According to Maslow’s Hierarchy theory, jewelry is often seen as fulfilling the social and esteem needs of an individual. Jewelry and its strong association with women has been long-established, but today even men are purchasing jewelry for personal use. The global jewelry industry is expected to peak above the 6% marker in 2017-21 and this can be ascribed to factors such as culture, ethnicity, fashion, value and tradability, etc.
Reasons to Use Your PDAs to Purchase Jewelry Online
Owing to high internet penetration and growing popularity of Personal Digital Assistants (PDAs); buying jewelry from the comfort of your home just got easier. The tech-savvy consumers are increasingly turning to online jewelry shopping because of the benefits such as wide range of product assortments, easy return policies and cash on delivery option; and high level of customer service provided by e-retailers. The international online jewelry market is witnessing growth as established jewelry brands are venturing into the online space; the market is expected to surge past the 16% mark in terms of CAGR.
Online Jewelry Shopping – Will Never Go out of Style!
As long as people love to play ‘dress up’ in real life and have internet to their rescue, the future of global online jewellery market definitely looks promising. However, with intense competition comes the need for vendors to create brand differentiation in the minds of the consumers. The popular vendors like Chow Tai Fook Jewellery, Rajesh Exports, Signet Jewellers and Richemont have all resorted to intense promotional and marketing activities with a high focus on product innovation. According to the detailed industry report by Technavio, these trends will keep the international market for online jewellery forever shining in the forecasted period,
- Jewellery brands will turn to social media campaigns and entertainment media engagements to entice consumers and create higher brand recall among them.
- Vendors are opting for the omni-channel route to make their presence felt in the Global space.
- Mergers and Acquisitions are things to watch out for in the international market space during the forecasted period
Jewelry Industry Statistics 2016
According to our jewelry industry statistics 2016 China, the US, and India were the three largest jewelry markets in the world. With a sales volume of close to $111 billion, China in fact held the first position in the global jewelry market. This was also the year which witnessed the entry of the jewelry industry in the online domain. The penetration of internet in China and India in particular, is one major reason for this development.
Overall, 2016 has been a positive year for the global jewelry industry. As per our research the jewelry segment has been the fastest growing segment within the personal accessories industry.
Online Jewelry Market – Road Bumps on the Way to Eternity
There are a few factors that may impede the growth of global market for online jewelry. With a sudden influx of counterfeit brands and competition from unorganized and local players, the vendors must devise a strategy to wade through this storm!
At Technavio, our in-house analysts have put together a comprehensive market research study that predicts a silver lining for the online jewelry market through 2017-21. Need more information?
