 |
| luxury jewelry market |
The high-end jewelry market includes products made from precious metals and gems. These ornate accessories are seen as a display of luxury and style. With rising disposable income in developing nations, more consumers can afford high-quality jewelry for special occasions.
The global luxury jewelry market is estimated to be valued at US$ 68.82 billion in 2023 and is
expected to exhibit a CAGR of 5.6%
over the forecast period 2023 to 2030, as highlighted in a new report published
by Coherent Market Insights.
Market Key Trends:
Customized and bespoke jewelry designs have gained popularity in recent years.
Consumers are increasingly looking for unique pieces that reflect their
personal style and taste rather than standard designs. This has encouraged
jewelry brands to offer bespoke services where buyers can work with designers
to create one-of-a-kind pieces. The option for customization allows
self-expression and has expanded the addressable market by catering to niche
consumer demands. This growing demand for unique and personalized accessories
is expected to drive significant growth for the luxury jewelry market over the
forecast period.
Segment
Analysis
The global luxury jewelry market is dominated by the fine jewelry segment. Fine
jewelry refers to jewelry made from precious metals such as gold, silver,
platinum or palladium and incorporated with gemstones like diamonds, rubies,
emeralds etc. Fine jewelry holds significant prestige value and is considered
as an investment. Due to rising disposable income, inclination towards branded
products and growing status symbol association with luxury goods, the fine
jewelry segment is expected to remain dominant during the forecast period.
Key Takeaways
The global Luxury
Jewelry Market Growth is expected to witness high growth. The market
size is projected to grow from US$ 68.82 Bn in 2023 to reach US$ 85.24 Bn by
2030, expanding at a CAGR of 5.6% during the forecast period.
Regional analysis: The North American region currently dominates the global
luxury jewelry market and is expected to continue its dominance during the
forecast period. Increased spending on luxury goods by millennial population
along with rising number of HNI population is fueling the growth of luxury
jewelry market in the region. The Asia Pacific region is expected to witness
the fastest growth. Rising economies, growing middle class population and
changing lifestyle trends is driving the demand for luxury jewelry in Asia
Pacific region.
Key players: Key players operating in the luxury jewelry market are Pfizer
Inc., Merck & Co., Inc., GlaxoSmithKline plc, Novartis AG, Sanofi S.A.,
Johnson & Johnson, Abbott Laboratories, Eli Lilly and Company, AstraZeneca
plc, Bayer AG, Bristol-Myers Squibb Company, Roche Holding AG, Teva
Pharmaceutical Industries Ltd., Mylan N.V.,Allergan plc. Johnson & Johnson
dominates the luxury jewelry market followed by Merck & Co., Inc.
For more insights, read- https://www.ukwebwire.com/luxury-jewelry-market-trends-size-and-share-analysis/
0 Comments