Global Jewelry Market to Hit $33bn, says Bain
November 28, 23
(IDEX Online) - The global jewelry market is set to reach almost $33bn (€30bn) this year, according to research by management consultants Bain & Company together with Altagamma, the Italian luxury goods manufacturers' association.
The growth is being fuelled by an "investment mindset", with "fine jewelry affirming itself as a bright spot for investments amid uncertainty," they say in a press release.
Watches continue to thrive, despite what they say is a rising polarization around few industry winners.
Overall the global luxury market is on track to hit a record-breaking $1.64 trillion (€1.5 trillion) in 2023, an increase of 8 to 10 per cent from 2022.
It highlights a rebound in European tourism, a deceleration in American spending, and a flourishing Asian luxury ecosystem fuelled by Chinese consumers.