Consumers have been opening-up to the prospect of purchasing jewellery online in recent years, with the share of online sales across the US and Western Europe doubling between 2018 and 2019 (Gartner L2). While digital technology is making it easier for customers to appreciate the choice and quality that brands have to offer, the International Colored Gemstone Association (ICA) have recognised a subsequent desire for appointment-only business transactions, even amidst the pandemic.
While US Spring lockdowns in 2020 led to inevitable jewellery sales shortfalls, Summer sales for the period rebounded spectacularly, generating $1 billion growth year on year (The New York Times.) Engagement rings, jewellery upgrades and a timely trend towards self-gifting have all been reported as drivers of the boom – as consumers put greater importance on celebrating “the moment”.
As consumers sought to “offset the sense of unease” that pervaded 2020, the industry witnessed a move towards more minimalist, timeless jewellery styles that typify ‘rational’ investment pieces. In 2021, Global Corporate Marketing at Platinum Guild International (PGI) foresees sees bolder, more assertive and adventurous designs leading the style charge as consumers embrace the opportunity to (finally) dress up and stand out. With this decade already being described as the “new roaring twenties”, it is anticipated that safe seasonal trends and run-of-the-mill cycles are set to be upended in their tracks.