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...
When compared with other luxury goods, luxury jewellery had not been performing well even before COVID-19 struck. Luxury jewellery is becoming less fashionable and less expensive jewellery such as from retail brand Pandora has been gaining value share over the review period. In addition, there are several local jewellers that are not positioned...
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...
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...
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...
The pandemic has seen sales of luxury jewellery drop sharply in 2020. There is a mixture of reasons for this. Switzerland faces a significant economic shock as the result of the virus, greatly reducing consumer confidence and non-essential spending. Other factors include the shuttering of non-essential retail between March and May, and the...
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...