The Luxury Jewelry Market Industry Will Generate A Substantial Increase In Opportunities From 2021 To 2031
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, Sept. 21, 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 offers in-depth analysis of key growth strategies, drivers, opportunities, key segment, Porter’s Five Forces analysis and competitive landscape.
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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.
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.
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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.
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.
Reason to buy:
○ 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 to guide companies to reform their business strategies and establish themselves in the vast 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 generate revenue from their market.
○ Develop/modify business expansion plans using substantial growth offering in both developed and emerging markets.
○ Take an in-depth look at the global market trends and outlook coupled with the factors driving the market, as well as those restraining the growth to some extent.
○ Improve the decision-making process by understanding the strategies that drive business interest with respect to products, segmentation, and industry verticals.
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Pawan Kumar, CEO of Allied Market Research, leads the organization in delivering high quality data and insights. We maintain professional relationships with various companies which helps us to extract market data which helps us to generate accurate research data tables and confirm the utmost accuracy of our market predictions. All data presented in the reports we publish are drawn from primary interviews with senior managers of large companies in the relevant field. Our secondary data sourcing methodology includes extensive online and offline research and discussions with knowledgeable industry professionals and analysts.
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