Jewelry was one of the best-performing categories within the luxury sector between the end of 2023 and the first quarter of this year, proving popular with buyers at both the upper and lower ends of the segment.
The growth is the result of a move by consumers toward purchasing pieces for investment, according to consultancy Bain & Company, the group reported last week in its latest luxury goods study, in collaboration with Italian luxury goods association Altagamma.
“Jewelry stands out as a top performer in the current landscape, with consumers making investment-led purchase decisions, surpassing watches in growth, and showcasing strength in both uber- and entry-luxury segments,” the company explained.
Meanwhile, the market in China — one of the largest for luxury goods — is under pressure amid the recovery of outbound tourism. Local demand has weakened due to rising economic uncertainties, which have undermined middle-class consumer confidence, Bain noted. That has led to “luxury shame” on the mainland. Rising unemployment levels and weakening future outlooks in China and the US have caused younger generations to hold off on luxury spending.
In total, outlay on luxury goods surpassed EUR 1.5 trillion ($1.6 trillion) in 2023, setting a new record, Bain said. However, outside of a few regions, including Japan and Europe, spending has slowed in the first quarter of 2024, with revenue expected to fall between 1% and 3%.
Image: A jewelry-store display. (Shutterstock)
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