Luxury jewellery market soars 25% in five years

Key trends in luxury goods market highlighted by Euromonitor report.

Market research company Euromonitor International has released its round-up of the five key trends in the luxury goods market in 2014, citing a 25% growth in sales of luxury jewellery and timepieces.

The findings can be viewed below:

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1. US remains the largest luxury goods market in the world valued at US$78 billion in 2014 – luxury spending in the US is over double that of second place Japan.

2. India remains the fastest growing market in the world having increased its real market value by a real 92% in the last 5 years.

3. China drops from 3rd to 4th place in the global rankings as a result if China’s slowing economic growth and the Chinese government clampdown on extravagant consumption and luxury-gifting.

4. Designer apparel takes the lions shares of all luxury sales in 2014 but luxury accessories and luxury jewellery and timepieces were the most dynamic categories growing by a real 43% and 25% in the 5 years to 2014.

5. The outlook for the luxury goods industry is optimistic with forecast sales set to reach US$405 billion by 2019.

More informantion on the outlook for the global luxury goods market can be found here.

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