Luxury Jewelry Market Valuation Worth $40.19 Billion by 2031, Registering at a CAGR of 6.4% | Dominating top key players
According to a new report, the global luxury jewelry market is segmented into product type, application, distribution channel, and region.
5933 NE WIN SIVERS DRIVE, PORTLAND, OR, USA, Oct. 10, 2022 /EINPresswire.com/ — Allied Market Research has released a new report, titled Luxury Jewelry Market Size Valued at $21.75 Billion in 2021 and is estimated to reach $40.19 billion by 2031, growing at a CAGR of 6.4% from 2022 to 2031. The report provides a detailed analysis of major investment pockets, most winning strategies, drivers and opportunities, market size and estimates, competitive landscape and market development. tendencies.
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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.
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.
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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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.
Main benefits for stakeholders
○ This report provides quantitative analysis of market segments, current trends, estimates and dynamics of Luxury Jewelry Market analysis from 2021 to 2031 to identify opportunities in the Luxury Jewelry market.
○ Market research is offered with information related to key drivers, restraints, and opportunities.
○ Porter’s Five Forces analysis highlights the ability of buyers and suppliers to enable stakeholders to make profit-driven business decisions and strengthen their supplier-buyer network.
○ In-depth analysis of luxury jewelry market segmentation helps to determine the existing market opportunities.
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