USD 19.88 Bn growth in Online Jewelry Market | High Growth Opportunity in Fine Jewelry Segment | Technavio
NEW YORK, Feb. 4, 2022 /PRNewswire/ -- The global online jewelry market will witness substantial growth in the coming years. Improving living standards of the middle-class population, especially in developing countries such as China and India has been increasing consumer spending on jewelry. The demand for imported jewelry in these countries is also increasing with the growth of the e-commerce sector and the increasing adoption of smartphones and the internet. Besides, the continuously evolving demand for both fine and fashionable jewelry among millennial women is creating significant growth opportunities for market players.
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Technavio estimates the global online jewelry market size to increase by USD 19.88 billion between 2019 and 2024. The market registered year-over-year growth of 14.59% in 2020 and is anticipated to accelerate at a CAGR of over 15% during the forecast period.
The market is driven by innovations in jewelry design and technology. Evolving tastes of consumers and the availability of various collections of jewelry online has fueled the demand for newer designs in the jewelry market. Innovative jewelry designs are priced higher and many consumers are willing to pay premium prices for such products. Hence, to capitalize on growing consumer demands, vendors are emphasizing on widening their range of jewelry collections with innovative designs. Subsequently, the integration of technology such as 3D printing in the manufacture of jewelry has increased among vendors. This is enabling them to innovate in terms of design, check the purity of precious metals and stones, and differentiate their products. All these factors are expected to drive the growth of the global online jewelry market during the forecast period.
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Online Jewelry Market: Segmentation Analysis
By product, the online jewelry market is segmented by fine jewelry and fashion jewelry. The fine jewelry segment is generating maximum revenue in the market. The increasing demand for fine jewelry among consumers for special occasions such as Mother's Day and Valentine's Day is driving the growth of the segment. The market growth in the segment will be significant during the forecast period.
Online Jewelry Market: Geographic Landscape
42% of the market's growth will originate from North America during the forecast period. The US is the key market for online jewelry in North America. Changing lifestyles and evolving consumer preferences are increasing the demand for fashion jewelry in the region. In addition, innovation through product line extension and the trend of gifting jewelry items for seasonal occasions are driving the growth of the online jewelry market in North America.
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Companies Covered:
- CHANEL Ltd.
- Chopard Group
- Chow Tai Fook Jewellery Co. Ltd.
- Compagnie Financière Richemont SA
- Graff Diamonds Ltd.
- Kering SA
- LVMH Moët Hennessy - Louis Vuitton
- Signet Jewelers Ltd.
- The Swatch Group Ltd.
- Titan Co. Ltd.
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Online Jewelry Market Scope | |
Report Coverage | Details |
Page number | 120 |
Base year | 2019 |
Forecast period | 2020-2024 |
Growth momentum & CAGR | Accelerate at a CAGR of over 15% |
Market growth 2020-2024 | USD 19.88 billion |
Market structure | Fragmented |
YoY growth (%) | 14.59 |
Regional analysis | North America, Europe, APAC, MEA, and South America |
Performing market contribution | North America at 42% |
Key consumer countries | US, China, UK, India, and Italy |
Competitive landscape | Leading companies, competitive strategies, consumer engagement scope |
Companies profiled | CHANEL Ltd., Chopard Group, Chow Tai Fook Jewellery Co. Ltd., Compagnie Financière Richemont SA, Graff Diamonds Ltd., Kering SA, LVMH Moët Hennessy - Louis Vuitton, Signet Jewelers Ltd., The Swatch Group Ltd., and Titan Co. Ltd. |
Market Dynamics | Parent market analysis, Market growth inducers and obstacles, Fast-growing and slow-growing segment analysis, COVID-19 impact and future consumer dynamics, market condition analysis for the forecast period. |
Customization purview | If our report has not included the data that you are looking for, you can reach out to our analysts and get segments customized. |
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