Luxury Jewelry Market, By Raw Material (Gold, Platinum, Diamond, Precious Pearls, Gemstones, and Others), By Product Type (Necklaces, Ring, Earrings, Bracelets, and Others), By Distribution Channel (Online and Offline), By Geography (North America, Latin America, Europe, Asia Pacific, Middle East & Africa)

Published In : Apr 2024

Code : CMI2278

Pages :120

Formats :

Excel and PDF

Industry : Consumer Goods

Challenges: Sustaining Relevance in Developed Western Markets

Although sales are rising in emerging economies, developed Western markets remain integral to revenues. However, these markets face economic headwinds that can curb consumer spending. Additionally, access to inexpensive alternatives through e-commerce gives customers greater choice. Changing consumer preferences pose a threat as well, with younger spenders less brand-loyal and values-driven. Sustaining craftsmanship standards also challenges suppliers as costs rise. These combined factors necessitate ongoing innovation to delight discerning customers and strengthen brand image.

Opportunities: Emerging middle classes in Asia and Latin America

Emerging middle classes in Asia and Latin America continue to drive new demand. Experience-seeking millennials in these regions are prospective customers. Furthermore, digital technologies enable luxury brands to connect with audiences worldwide while improving marketing and services.