Jew­ellery Records $316 Bn Sales In 2016: Euromon­i­tor

Solitaire - - SPECTRUM -

Global mar­ket re­search com­pany Euromon­i­tor In­ter­na­tional said new re­search in­di­cates that jew­ellery is the best per­form­ing per­sonal ac­ces­sories cat­e­gory with sales worth $316 bil­lion in 2016. It is also the fastest grow­ing seg­ment within the per­sonal ac­ces­sories in­dus­try with 3% growth be­tween 2015 and 2016. Jew­ellery, in­clud­ing both cos­tume and fine jew­ellery, ex­pe­ri­enced 15% year-onyear growth of in­ter­net re­tail sales, reach­ing $19 bil­lion in 2016, up from $9 bil­lion in 2011.

In­ter­est­ingly, the 16% growth of in­ter­net re­tail­ing for fine jew­ellery is higher than the growth of in­ter­net re­tail­ing for cos­tume jew­ellery at 12%, as more fine jew­ellery play­ers go on­line, Euromon­i­tor noted.

“Tech­nol­ogy is the an­swer for fu­ture growth of jew­ellery and per­sonal ac­ces­sories,” said per­sonal ac­ces­sories in­dus­try an­a­lyst Jas­mine Seng. While global sales of per­sonal ac­ces­sories are grow­ing at 2% in 2016, the per­cent­age of in­ter­net re­tail­ing sales of per­sonal ac­ces­sories is ex­pe­ri­enc­ing dou­ble-digit growth in 2016.

The slow­est year-on-year growth of in­ter­net re­tail­ing sales within the per­sonal ac­ces­sories in­dus­try in 2016 was watches at 6%. “Fac­ing the com­pe­ti­tion from smart­watches, in­dus­try play­ers should col­lab­o­rate with wear­able tech­nol­ogy innovators to drive or­ganic growth for their com­pa­nies,” Seng adds.

Per­sonal ac­ces­sories sales are fore­cast to en­joy 4% com­pound an­nual growth rate (CAGR) be­tween 2016 and 2021 to reach $633 bil­lion. Jew­ellery will con­tinue to be the best per­form­ing cat­e­gory, buoyed by growth in Asia Pa­cific, es­pe­cially in China and In­dia, which have proved to be re­silient amidst eco­nomic tur­bu­lence. In­done­sia is ex­pected to be the fastest-grow­ing coun­try in the world for jew­ellery sales at 7.8% CAGR over 2016 -2021, fol­lowed by In­dia at 6.9%.

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