Jewelry is Top Performer in Luxury Spending
June 30, 24
(IDEX Online) - Global spending on luxury goods hit a record $1.6 trillion last years, with jewelry standing out as the "top performer".
That's according to according to research by management consultants Bain & Company together with Altagamma, the Italian luxury goods manufacturers' association.
The global luxury market displayed "remarkable stability in the face of geopolitical and economic turbulence," it said.
Last November's edition of the Luxury Goods Worldwide Market Study predicted the global jewelry market was set to reach almost $33bn last year. The newly-published June edition didn't provide a breakdown.
"Jewellery stands out as a top performer in the current landscape," says the study, "with consumers making investment-led purchase decisions, surpassing watches in growth and showcasing strength in both uber- and entry-luxury segments."
Co-author Federica Levato, partner at Bain & Company, said: "A dual strategy, framed around the allure of top-tier clientele and the appeal of smaller luxury indulgences, is driving growth at both ends of the price spectrum. But now is not the time to for brands to rest on their laurels.
"As brands continue to face turbulence in the market, the winners will be those that rethink the way they craft and deliver their value propositions across multiple price points and touchpoints, growing their reach while building advocacy and loyalty among their customers."