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...
Poor luck: A lack of online presence is likely to affect many luxury product retailers in 2020-21 Abstract Luxury Product Retailers in the UK The industry consists of bricks-and-mortar retailers that primarily sell luxury fashion items such as clothing, footwear and accessories. The industry excludes...
COVID-19 and the economic recession affected luxury jewellery particularly severely in 2020. Many traditional luxury jewellery brands rely heavily on store-based sales and have limited digital presence. Low consumer confidence affected large ticket items and spending. In addition, very few weddings and other celebrations took place where the...
Prior to the outbreak of the COVID-19 pandemic in Germany, the luxury jewellery industry was steadily performing, characterised by traditional demand that saw the landscape recording value growth of 4% in 2019. Luxury Jewellery in Germany report offers a comprehensive guide to the size and shape of the Luxury Jewellery market at a...
Due to restrictions imposed to curb the spread of COVID-19, sales of luxury jewellery in Malaysia were restricted in 2020. For example, during the country lockdown between 18 March and 4 May 2020, non-essential stores were required to cease operations, including jewellery specialist retailers. Furthermore, the negative affect of COVID-19 on...
Despite COVID-19, the luxury jewellery category continued to demonstrate positive growth in 2020, albeit much lower than that seen in 2019. This overall performance was underpinned by women’s luxury fine jewellery. The desire to own small luxury items was maintained despite COVID-19, with Gucci and Hermes witnessing strong increases in demand...
The Australian government implemented a six-week lockdown from mid-March 2020 to curb the spread of COVID-19 resulting in non-essential store closures and stringent social distancing measures. Subsequently, social occasions and celebrations including weddings and parties were postponed but despite the easing of restrictions large celebratory...
The COVID-19 lockdown period in 2020 saw the vast majority of luxury points of sale in Canada closed, including mono-brand boutiques, multi-brand stores and jewellers. This had a heavy impact on sales of luxury jewellery because the vast majority is sold in-store as many consumers want to view high-end pieces in person, especially when purchasing...
As in other personal luxury categories, luxury jewellery was hit hard by the dramatic decline in inbound tourism due to the COVID-19 crisis in 2020, and especially the marked fall in the number of visitors from Mainland China, a key consumer group across personal luxury. This compounded an already challenging situation resulting from the social...