Global Luxury Jewelry Market Is Expected to Reach $40.19 Billion by 2031: Allied Market Research
August 5, 2022
Increase in the standard of living, rapid urbanization, growth of the online retail platform, increase in the number of online shoppers, and significant improvement in logistics services in both developed and developing countries are expected to drive the growth of the global luxury jewellery market. Closure of manufacturing facilities, decreased sale and marketing of the product during the COVID-19 pandemic has had a negative impact on the growth of the market.
/EIN News/ -- Portland, OR, Aug. 05, 2022 (GLOBE NEWSWIRE) -- According to the report published by Allied Market Research, the global Luxury Jewelry Market generated $21.75 billion in 2021, and is projected to reach $40.19 billion by 2031, growing at a CAGR of 6.4% from 2022 to 2031.The report offers a detailed analysis of the top winning strategies, evolving market trends, market size and estimations, value chain, key investment pockets, drivers & opportunities, competitive landscape and regional landscape. The report is a useful source of information for new entrants, shareholders, frontrunners and shareholders in introducing necessary strategies for the future and taking essential steps to significantly strengthen and heighten their position in the market.
Report coverage & details:
|Market Size in 2021||$21.75 billion|
|Market Size in 2031||$40.19 billion|
|No. of Pages in Report||315|
|Segments covered||Product type, application, distribution channel,and region.|
|Drivers||Increase in the standard of living|
|Growth of the online retail platform|
|Opportunities||Increase in the number of online shoppers|
|Improvement in logistics services|
|Restrains||Extortionate cost of luxury jewellery|
|Limited to specific consumers|
Get detailed COVID-19 impact analysis on the Luxury Jewelry Market @https://www.alliedmarketresearch.com/request-for-customization/17296?reqfor=covid
- The outbreak of COVID-19 has had a negative impact on the growth of the global luxury jewellery market, owing to the occurrence of lockdowns in various countries across the globe. Lockdowns resulted in the closure of various manufacturing facilities, including those of luxury jewelleries, which adversely impacted its demand during the pandemic. This was majorly due to the stringent restrictions imposed by the government to curb the spread of the virus during the pandemic.
- Mass disruption was created among buyers and sellers as market and productions units have been completely shutdown globally, which has stopped the production, sale, and marketing of the product. Thus, various companies were devising necessary supply chain relationship and business models for the future.
- The pandemic devastatingly affected the sales of the jewellery via brick-and-mortar stores, which further resulted in the decreased demand. In addition, there was a shortage of raw materials during the pandemic due to import and export restrictions imposed by the government to significantly limit the spread of the virus. However, the market is expected to recoup soon.
The report offers detailed segmentation of the global luxury jewelry market based on product type, application, distribution channel, and region.The report provides a comprehensive analysis of every segment and their respective sub-segment with the help of graphical and tabular representation. This analysis can essentially help market players, investors, and new entrants in determining and devising strategiesbased on fastest growing segments and highest revenue generation that is mentioned in the report.
Based on product type, the necklaces segment held the largest market share in 2021, holding more than one-fourth of the global market, and is expected to maintain its leadership status during the forecast period. The earrings segment, on the other hand is expected to cite the fastest CAGR of 6.7% during the forecast period. The report also offers analysis of segments such as ring, bracelets, and others.
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Based on application, the women segment held the dominating market share in 2021, holding more than three-fifths of the global market, and is expected to maintain its leadership status during the forecast period. The children segment, on the other hand, is expected to cite the fastest CAGR of 7.6% during the forecast period. The report also offers analysis of the men segment.
Based on distribution channel, the offline segment held the largest market share in 2021, garnering more than two-thirds of the global market, and is expected to maintain its leadership status during the forecast period. The online segment, on the other hand, is predicted to cite the fastest CAGR of 6.9% during the forecast period.
Based on region, the market across Asia-Pacific region held the lion’s share in 2021, holding more than one-third of the global market, and is expected to maintain its leadership status during the forecast period. The North America region, on the other hand, is predicted to cite the fastest CAGR of 6.7% during the forecast period. The report also offers analysis of other such as LAMEA and Europe.
The key players analyzed in the global luxury jewellery market report include Avon Products Inc., Chopard International SA, Giorgio Armani S.p.A, GRAFF, Guccio Gucci S.p.A., LVMH, MIKIMOTO, Pandora Jewelry, LLC, Prada S.p.A, Signet Jewelers Limited, Sukkhi Fashion Jewelry, Swarovski Group, Tanishq, Tribe Amrapali, and Youbella.
The report analyzes these key players of the global luxury jewellerymarket. These market players have made effective use of strategies such as joint ventures, collaborations, expansion, new product launches, partnerships, and others to maximize their foothold and prowess in the industry. The report is helpful in analyzing recent developments, product portfolio, business performance and operating segments by prominent players of the market.
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