Luxury Jewelry Market to Reach $40.2 Billion by 2031, with Necklaces Leading Segment Growth

Allied Market Research published a new report, titled, "Luxury Jewelry Market Size, Share, Competitive Landscape and Trend Analysis Report, by Product Type, by Application, by Distribution Channel : Global Opportunity Analysis and Industry Forecast, 2021-2031." The report offers a detailed analysis of the top winning strategies, evolving market trends, market size and estimations, value chain, key investment pockets, drivers & opportunities, competitive landscape and regional landscape. The report is a useful source of information for new entrants, shareholders, frontrunners and shareholders in introducing necessary strategies for the future and taking essential steps to significantly strengthen and heighten their position in the market. The global luxury jewelry market size was valued at $21,751.6 million in 2021, and is projected to reach $40,190.7 million by 2031, registering a CAGR of 6.4% from 2022 to 2031.

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The standard of living among people is increasing, owing to higher disposable incomes, improvement in lifestyle, and increase in corporate culture. Increased proliferation of corporate entities in developing nations has popularized the "carrying expensive & luxurious products" culture among consumers. Based on the analysis and prevailing trend, consumers in developing countries are expected to gradually gain understanding of personal appearance. In addition, the impact of this driver is anticipated to continue during the forecast period.

Online sales is the new trend in the global market especially for luxury goods. Increase in the number of online portals as well as their rising popularity fueled the Luxury Jewelry Market Growth. Growth in the number of working professionals and busy lifestyle supplemented with technological awareness are the key factors responsible for boosting online sales. In addition, online sales offer direct-to-home delivery service, which is one of the key driving factors among urban as well as semi-urban consumers. Online sales trend was limited to developed nations, but has recently gained prominence in the developing nations.

Based on the Luxury Jewelry Market Analysis, the market is segmented into product type, application and distribution channel. On the basis of product type, the market is categorized as necklaces, earrings, rings, bracelets, and others. As per application, it is divided into men, women and children. Based on distribution channel, the luxury jewelry market is segmented as online and offline.

Depending on the distribution channel, the offline segment led the market, because retail sales channels provide value-added services such as customer care such as customer care. Moreover, online segment witnesses a significant growth rate of 6.9% during the forecast period.

Based on the product type, Earrings segment witness a Luxury Jewelry Market Opportunities in the market. The reason for this is that the availability of lightweight earrings in a various designs and colors that can be worn with a variety of outfits creates market growth opportunities.

By application, the women segment held the largest market share due to increase in spending power, aided by the working female population. The women segment is expected to reach $24,104.6 million by 2031.

The key players in the luxury jewelry market include Avon Products Inc., Chopard International SA, Giorgio Armani S.p.A, GRAFF, Guccio Gucci S.p.A., LVMH, MIKIMOTO, Pandora Jewelry, LLC, Prada S.p.A, Signet Jewelers Limited, Sukkhi Fashion Jewelry, Swarovski Group, Tanishq, Tribe Amrapali, and Youbella.

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Analyst Review

The global luxury jewelry market has been growing steadily over the past few years. Hence, manufacturers are introducing innovative designs to sustain in the competitive and dynamic market. The luxury jewelry market in developed countries such as the U.S., Canada, UK, and Italy, and is expected to exhibit a slow growth as compared to developing regions. In countries such as India, China, South Africa, and the Brazil, the luxury jewelry market possesses high growth potential. With the maturity of the North American and European markets, especially for products such as necklaces and earrings, manufacturers have focused on the Asian countries, such as India and China to expand their foothold. In countries such as India, non-branded products have a larger share as compared to branded products. Most of the companies have shifted their production plants to China and other Asia-Pacific countries to cut down the manufacturing costs.

Key Benefits For Stakeholders:

○ This report provides a quantitative analysis of the market segments, current trends, estimations, and dynamics of the luxury jewelry market analysis from 2021 to 2031 to identify the prevailing luxury jewelry market opportunities.
○ The market research is offered along with information related to key drivers, restraints, and opportunities.
○ Porter's five forces analysis highlights the potency of buyers and suppliers to enable stakeholders make profit-oriented business decisions and strengthen their supplier-buyer network.
○ In-depth analysis of the luxury jewelry market segmentation assists to determine the prevailing market opportunities.
○ Major countries in each region are mapped according to their revenue contribution to the global market.
○ Market player positioning facilitates benchmarking and provides a clear understanding of the present position of the market players.

Reason to Buy Luxury Jewelry Market Report:

○ Save and reduce time carrying out entry-level research by identifying the growth, size, leading players, and segments in the global Luxury Jewelry Market.
○ Highlights key business priorities in order to guide the companies to reform their business strategies and establish themselves in the wide geography.
○ The key findings and recommendations highlight crucial progressive industry trends in the Luxury Jewelry Market, thereby allowing players to develop effective long-term strategies in order to garner their market revenue.
○ Develop/modify business expansion plans by using substantial growth offering developed and emerging markets.
○ Scrutinize in-depth global market trends and outlook coupled with the factors driving the market, as well as those restraining the growth to a certain extent.
○ Enhance the decision-making process by understanding the strategies that underpin commercial interest with respect to products, segmentation, and industry verticals.

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