. The video, “A Holy Land Love Story,” which launched Holy Gems’ first limited jewelry auction, depicts the journey and emotional connection to these exceptional gems, as well as the highly exclusive pieces that elevate not only precious materials but a connection to the sanctity of the land from which they came, and the awe that their existence evokes.
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About Market Research Future:
Market Research Future (MRFR) is a world-renowned market research company that offers a wide range of services, complete with accurate and precise analysis about diverse markets, sub-markets and target consumers. Our approach is a combination of extensive information and multiple data sources that help provide an exhaustive comprehension about the latest major developments to the client, in addition to future events and what measures and decisions to take on the basis of the same.
Our fast emerging market research firm is armed with an adept research analysts’ team that focuses on gathering useful data and analytics in terms of economic and technological advances. Our proficient analysts conduct industrial visits in a bid to achieve reliable and accurate information from established market participants. One of our foremost objectives is to keep the client well-versed with all the lucrative opportunities as well as challenges surrounding various global markets. We offer step-by-step guidance to our clients, through consulting and strategic services, enabling them to arrive at a practical and effective decision.
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