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Jewelry Market Size, Share & Trends Analysis Report By Product Type, By Material, By Region And Segment Forecasts, 2023 - 2030
Jewelry Market Size, Share & Trends Analysis Report By Product Type (Necklace, Ring, Earring, Bracelet, Others), By Material (Gold, Platinum, Diamond, Others), By Region, And Segment Forecasts, 2023 - 2030.
New York, March 09, 2023 (GLOBE NEWSWIRE) -- Reportlinker.com announces the release of the report "Jewelry Market Size, Share & Trends Analysis Report By Product Type, By Material, By Region And Segment Forecasts, 2023 - 2030" - https://www.reportlinker.com/p06428311/?utm_source=GNW
Jewelry Market Growth & Trends
The global Jewelry Market size is anticipated to reach USD 482.22 billion by 2030 expanding at a CAGR of 4.6% from 2023 to 2030. The luxury goods industry continues to fuel the growth of the market, amid challenges concerning varying economic trends. The demand for jewelry is increasing as the world is recovering from a recession and the global financial crisis of 2008. Over the past few years, consumer preference has turned to branded jewelry. This trend is more prominent among the emerging upper-middle class or wealthy consumers, particularly in Asia Pacific, for whom branded jewelry is a status symbol. According to the World Gold Council, India, and China accounted for more than 50% of the global gold jewelry demand in 2018.
Most consumers buy jewelry from international or established brands as these offer authentic & trustworthy products and unique designs.E-commerce is another important trend in the industry.
Most consumers in this jewelry market prefer to research online before purchasing any product, and many make purchases from online portals for convenience.
Technological advancements have been transforming the jewel industry, from mining and discovering precious metals to cloud solutions and e-commerce platforms.Computer-aided design (CAD), 3D printing, and augmented reality (AR) are among the most notable technologies that have been promoting the growth of the industry in recent years.
From a distribution standpoint, the emergence and popularity of these technologies have been aiding jewelry manufacturers around the world to realize higher profit margins in retail outlets.
A key trend that has been gripping the jewelry industry over the years is the transformation of the shopping experience using technology. For instance, in June 2017, YOOX NET-A-PORTER GROUP, an Italian online fashion retailer, partnered with Lumyer Inc., a U.S.-based app developing company, to launch an AR camera app designed to enable users to try on jewelry, sunglasses, and handbags in virtual reality.
The rising number of double-income households in emerging economies such as India, China, and Brazil has resulted in increased spending on luxury goods, including jewelry.Spending on luxury products is expanding at a more substantial rate in tier II cities in India than in tier I cities.
According to American Express, high-end spending in tier-II cities between 2013 and 2018 grew 30 times faster than that in tier-I cities. The rise in luxury spending in tier I and tier II cities is due to strict measures by the Indian government, such as an increase in excise duty on gold and diamond, demonetization, and a rise in taxes on luxury items to curb black money.
Jewelry Market Report Highlights
• The ring jewelry segment contributes the majority of the share to become the largest division in global revenue in 2022. The segment stood as the most popular product amongst end-users as consumers’ interest is growing in the intricate designs and details of the rings. Moreover, they are perceived as elegant and stylish statement-making jewelry among both the gender men and women which is supporting the growth of the segment.
• The gold material segment is projected to register the fastest growth maintaining its leading position over the forecast period. In 2020, the jewelry industry used over 1,400 metric tons of gold accounting for more than one-third of all gold demand worldwide.
• Asia Pacific held the largest market share in 2022 for the Jewelry market. Highly populated and developing economies of the region including China and India generate humongous demand for jewelry boosting its consumption and revenue. Additionally, the huge significance of jewelry in Indian culture, improving living standards coupled with rising per capita income and spending power, and the rising influence of social media on consumers are fueling the growth of the market in Asia Pacific.
Read the full report: https://www.reportlinker.com/p06428311/?utm_source=GNW
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