Cartier?s Etourdissant collection
The global jewelry and watch market is expected to grow steadily over the next few years, with total revenues projected to reach $410 billion by 2019, according to a new report from Fashionbi.
A growing ultra-high-net-worth population in emerging markets such as Mexico, Brazil, Turkey and India along with strong performance in Asia-Pacific and the United States are expected to driving forces in the jewelry sector?s predicted rise. While the sector as a whole is anticipating growth going forward, key players have seen mixed results in the past year, with Tiffany & Co.?s sales plunging and Richemont?s results up, pointing to the risks of deflated currencies and other macroeconomic hurdles.
?As presented in Fashionbi?s latest research on Luxury Jewelry and Watches, this market is still very fragmented, which means there isn?t one top-of-the-mind player for the customers,? said Ambika Zutshi, CEO of Fashionbi, Milan. ?They explore their options very well before investing in such high-end products and hence, the brands with the best offers and services in that moment will be able to attract these customers,? she said.
?For instance, this segment brands have explored the least with digitalization ? many still don?t have ecommerce services, special social media communication, global shipping options, receptive customer services or global distribution,? she said. ?As a result, many customer can?t reach or even inquire about the products.
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