Global Jewelry Market Report 2023: Increasing Disposable Income and Consumer Spending Power Drives Growth - ResearchAndMarkets.com

DUBLIN--(BUSINESS WIRE)--The "Global Jewelry Market Size, Share, Growth Analysis, By Product Type, By Material, By End User - Industry Forecast 2023-2030" report has been added to ResearchAndMarkets.com's offering.

The global jewelry market size was valued at USD 326.08 billion in 2021 and is poised to grow from USD 340.69 billion in 2022 to USD 482.22 billion by 2030, growing at a CAGR of 4.6% in the forecast period (2023-2030).

The global jewelry market is a growing industry, driven by factors such as rising disposable incomes and increasing consumer preference for luxury goods. The market includes a range of products such as necklaces, rings, earrings, bracelets, and watches, among others.

It is highly competitive and diverse, with a wide range of players operating across different segments. In recent years, there has been a growing trend towards sustainable and ethically-sourced jewelry, with consumers demanding greater transparency and accountability from manufacturers.

Segments covered in this report

The global jewelry market is segmented based on product type, material and region. Based on product type it is categorized into: necklace, ring, earring, bracelet and others. Based on material it is categorized into: gold, platinum, diamond and others. Based on region it is categorized into: North America, Europe, Asia-Pacific, South America, and MEA.

Driver

The growth of the jewelry market is being fueled by an increase in disposable income and consumer spending power. The global economy is developing rapidly, resulting in higher discretionary income and purchasing power among the population, which is driving the demand for luxury goods such as ornaments.

Moreover, various customs and traditions related to the use of jewelry are being followed by people around the world, which is expected to significantly boost the acquisition of these products. For instance, the World Gold Council's article from August 2020 states that Chinese people have a tradition of giving gold jewelry as a gift to younger family members on special occasions.

Restrain

The increase in nations worldwide implementing strict regulations regarding the import and export of trimming products has resulted in higher tariffs imposed on these goods. As a result, the final cost of the products has increased, leading to a decline in consumer interest.

Trend

The majority of jewelry shoppers opt for well-established international or local brands when purchasing gems, as they provide authentic and reliable products with exceptional designs. Additionally, the emergence of e-commerce has become a significant trend in the industry. It is common for most jewelry buyers to conduct online research before making a purchase, and many prefer the convenience of buying through online portals.

Companies Mentioned

• Tiffany & Co.
• Pandora Jewelry, LLC
• Cartier
• Bulgari
• Harry Winston
• Graff Diamonds
• Chopard
• Van Cleef & Arpels
• Buccellati
• Mikimoto
• Piaget
• Boucheron
• David Yurman
• Swarovski
• Alex and Ani
• Monica Vinader
• Kendra Scott
• David Webb
• Hearts On Fire
• Stephen Webster

For more information about this report visit https://www.researchandmarkets.com/r/cz69go

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