Press release
Luxury Jewelry Market Size, Share, Growth, and Opportunities 2024 - 2031 | Guccio Gucci S.p.A., The Swatch Group Ltd.
Luxury Jewelry Market
The Global Luxury Jewelry Market is estimated to be valued at USD 52.84 Bn in 2024 and is expected to reach USD 89.98 Bn by 2031, exhibiting a compound annual growth rate (CAGR) of 7.9% from 2024 to 2031.
Market Dynamics:
The luxury jewelry market is expected to witness significant growth over the forecast period owing to increasing demand from millennial consumers across the globe. Millennials account for a major share of the global luxury goods market and they prefer spending on luxury fashion accessories and jewelry. They are keen to flaunt luxury brands and trendy designs on social media platforms which is encouraging jewelry brands to launch new collections targeted towards young consumers. Moreover, growing disposable incomes in developing countries is also driving the sales of high-end jewelry. However, geopolitical uncertainties in some parts of the world may limit the growth of this market to some extent over the forecast period.
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Major Drivers of Growing Demand for Luxury Jewelry - The Rising Disposable Incomes in Emerging Markets
With emerging markets like India and China experiencing strong economic growth over the past few decades, a sizable affluent middle class has emerged in these regions which has greater disposable incomes than ever before. This expanding consumer base has greater capacity and inclination to spend on luxurious products like designer jewelry which were earlier considered as items only affordable by the ultra-wealthy. The rising affluence in these developing nations is a key driver behind the surging demand for luxury jewelry globally.
A Significant Opportunity - Growing Bridal and Wedding Jewelry Demand
Weddings present a big untapped opportunity for luxury jewelry brands worldwide. With marriage rates on the rise in emerging countries and increasing societal pressures for expensive weddings, demand for high-end bridal and wedding jewelry is surging multi-fold. Luxury brands that focus on developing exclusive collections dedicated to bridal wear and trousseaux, with regional cultural influences can profit greatly by tapping this lucrative segment. Strategically promoting through wedding/bridal magazines, events is key to exploit the opportunity.
A Key Emerging Trend - Increased Focus on Sustainability and Ethical Practices
Conscious consumerism is the new buzzword impacting purchase decisions across industries. Even affluent luxury clientele is increasingly mindful about brands' green and ethical credentials. To stay relevant with the evolving preferences of young and affluent buyers, jewelry brands are focusing more on incorporating recycled metals and conflict-free gemstones into their designs. Some offer repair/lifetime care programs while also supporting charitable causes, to provide customers feel-good buying experiences. Sustainability will shape the future growth trajectory of this market.
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Top Companies Featured in This Report:
★ Guccio Gucci S.p.A.
★ The Swatch Group Ltd.
★ Richemont
★ Tiffany & Co.
★ GRAFF
★ Louis Vuitton SE
★ Signet Jewelers Limited
★ Chopard International SA
★ MIKIMOTO
★ Pandora Jewelry LLC
★ Variation
★ Gem Factory India
★ Fine Euro
★ Bvlgari Jewelry
★ De Beers
★ Pomellato
★ Damiani
★ Fabergé
★ Chopard
★ Piaget
Market Segmentation:
By Product Type:
★ By Raw Material: Gold, Platinum, Diamond, Precious Pearls, Gemstones, and Others
★ By Product Type: Necklaces, Ring, Earrings, Bracelets, and Others
★ By Distribution Channel: Online and Offline
Key Regions/Countries Classified as Follows:
» North America (U.S., Canada, Mexico)
» Europe (Germany, U.K., France, Italy, Russia, Spain, Rest of Europe)
» Asia-Pacific (China, India, Japan, Singapore, Australia, New Zealand, Rest of APAC)
» South America (Brazil, Argentina, Rest of SA)
» Middle East & Africa (Turkey, Saudi Arabia, Iran, UAE, Africa, Rest of MEA)
Key Inquiries Addressed in this Report include:
📈 What was the size of the Luxury Jewelry Market in 2024, and what is the projected value by 2031?
📈 What is the present global market landscape for the Luxury Jewelry Market?
📈 What strategies offer optimal opportunities for growth maximization in the business?
📈 What recent trends are shaping the Luxury Jewelry Market?
📈 How does the market share of Luxury Jewelry Market revenue, sales, and size vary across specific geographical regions?
📈 Who are the prominent industry players in the Luxury Jewelry Market?
📈 Which segment of the Luxury Jewelry Market is experiencing heightened demand?
The report also delves into the competitive landscape, key players, trade patterns, industry value chain, recent news, policies, and regulations. Should you have any inquiries or require customization options, please don't hesitate to contact us.
In summary, whether you're engaged in manufacturing, distribution, or investment within the Luxury Jewelry sector, this report furnishes invaluable insights into market segments, drivers, challenges, investment prospects, regional dynamics, major players, growth strategies, prevailing trends, and hurdles influencing the industry's expansion.
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Author Bio:
Priya Pandey is a dynamic and passionate editor with over three years of expertise in content editing and proofreading. Holding a bachelor's degree in biotechnology, Priya has a knack for making the content engaging. Her diverse portfolio includes editing documents across different industries, including food and beverages, information and technology, healthcare, chemical and materials, etc. Priya's meticulous attention to detail and commitment to excellence make her an invaluable asset in the world of content creation and refinement.
(LinkedIn- https://www.linkedin.com/in/priya-pandey-8417a8173/)
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