In 2016, even after the downfall in the global market in China, still there was growth in demand for luxury jewellery in China at more affordable prices. There is consist in demand for wedding related items in terms of luxury fine jewellery and it maintains the sale of diamond, gold jewellery and couple rings. In addition, the same year, people were encouraged to buy gold jewellery to store them because of strengthening of international gold price.
According to the market research report “Luxury Jewellery in China“, with the share value of 6% in 2016, the Chow Tai Fook jewellery group limited was registered with the leading position in the country. To meet the demand for China’s baby boomers and wedding jewellery, there was a launch of perfect love collection in 2015, which led to increase in sales of Chow Tai Fook. It has launched many designs and variety of separated collection and named it soul love collection and bridal collection. It has customized jewellery design services for wedding. In mainland China the company has opened a marriage specialist store within which 80% of products have been sold out.
It is expected that, there will be more emphases on personalized design by China leading Jewellery Company. Nowadays, traditional designs and generic design are not so much preferred by youngsters and other people as well because individually being more highlighted in China. For wedding rings, special customized jewellery is largely embraced. Blovers, allows the couple to participate personally in the ordering, designing process based on looking back to their love story, and it is considered as a wedding ring customization specialist for exclusive wedding rings.
The jewellery market in China is much better than the watch market. China jewellery has seen a growth of 22% from 2009 to 2015 and will a growth in future as well. Jewellery is the retail based market which have brand distribution within its stores.
There are various reasons for rising growth in jewellery sector in China. Increase in disposable income, which has led to higher purchasing power, enables the consumer to demand more luxury jewellery. Urbanization in China has also led to increase in sales of luxury jewellery from a decade. Branded companies have changed their branding strategy as well as their public offering to capture growth in market and in future years.
Despite of branded companies like Cartier and Tiffany with the biggest foreign names, there is still increase in homegrown houses, which provides Chinese jewels to Chinese consumers. There are many luxury jewellery brands, which have entered Chinese market with WeChat. Recently, there is a limited addition of pink gold by Bulgari and flash sales of Valentine’s Day festival by Divas’s Dream. There is development of marketing and customer service activities on WeChat by many companies. Within a month there was a sold out of product range of Bulgari. In China WeChat is handiest by massive population as it provides many features. Not only luxury jewellery brands, also the affordable jewellery get help from joining WeChat.
Topics Covered in the Report
- China Luxury Jewellery Market Research Report
- China Luxury Jewellery Market Size
- China Luxury Jewellery Market
- China Luxury Jewellery Trade Market
- China Luxury Jewellery Retail Market
- China Luxury Jewellery Production Output
- China Luxury Jewellery Import Volume
- China Luxury Jewellery Export Volume
- China Luxury Jewellery Market Future Outlook
- China Luxury Jewellery Market competition
- Imitation Jewellery market China
- Precious Jewellery Market China
- China Luxury Jewellery Market Share
- China Luxury Jewellery Market Growth
- China Luxury Jewellery Market Trends
- China Luxury Jewellery Market Future
- China Luxury Jewellery Market analysis
- China Luxury Jewellery Market Projections
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Ankur Gupta, Head Marketing & Communications
ankur [@] kenresearch.com