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According to the latest report by IMARC Group, titled "Jewellery Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2022-2027, the global jewellery market is expected to exhibit a CAGR of 6.1% during 2022-2027. Jewellery refers to ornamental pieces worn for personal adornment. It consists of decorative items, such as brooches, rings, earrings, necklaces, bracelets, pendants, and cufflinks. Jewellery is made by shaping, refining, and crafting jewels and gemstones with precious metals like gold and silver. Some commonly used gemstones include amber, beads, diamond, shells, and corals. Depending upon the individual, a piece of jewellery is generally worn as a marker of social status, signifier of ethnic and religious beliefs, symbol of personal meaning, or simply an artistic display.
We are regularly tracking the direct effect of COVID-19 on the market, along with the indirect influence of associated industries. These observations will be integrated into the report.
Global Jewellery Market Trends:
The evolving fashion trends, along with the steadily increasing purchasing power of consumers, represent one of the key factors driving the demand for jewellery in the global market. The advent of various digital media platforms has further accelerated the market growth as it plays a crucial role in influencing fashion trends. Additionally, key players are focusing on creating brand awareness and building consumer relationships through digital marketing, which is acting as another major growth-inducing factor. Moreover, the rapid establishment of several international retail groups across the globe to reach a wider consumer base is propelling the market growth. The large-scale integration of advanced technologies, such as global positioning systems (GPS) and health and fitness monitoring, with various ornamental pieces, including bracelets, is positively influencing the market growth. Apart from this, the increasing awareness regarding fine jewellery as a form of investment, especially amidst the coronavirus disease (COVID-19) outbreak, is also catalyzing the market growth.
Market Summary:
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