Jewelry emerged as one of the best-performing categories in the luxury sector from the end of 2023 through the first quarter of 2024, appealing to buyers across the spectrum.
According to Bain & Company, this growth is driven by consumers increasingly viewing jewelry as an investment. The findings were reported in Bain’s latest luxury goods study, conducted in collaboration with the Italian luxury goods association Altagamma.
“Jewelry stands out as a top performer in the current landscape,” Bain noted. “Consumers are making investment-led purchase decisions, surpassing watches in growth and showing strength in both uber- and entry-luxury segments.”
Conversely, China’s luxury market, one of the world’s largest, is under strain due to the resurgence of outbound tourism. Local demand has weakened amid rising economic uncertainties, dampening middle-class consumer confidence and contributing to a phenomenon Bain terms “luxury shame.” Rising unemployment and a bleak economic outlook in both China and the US have also led younger generations to curb their luxury spending.
In 2023, global spending on luxury goods reached EUR 1.5 trillion ($1.6 trillion), setting a new record. However, Bain projects a slowdown in the first quarter of 2024, with revenue expected to decline between 1% and 3%, except in regions like Japan and Europe where spending remains robust.
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