The changing fast fashion trends in Sweden are becoming very important for fine jewellery. There is rise in interest of customers charm and other customizable jewellery because of ongoing global personalization trends. In both international and domestic companies, manufacturers are influenced by increasing individualism. Therefore, they opened more brand stores in the country and in 2015; they invested in online shops in order to get recognized and visible. After a year of erratic performance, the Sweden economy has rebounded with a positive prospects, which led to rise in consumer’s confidence to buy more individualism, is one of the strong factor behind the solid performance in 2016 by jewellery brands.
In 2015, the leading players in Sweden market is Iduna AB with a 19% of Guldfynd are the companies which is most benefited retail chain store and are well known oldest brand in jewellery which are gaining local consumers trust. Swedish luxury jewellery performed well towards the end of the review period with current value growth of 4% and 3% in 2014 and 2015, respectively. In 2016, luxury jewellery grew by 3% in current value terms, which was on a par with the review period value CAGR. The solid performance can be attributed to a stable Swedish economy with strong GDP growth and high consumer confidence. The number of weddings has also increased since 2014 as the economy stabilized, further fuelling luxury jewellery
According to the market research report “Luxury Jewellery in Sweden“, over the forecast period, it is expected to keep customizable and personalized jewellery, as in 2015 only the rise in individualism was been noticed. The brands are able to sell most with their meaningful and creative designs. It is becoming very important for players of Sweden to invest in internet retailing and social media. Fluctuation in gold prices and change in economic situation are the factors on which the performance of fine jewellery is dependent.
The overall jewellery sector is growing on faster pace. In addition, it has a glittering future as well. It is a fast growing and dynamic industry. Industry is managing to understand the consumer behavior and change in trends. Over the past 30 years, the industry has seen a good amount of growth as there was internationalization and consolidation. These factors have changed the present as well as the future of jewellery industry. Branded jewellery accounted to capture 20% of overall jewellery market worldwide in 2001 and now the share is more than double. Branded jewellery has captured almost the full market and will continue do it in future.
Despite the strong market, there are some challenges faced by luxury jewelry market to go online. Retailers that are well established must adapt their business to e-commerce and newcomers must establish reputation and credibility. For jewelers who are well established, by changing production, they have to adjust their operations for online sales, inventory and fulfillment processes. For the newcomers, it means they have to establish and adapt themselves as reputable and recognizable jewelry retailers.
From shopping online, the consumers are becoming more and more comfortable and it will only add to the growth of this segment of jewellery sales. Capitalization of jewellery sellers has given them opportunity in this market by coming up with innovative ways, from personalization to curation to home trial options and to address consumers’ concerns.
Topics Covered In the Report
- Sweden Luxury Jewellery Market Research Report
- Sweden Luxury Jewellery Market Size
- Sweden Luxury Jewellery Market
- Sweden Luxury Jewellery Trade Market
- Sweden Luxury Jewellery Retail Market
- Sweden Luxury Jewellery Production Output
- Sweden Luxury Jewellery Import Volume
- Sweden Luxury Jewellery Export Volume
- Sweden Luxury Jewellery Market Future Outlook
- Sweden Luxury Jewellery Market competition
- Imitation Jewellery market Sweden
- Precious Jewellery Market Sweden
- Sweden Luxury Jewellery Market Share,
- Sweden Luxury Jewellery Market Growth,
- Sweden Luxury Jewellery Market Future,
- Sweden Luxury Jewellery Market analysis,
- Sweden Luxury Jewellery Market Projections,
- Sweden Luxury Jewellery Market Trends
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Ankur Gupta, Head Marketing & Communications