The global luxury jewelry market was valued at 53.56 US$ billion in 2017 and is expected to reach 94.72 US$ billion by 2026, at a CAGR of 7.3% over the forecast period (2018–2026), according to a Global Luxury Jewelry Market Report, by Material (Gold, Diamond, Silver, Platinum, and Others), by Product Type (Necklace, Ring, Bracelet, Hair Ornaments, Earring, Leg & Feet Ornaments, and Others), by End User (Men and Women), and by Distribution Channel (Mono-brand Stores, Multi-brand Boutiques, Departmental Stores, Online Stores, and Others), published by Coherent Market Insights. Increasing disposable income and consumer spending on luxury goods is fueling growth of the global luxury jewelry market. Consumers in the category of millennial and baby boomers prefer to spend on luxury products such as diamond or gold jewelry, owing to increasing disposable income. According to data published by Bureau of Labor Statistics, U.S. Department of Labor, the average annual expenditure on jewelry was US$ 106 in the U.S. in 2016. According to the same source, jewelry was the third largest item after wine and sweets, on which highest expenditure was made by consumers in the U.S. in 2016.
However, changing fashion trends is expected to be a key challenge for growth of the market over the forecast period. Manufacturers and retailers are required to offer updated designs of luxury jewelry to cater to changing preference of local and global consumers, in order to maintain their presence in the luxury jewelry market. Most manufacturers produce specific types of luxury jewelry products pertaining to the market demand due to lack of innovative designs and development centers. Moreover, changing fashion trends has led to decreasing demand for such specific type of luxury jewelry. This reduces the initial investment of manufacturers and adversely affects their business. Therefore, changing fashion trends is a major challenge for small and medium scale jewelry manufacturers and retailers.
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Key Trends and Analysis of the Luxury Jewelry Market:
Key Takeaways of the Market:
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