The global luxury jewelry market size is expected to reach USD 65.54 billion by 2025 registering a CAGR of 7.6%, according to a new report by Grand View Research, Inc. Growing demand for jewelry as an investment and demand for luxury items is expected to boost the overall market over the forecast period. Changing lifestyle and rising usage of jewelry as substitute accessories to denote the style statement as per changing fashion trend is projected to drive the demand further.
Influence of western culture on developing economies, such as India, China, and Bangladesh, along with quick adoption of new cultural trends in these countries is also anticipated to increase the product demand over the next few years. The female application segment is expected to lead the global market from 2019 to 2025 on account of availability of innovative designs and types of jewelry for women. Moreover, growing economic independence of females plays a significant role in the development of this segment.
Increasing trend of customized and personalized jewelry products, such as bracelets, chains, rings, and pendants, is also expected to boost the product demand. Asia Pacific accounted for more than 63% of the global market share in 2018 due to multipurpose use of jewelry, such as in various rituals and traditions and for investment purposes, and as fashion trend. New product launches from the leading companies are also expected to propel the luxury jewelry market growth.
Companies in this market focus on making new designs to make their style statement in the market. For example, in February 2019, Harry Winston Co. launched a new segment of jewelry watches for women. Through such innovative products, companies are trying to capture new markets, especially in North America and Europe, and to maintain a their position in the existing markets of developing countries.
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Further key findings from the study suggest
- Gold-based jewelry was the dominant material segment and is projected to expand further at the highest CAGR of 7.8% from 2019 to 2025 due to high demand, particularly in the developing countries of APAC
- Ring product segment is expected to witness the maximum CAGR of 7.8% from 2019 to 2025 due to rising demand for the product
- Offline distribution channel accounted for the highest market share of 59.39% in 2018 and is likely to maintain the dominance throughout the forecast years as customers emphasize on proper examination of the product before buying it
- Moreover, due to high prices of these products, customers prefer offline channels over any other means of distribution