United States To Combat Roadblocks In Its Luxury Jewellery Sector

Luxury jewellery in the United States accounted for a current retail value downfall of 2% to USD 11.2 billion in 2016 and it was mainly because of the Chinese and other foreign tourists who spent very low amounts in the market as a consequence of a strong US dollar and China’s economic slowdown. Along with that the market also had to struggle with the reduced sales to domestic luxury consumers in 2016 and the average unit price of the jewellery persisted to fall resulting further in reduced prices of the diamond and that of the growing e-commerce sites. In spite of all the economic happenings, the economy on a whole has been observed as ameliorating at a constant pace.

The local consumption and the respective demand of the market has persisted to stay strong due to the increasing employment levels and augmenting per capita disposable income. The US jewellery has maintained to be scattered and competitively distinct, as a wide range of players including all the small as well as large manufacturers have been present. The products have been sold via diverse retail channels at varied retail price points that further imply that the jewellery in spite of all the challenges it has faced is still capable to grow and nurture especially for the manufacturers since there is an absence of dominant players in the category yet.

According to the market research report “Luxury Jewellery in the US“, the leading players in the industry include namely- Chopard, Tiffany & Co., Piaget, Mikimoto, de Grisogono, Buccellati, Chaumet, DeBeers, Korloff and Pasquale Bruni and the sales of the top brands are expected to boom over the forecast period.

The US economy has been proliferating at a nice pace and an assumption that the economy will continue to nurture has been taken in consideration since the amelioration of the labor market as well as rising salaries is expected to act as a driving force that will assist the comprehensive consumer spending. The luxury goods market in general is all set to empower boost to the economy after recovering from a minor dip. It is in news that the Us’ first lady shall persuade the rich class to devote in pioneering and customized luxury goods. This accordingly shall give support to innovation and enterprise in this sector.

Topics Covered in The Report