Platinum Guild International (PGI) commissioned a Survey during the first quarter of 2021 and predicts that there will be positive sentiment for the jewellery industry, with a strong indication of robust demand for precious jewellery in three of platinum’s major markets during the coming 12 months, says a press release from PGI.
PGI identified three key predictions for the platinum jewellery industry in 2021, including greater confidence for spending, a stronger appetite for precious jewellery, and increasing market demand driven by non-bridal jewellery.
Precious jewellery shows the second-largest growth amongst the 21 discretionary spending categories in China, surpassing dining and travelling which have been suppressed by the pandemic. This can be attributed to consumers’ growing desire to commemorate meaningful moments in unusual and trying times.
According to the survey, the average expenditure on non-bridal jewellery in China marked the largest growth, with an increase of 39% for self and 23% for others compared to the same quarter of the previous year.
In the next 12 months, purchase incidence rates have risen significantly in China and India, with 75% of interviewees indicating that they will buy non-bridal jewellery for themselves in China, followed by 79% in India, and 65% in the US.
Jewellery retailers should expect continued sales growth as consumers increasingly return to stores in many markets. Retailers may leverage these findings to create seasonal collections that speak to consumer segments within each market.
Aruna Gaitonde, Editor in Chief of the Asian Bureau, Rough&Polished
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