The jewellery market is diverse, encompassing a wide range of materials, designs, and demographics. In 2023, the global jewellery industry reached a valuation of USD 353.26 billion, according to Grand View Research, demonstrating the sector’s significant economic impact. The demand for jewellery, particularly diamonds, remains strong, with major players in the industry constantly investing in new stores and expanding their presence worldwide.
Millennial Influence: Millennials, despite representing only 23% of the world’s total population, contribute an astonishing 57% of global jewellery spending. This age group is spending significantly more on jewellery compared to the average American, with millennials in the U.S. shelling out 157.9% more on jewellery than their non-millennial counterparts.
Emerging Trends: While the pandemic led to a 26% decrease in fast fashion jewellery sales, online jewellery sales have been steadily rising. In 2022, e-commerce jewellery sales were estimated to account for nearly 15% of the entire industry. This trend is expected to continue as online shopping becomes an increasingly popular method for purchasing jewellery.
Jewellery Preferences by Gender: A closer look at jewellery preferences shows that 44% of males have purchased jewellery at some point in their lives, compared to 56% of females. Among women who wear jewellery, rings are especially popular—52% prefer statement rings, while 37% opt for classic band rings.
Gold’s Enduring Popularity: Gold remains one of the most sought-after materials in the jewellery market. In 2021, over 2,200 metric tons of gold were used in jewellery production, with India and China leading the charge in consumption. These two countries are the largest markets for gold jewellery, a trend that is likely to continue.
Hong Kong: A Global Jewellery Hub: Hong Kong stands out as the top jewellery market in terms of revenue per capita. On average, each individual in Hong Kong contributes approximately USD 1,288.40 annually in jewellery sales, making it one of the most lucrative jewellery markets globally.
Growth Projections: The global personal luxury goods market, which includes jewellery, is projected to grow by USD 33.53 billion by 2025, according to P.R. Newswire. In the United States, the jewellery industry is expected to expand at a steady annual growth rate of 0.95% from 2022 to 2026, reflecting continued consumer demand for luxury and fashion jewellery.
The jewellery industry, with its timeless appeal and innovative designs, remains a key player in the global fashion scene, and it’s clear that its influence will only grow in the years to come.
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