Luxury Jewelry Market Size is Expected to Grow USD 40.19 Billion by 2031, registering at a CAGR of 6.4% from 2022 to 2031
According to a new report, the global luxury jewelry market is segmented into product type, application, distribution channel, and region.
PORTLAND, OREGON, USA, Aug. 26, 2022 /EINPresswire.com/ — Allied Market Research has released a new report titled Luxury Jewelry Market Size Was Valued At $21.75 Billion In 2021 And Is Expected To Reach $40.19 billion by 2031, growing at a CAGR of 6.4% from 2022 to 2031. The report offers in-depth analysis of key growth strategies, drivers, opportunities, key segment, analysis of Porter’s five forces and the competitive landscape.
People’s standard of living is rising, thanks to higher disposable incomes, improved lifestyle and increased corporate culture. The growing proliferation of corporations in developing countries has popularized the culture of “carrying expensive and luxurious goods” among consumers. Based on the analysis and the prevailing trend, consumers in developing countries should gradually gain an understanding of personal appearance. Moreover, the impact of this factor is expected to continue during the forecast period.
Selling online is the new trend in the global market, especially for luxury goods. The increase in the number of online portals along with their growing popularity has fueled the growth of the luxury jewelry market. The growth in the number of working professionals and a busy lifestyle complemented by technological awareness are the main factors responsible for the increase in online sales. In addition, online sales offer a direct-to-home delivery service, which is one of the main drivers for urban and semi-urban consumers. The trend of online sales was limited to developed countries, but has recently gained prominence in developing countries.
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Based on the luxury jewelry market analysis, the market is segmented into product type, application, and distribution channel. Based on product type, the market is categorized into necklaces, earrings, rings, bracelets, and others. According to the application, it is divided into men, women and children. Based on the distribution channel, the luxury jewelry market is segmented into online and offline.
On the basis of product type, the Earrings segment is witnessing luxury jewelry market opportunities in the market. The reason is that the availability of lightweight earrings in different designs and colors that can be worn with a variety of outfits creates opportunities for market growth.
By application, the women’s segment held the largest market share due to the increase in purchasing power, aided by the female labor force. The women’s segment is expected to reach $24,104.6 million by 2031.
By distribution channel, the offline segment dominated the market as retail channels provide value-added services such as customer service. Moreover, the online segment is witnessing a significant growth rate of 6.9% during the forecast period.
The COVID-19 disease started spreading around the world in early 2021, infecting millions of people, and major countries around the world enacted foot bans and stop work orders. So apart from medical supplies and survival products, most industries have been badly affected, including the luxury jewelry industry. The luxury jewelry market has shrunk considerably with slowing economic growth, but it had grown at a relatively optimistic pace in the four years before COVID-19.
Major players in the luxury jewelry market are Avon Products Inc., Chopard International SA, Giorgio Armani SpA, GRAFF, Guccio Gucci SpA, LVMH, MIKIMOTO, Pandora Jewelry, LLC, Prada SpA, Signet Jewelers Limited, Sukkhi Fashion Jewelry, Swarovski Group, Tanishq, Amrapali and Youbella tribe.
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Main results of the study:
• By type, necklaces were the leading market segment in 2021 and are expected to grow at a significant CAGR of 5.9% during the forecast period.
• According to the application, the men’s segment is expected to grow at a CAGR of 6.9%, in terms of value, during the forecast period.
• Based on the distribution channel, the online sales channel is expected to grow at a CAGR of 6.9% during the forecast period.
• Regionally, Asia-Pacific was the dominant region in 2021, occupying 34.6% of the luxury jewelry market share.
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