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    Thursday, May 22
    Jewellery MonthlyJewellery Monthly
    Home»Industry News»Jewelry Stands Strong Amid 2024’s Luxury Market Slowdown
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    Industry News

    Jewelry Stands Strong Amid 2024’s Luxury Market Slowdown

    Ruchi SinglaBy Ruchi Singla19/11/20244 Mins Read
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    The global luxury market is forecasted to reach nearly €1.5 trillion in 2024, according to the latest Bain & Company report in collaboration with Altagamma. 

    While overall growth is expected to remain flat, professional jewelers can take note of the jewelry sector’s resilience compared to other luxury categories facing even greater challenges.

    Jewelry Outperforms in a Slowing Personal Luxury Goods Market

    The personal luxury goods market is experiencing its first slowdown since the Great Recession, excluding the pandemic years, with an expected 2% decline at current exchange rates compared to 2023. This contraction is attributed to ongoing economic uncertainty, price increases, and reduced spending on discretionary items, particularly among younger consumers. Despite these pressures, jewelry continues to demonstrate strength, particularly within the high-jewelry segment.

    In contrast to watches, leather goods, and footwear, which are seeing slower demand, jewelry remains a preferred category. The US market, in particular, has been a bright spot for the jewelry industry, contributing significantly to its positive performance. Claudia D’Arpizio, a partner at Bain & Company, highlighted the trend: “Luxury spending has shown remarkable stability this year, despite macroeconomic uncertainty, largely driven by consumers’ appetite for luxury experiences.” “And yet, 50 million luxury consumers have either opted out of the luxury goods market or been forced out of it in the last two years. This is a signal for brands that it’s time to readjust their value propositions. To win back customers, particularly the younger ones, brands will need to lead with creativity and expand conversation topics. Simultaneously, they must keep their top customers front and center, surprising and delighting them while rediscovering one-to-one human interactions. For all customers, it will be critical to double down on personalization, leveraging technology to achieve it at scale.”

    The jewelry segment benefits from its perception as both a personal and investment-worthy purchase. This contrasts with the broader luxury goods market, where elevated prices and changing consumer preferences have led to a shrinking customer base. 

    Secondhand Market Boosts Jewelry Appeal

    The rising prominence of the secondhand luxury market is also reshaping consumer behavior, particularly in the jewelry category. Pre-owned jewelry and heritage pieces are gaining popularity among value-conscious buyers. Unlike some other segments, such as apparel and footwear, jewelry’s long-term value and craftsmanship make it well-suited to this growing channel.

    Regional Trends in Jewelry Demand

    The Americas, led by the US, have shown notable growth in jewelry demand, supported by stable consumer interest and a strong high-jewelry market. In contrast, Mainland China has experienced a slowdown across luxury categories, including jewelry, due to decreased domestic confidence and reduced tourist spending.

    Emerging markets like Southeast Asia, Latin America, and Africa are poised to add significant numbers of upper-middle-class consumers by 2030, offering jewelers new opportunities to expand their customer base in the long term.

    Outlook for Jewelers

    Looking ahead, jewelers face both challenges and opportunities as the luxury market evolves. The sector’s resilience highlights its ability to attract consumers even as other luxury categories falter. Bain’s report encourages brands to emphasize personalization and invest in technology to meet customer expectations.

    “To secure future growth, brands will need to rethink their luxury equations, re-establishing creativity and blending old and new playbooks,” expressed Federica Levato, partner at Bain & Company and leader of the firm’s EMEA Fashion & Luxury practice, co-author of today’s report. “This includes rediscovering their essence and embracing the foundational pillars of the industry: desirability fueled by craftsmanship, creativity, and distinctive brand values; meaningful, personalized, and culturally-resonant customer connections and experiences; and tech-enabled flawless execution, with Artificial Intelligence to play a paramount role across most areas of the value proposition.”

    For jewelers, the report underscores the importance of adapting to shifting consumer priorities while leveraging the enduring appeal of jewelry as both a luxury item and an investment.

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    Ruchi Singla

    Ruchi is our trusted breaking news reporter, keeping you informed about the latest trends, launches, and significant events as they unfold. With a commitment to accuracy and a passion for adding a layer of insight, Ruchi creates informative and engaging content that shines a light across the world of jewellery.

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