Allied Market Research released a new report titled Luxury Jewelry Market Size Was Valued At $21.75 Billion In 2021 And Is Expected To Reach $40.19 Billion By 2031, Growing At A CAGR Of 6.4% from 2022 to 2031. The report provides an in-depth analysis of major investment pockets, winning strategies, drivers and opportunities, market size and estimates, competitive landscape and changing trends of the market.
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People’s standard of living is rising, thanks to higher disposable incomes, improved lifestyle and increased corporate culture. The increased proliferation of corporate entities in developing countries has popularized the culture of “carrying expensive and luxurious goods” among consumers. Based on the analysis and the prevailing trend, consumers in developing countries should gradually gain an understanding of personal appearance. Moreover, the impact of this factor is expected to continue during the forecast period.
Selling online is the new trend in the global market, especially for luxury goods. The increase in the number of online portals along with their growing popularity has fueled the growth of the luxury jewelry market. The growth in the number of working professionals and a busy lifestyle complemented by technological awareness are the main factors responsible for the increase in online sales. In addition, online sales offer a direct-to-home delivery service, which is one of the main drivers for urban and semi-urban consumers. The trend of online sales was limited to developed countries, but has recently gained prominence in developing countries.
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Based on the luxury jewelry market analysis, the market is segmented into product type, application, and distribution channel. Based on product type, the market is categorized into necklaces, earrings, rings, bracelets, and others. According to the application, it is divided into men, women and children. Based on the distribution channel, the luxury jewelry market is segmented into online and offline.
On the basis of product type, the Earrings segment is witnessing luxury jewelry market opportunities in the market. The reason is that the availability of lightweight earrings in different designs and colors that can be worn with a variety of outfits creates opportunities for market growth.
By application, the women’s segment held the largest market share due to the increase in purchasing power, aided by the female labor force. The women’s segment is expected to reach $24,104.6 million by 2031.
By distribution channel, the offline segment dominated the market as retail channels provide value-added services such as customer service. Moreover, the online segment is witnessing a significant growth rate of 6.9% during the forecast period.
Major players in the luxury jewelry market are Avon Products Inc., Chopard International SA, Giorgio Armani SpA, GRAFF, Guccio Gucci SpA, LVMH, MIKIMOTO, Pandora Jewelry, LLC, Prada SpA, Signet Jewelers Limited, Sukkhi Jewelry Fashion, Swarovski Group, Tanishq, Amrapali and Youbella tribe.
The COVID-19 disease started spreading around the world in early 2021, infecting millions of people, and major countries around the world enacted foot bans and stop work orders. So apart from medical supplies and survival products, most industries have been badly affected, including the luxury jewelry industry. The luxury jewelry market has shrunk considerably with slowing economic growth, but it had grown at a relatively optimistic pace in the four years before COVID-19.
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Main benefits for stakeholders
○ This report provides quantitative analysis of market segments, current trends, estimates and dynamics of Luxury Jewelry Market analysis from 2021 to 2031 to identify opportunities in the Luxury Jewelry market.
○ Market research is offered with information related to key drivers, restraints, and opportunities.
○ Porter’s Five Forces analysis highlights the ability of buyers and suppliers to enable stakeholders to make profit-driven business decisions and strengthen their supplier-buyer network.
○ In-depth analysis of luxury jewelry market segmentation helps to determine the existing market opportunities.
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Allied Market Research (AMR) is a full-service market research and business consulting division of Allied Analytics LLP based in Portland, Oregon. Allied Market Research provides global corporations as well as small and medium enterprises with unrivaled quality of “market research reports” and “Business Intelligence solutions”. AMR has a focused vision to provide business insights and advice to help its clients make strategic business decisions and achieve sustainable growth in their respective market area.
Pawan Kumar, CEO of Allied Market Research, leads the organization in delivering high quality data and insights. We maintain professional relationships with various companies which helps us to extract market data which helps us to generate accurate research data tables and confirm the utmost accuracy of our market predictions. All data presented in the reports we publish are drawn from primary interviews with senior managers of large companies in the relevant field. Our secondary data sourcing methodology includes extensive online and offline research and discussions with knowledgeable industry professionals and analysts.
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