20/07/2021
Jewellery friends take note!
McKinsey & Company and Business Of Fashion have recently released their annual State of Fashion report on Watches and Jewellery. Like most industries the sector was hit by the global pandemic but the future's looking bright 💫
“It’s the biggest potential we have right now. Fine jewellery is one of the highest-growth categories we have, if not the highest.” — Michael Burke, chairman and chief executive of Louis Vuitton
If you’re an independent fine jewellery brand, key trends to be aware of are:
💎 In the next five years McKinsey & Co are forecasting sales to grow globally at 3 to 4 percent per year for fine jewellery
💎 Branded fine jewellery is forecast to grow approximately three times faster than the total market. Price points in branded fine jewellery can be around six times higher than for unbranded products. Positioning your brand is paramount!
💎 Customers choose to buy from brands that reflect their values & distinct points of view. Make sure you’re connecting & showing the person behind your brand
💎 Sustainability continues to play an increasingly important role in buying decisions. This is especially important for younger consumers. Make sure you have traceability and transparency in your supply chains
💎 Think about your customer experience! Even though online sales are predicted to continue to increase, it’s anticipated that 80 percent of fine jewellery purchases will still be made in stores in 2025. Make sure the in person and digital experience of your fine jewellery brand is seamless, and that it has the same, or even more, magic as buying in person
We love LeSter's Titanium Salute Rings and Bombette Solitaire. Perfectly capturing our dreams for a colourful, fun summer 💫
// Want to know more? Contact us to have a chat 💕
https://www.studioluxmore.com/contact/
