Jewellery Industry Outlook – EUROPE

CAGR 2019-2025

Majority Appeal. Recovery patterns in European countries like the UK and France are less defined by age and income than they are in the US.

Wide-spanning confidence. Europe’s high-income consumers are set to recover spending the quickest, BUT middle-income consumers are not so far behind.

BUT! Tough competition. Branded fine jewellery is expected to grow significantly in Europe, forecast at 5-9% CAGR (2019-2025). This exceeds branded sales growth in US and is 2nd only to Asia.

ONLINE OPPORTUNITY

Source: McKinsey & Co

European markets (including UK) saw a 57% rise in the number of fine jewellery pieces ordered online in 2020 compared to 2019.

A 35% increase in the average unit value of fine jewellery ordered online in Europe was recorded in 2020, according to exclusive Adobe Analytics data.

"Travel retail purchases — whether in Korea, Hong Kong, Hainan, Dubai or Europe — will return in substantial numbers." Cyrille Vigneron, Chief Executive, Cartier

ONLINE OPPORTUNITY

Source: McKinsey & Co

LVMH sales up 138% y/y in Q1 2021 in part due to recent acquisition of Tiffany& Co.

Antwerp rough diamond sales up 25% y/y in 2021

Chanel growing double digit in 2021 versus 2019

"The crisis does not seem to have had a lasting impact on consumers' appetite and spending power for high-end wares. But Europe is lagging behind." Bain

WHERE ARE JEWELLERY SALES HAPPENING NOW?

“The strongest markets have been Saudi Arabia, Qatar and the United Arab Emirates.”

Repossi

“The Middle East has seen incredible growth over the past year, and we see this continuing in 2021.”

Global e-commerce site MatchesFashion.com

“Giordini exports 95% to the Arabian world (Dubai is the distribution hub for North Africa and the Arab countries). Africa will be the future of jewellery.”

Giordini

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