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DUBLIN--(BUSINESS WIRE)--Nov 10, 2022--
The "Luxury Jewelry Market By Product Type, By Application, By Distribution Channel: Global Opportunity Analysis and Industry Forecast, 2021-2031" report has been added to ResearchAndMarkets.com's offering.
The global luxury jewelry market was valued at $21,751.6 million in 2021, and is projected to reach $40,190.7 million by 2031, registering a CAGR of 6.4% from 2022 to 2031.
The necklaces segment was the highest revenue contributor to the market, and is estimated to reach $9,895.7 million by 2031, with a CAGR of 5.9%.
Luxury jewelry involves creation of jewelry using precious stones or metals. The products included in the luxury jewelry market are necklaces, rings, earnings, bracelets, and others.
Changes in lifestyle, a rise in disposable income, an increase in the price of precious metal jewelry, an increase in fashion consciousness, and variations in packaging styles and appealing marketing strategies all contribute to the market's growth. However, factors impeding market growth include an increase in the price of raw materials used in luxury jewelry and the jewelry's limited period popularity.
Conversely, increased urbanization, design innovations, and a surge in demand for men's luxury jewelry provide potential opportunities for manufacturers to innovate and develop new products based on consumer preferences.
The COVID-19 pandemic had a significant impact on markets across all industries, with the number of COVID-19 cases increasing by the day. The virus outbreak also had an impact on luxury jewelry industry. As the lockdown continues, demand has fallen and losses have begun to rise.
The lockdown, which was necessary in the interests of the people, occurred unexpectedly and in March, which is the end of the fiscal year, affecting targets and actual business. Moreover, March is the month in which the final bookkeeping is delayed, all of which has a significant impact on all businesses, including the luxury Jewelry market.
Key Benefits
Key Market Segments
By Product Type
By Application
By Distribution Channel
By Region
Key Market Players
For more information about this report visit https://www.researchandmarkets.com/r/ryl5lx
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KEYWORD:
INDUSTRY KEYWORD: RETAIL LUXURY JEWELRY FASHION
SOURCE: Research and Markets
Copyright Business Wire 2022.
PUB: 11/10/2022 10:10 AM/DISC: 11/10/2022 10:12 AM
http://www.businesswire.com/news/home/20221110005777/en