Although all types of luxury jewellery recorded retail value losses during the COVID-19 pandemic, luxury fine jewellery performed slightly better than luxury costume jewellery, despite its significantly higher prices. Men’s luxury fine jewellery recorded the lowest losses in 2020, as luxury fine jewellery is often regarded as a relatively...
Consumers of luxury jewellery like to inspect products and even try them on in physical stores prior to purchasing, as well as receive advice from qualified sales consultants. Department stores and watch and jewellery specialist retailers are therefore the main channel for these products in Mexico. However, these outlets were forced to close...
Along with luxury timepieces, luxury jewellery is one of the most emblematic categories in luxury goods, and thus was amongst the first categories to bear the brunt of the COVID-19 crisis. As in other categories, luxury goods suffered from the closure of non-essential retail outlets throughout France from March to May 2020. Luxury...
Sales of luxury jewellery declined significantly during 2020 as the social distancing protocols that were enacted in response to the COVID-19 pandemic encouraged many people to postpone weddings and various other celebrations that are often associated with gifts of jewellery until the COVID-19 situation is resolved to the extent that they...
In 2019, the long-delayed rise in VAT boosted sales of luxury jewellery as consumers rushed to purchase products before it was finally implemented in October. This demand was bolstered by the aggressive activity of department stores, which held jewellery fairs in the September immediately prior to the tax increase. However, in 2020, luxury...
Overall, luxury jewellery is expected to perform considerably well in 2020 with current value growth rates dropping only slightly. However, the pandemic has resulted in some consumption pattern shifts. For example, luxury costume jewellery has seen a drop in demand as the consumer base of this product area is largely middle-class buyers. Due...
With the emergence of COVID-19, sales of luxury jewellery drastically fell, going against the previously positive trend envisaged for 2020. While smaller specialist stores remained open as there were no specific restrictions, larger chained-based retailers chose to close during the initial period of the pandemic. Luxury Jewellery...
Luxury jewellery is primarily sold in physical stores, and therefore the store closures as a result of lockdowns in the UK had a massive impact on declining sales that took place in the first part of 2020. Jewellery is a highly discretionary category; one that consumers tend to buy when there is geopolitical stability and certainty. Luxury...
The COVID-19 pandemic led to a sharp fall in spending on luxury jewellery in 2020, with women’s luxury fine jewellery recording the steepest decline. Reduced consumer confidence in the context of economic uncertainty and pressure on disposable incomes impacted spending on high-ticket items, while the category was also hit by travel restrictions...
Luxury jewellery faced a very unfavourable scenario during 2020 as the COVID-19 pandemic led to sales dropping substantially over the course of the year. The main negative influence on category sales was the unavailability of the leading store-based retail channels for luxury jewellery during the quarantine lockdown that was in place between...