FEATURES
A BOOMING GLOBAL MARKET
A booming
global market
Nir Debbi, co-founder and CRO at cross-border ecommerce solutions provider Global-e,
explores the global popularity of the jewellery industry today and why jewellery brands and
retailers need to ensure they are offering a localised online experience in order to attract an
international customer base
T
he watch and fine jewellery
industry continues to sparkle.
According to a report from
McKinsey, annual global sales are
expected to grow at a healthy rate of
5 to 6% each year, totalling €250bn
(£213bn) by 2020. Moreover, global
jewellery sales in particular are
growing at a faster rate than any other
part of the luxury goods industry.
It’s clear that consumer appetite for
jewellery is high, and global market growth
can be attributed to a variety of factors.
This includes the growing number of
female consumers that purchase jewellery
and luxury items for themselves, as well as
the wealthier younger generations such as
Millennials and Gen Z who are predicted
to represent more than 40% of the overall
luxury goods market by 2025.
The increasing demand for jewellery is
also driven by the rise of digital buyers,
many of which are the younger generations
who are more comfortable with shopping
online. In fact, McKinsey estimates that
e-commerce will soon become the third-
largest luxury market worldwide, after
China and the United States.
With this in mind, there is clearly
an increased demand from consumers
shopping online for luxury and jewellery,
and this is heading in a global direction.
Currently, China’s jewellery market is
the largest in the world, accounting for
30% of global demand. Top consuming
countries for fashion jewellery include
the USA, India, Japan and Hong
Kong. For luxury jewellery, the USA
overwhelmingly dominates as the top
24 JEWELLERY FOCUS
April 2019 | jewelleryfocus.co.uk