New research suggests that the jewellery market can expect a strong post-pandemic financial recovery as consumers still want to purchase “precious jewellery” pieces for themselves and loved ones.
Despite a difficult 2020 due to the global pandemic, a recent survey from Platinum Guild International (PGI) promises positive sentiment within the industry and a strong indication of robust demand for precious jewellery in the coming year.
The survey interviewed over 2,000 jewellery buyers and wearers aged from 18 to 65 around the world.
The results showed three promising factors among consumers: greater confidence for spending, a stronger appetite for precious jewellery, and increasing market demand driven by non-bridal jewellery.
Huw Daniel, chief executive officer of PGI, said: “Despite the global pandemic that has changed our daily lives, precious jewellery remains a vital part of marking special events and milestones and showing appreciation for loved ones.
“Overall consumer sentiment has improved across major markets and most consumers have a positive feeling about their country’s economic future as well as their personal finances.”
The purchase of non-bridal jewellery remains strong for China, India and the US, with more than half of respondents having purchased such items in the past year, the survey revealed.
Within the non-bridal category, self-purchase is driven by women aged 18-45 while gifting is driven by men aged 31-45.
Meanwhile, discussing platinum jewellery specifically, Zhenzhen Liu, director of global corporate marketing at PGI, said: “Platinum already enjoys a high degree of preference in Japan and China and has been growing in India and the US.
“We believe that consumers choose to buy platinum jewellery not only because it holds superior qualities, but also because it is usually associated with commemorating life-changing milestones and celebrating important achievements and rare moments.”