Luxury jewellery strongly depends on the cost of raw materials, especially gold, and currency exchange rates. In 2019 and 2020, the cost of gold increased significantly, leading to the increase of unit prices on gold luxury jewellery. Furthermore, the high volatility of the Russian ruble and its weakening in 2020 also led to the increase in...
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...
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...
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...
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...
The commencement of the 2-month Circuit Breaker from April to June 2020 and establishment of stringent social distancing measures in Singapore have resulted in the postponement of social occasions and celebrations including weddings and parties in the country. During the Circuit Breaker, social gatherings with friends and family members (not...
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 national lockdown in the UAE led to the temporary closure of many retail outlets in luxury jewellery, which is constrained sales in 2020, especially in the second quarter of the year. The national lockdown and subsequent social distancing measures also, however, led to extended periods of home seclusion and a reduced level of socialising....
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...