The significant change in the lifestyle and the rising disposable incomes of people are the major factors that are contributing to the growth of the jewelry market. The increasing acceptance of jewelry among men is further boosting the demand of the market. Various products such as cufflinks, plain gold chains, cufflinks, tie bars, cartography necklaces, and signet rings are often worn by men. Additionally, designs inspired by tribal women are steadily penetrating the market based on their popularity. Moreover, the increasing awareness regarding the remarkable benefits of the metals and gemstones used in the jewelry pieces is further strengthening the growth of the — jewelry market size. Women are emphasizing on the modern trends of necklaces, bangles, hairpins, and the easy availability of customized jewelry is likely to enhance market growth.
With the ongoing coronavirus crisis, the market for jewelry has been adversely impacted. The strict lockdown has pushed people into their homes, which in turn, has reduced their income. The decreasing income and the growing preference of the consumers to spend just on the essential items are certain factors that will have a negative impact on the growth of the market.
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The jewelry market segmentation on the basis of material type, the diamond segment exhibits substantial growth potential and is expected to gain traction over the forecast period. This is attributed to the decreasing value of the diamond jewelry and less availability of platinum around the world. Diamonds are gaining popularity due to the increasing disposable income throughout the globe. Diamonds are considered to be one of the earth’s most striking natural materials as they have magnificent qualities.
Based on the product type, the rings segment is expected to witness considerable growth in the next six years. Men and women both adorn rings jewelry as a fashion statement. Earrings and bracelets are gifted on different occasions or events such as birthdays and anniversaries. This consumption behavior is projected to have a positive impact the market growth. Rings are used for engagements or anniversaries and everyday basis.
On the basis of the distribution channel, the online store segment is anticipated to maintain its dominance over the forecast period. The rising penetration of the internet and smartphones are the key drivers that are surging the demand of the market. The online platform allows consumers to compare products in real-time and make informed decisions.
Based on the end-users, the female segment is poised to expand in the coming years owing to the rising usage of jewelry, especially among the females. In addition to this, the male segment is predicted to grow at a higher CAGR over the forecast period due to the rising acceptance of men’s jewelry and the growing influence of celebrity culture.
On the basis of the region, the North American region is anticipated to dominate the jewelry market in the next six years. The advancements in the retail structure and the increasing adoption of jewelry due to the aggressive advertising strategy and celebrity brand endorsement, are the major factors that are boosting the market growth in this region. Furthermore, the high expenditure of consumers on fashion jewelry adds to the growth of the market in this region.
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The key players of the jewelry market include Richemont Group, Chow Tai Fook, Cartier, LVMH Group, Graff, Harry Winston, Tiffiny & Co., Signet Group, Van Cleef & Arpels, and Pandora, among others.
The research report on the jewelry market provides an in-depth analysis of the market revenue based on material type, product type, distribution channel, end-users, and region for the forecast period from 2020 to 2027. The report highlights the major market drivers propelling the growth as well as challenges faced by the market participants. The research report also provides market size and forecast for the market. The report also analyses the competitive landscape, major players, and their strategies in 2019. The competitive landscape section of the report captures and highlights the recent developments in the market.
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