GROWTH OF BRANDED JEWELLERY INDUSTRY IN 2020
As per the report published by Mckinsey, Branded jewellery accounts for only 20% of the sales in the market. The jewellery sectors are expected to grow 5-6% every year, but due to the recent global recession it has hindered the consumer appetite for jewellery. (https://www.enov8.com) In order to stay credible, the brands must make sure they implement new techniques and trends in the apparel sector. The growth of branded jewellers is going to be based on the allied industries – non-jewellery sectors. They could either be leather making companies or other high-end apparel making industry. Thus, the jewellery companies in order to sustain have to make their designs and their brand extremely unique.
Keeping the needs of the industry in mind alongwith an awareness to create well-thought of pieces forms the crux of the education imparted at JD Institute of Fashion Technology, Bangalore. It offers a comprehensive 6 months to 1 year jewellery course that trains students to be well informed and exceptionally trained jewellery designers who have the pulse on the current market trends. The added advantage of belonging to a generation that enjoys online shopping and is tech-savvy provides leverage in understanding a customer base that relies heavily on using the online platform.
In 2020, branded jewellery might have a higher share in the market. This growth could be driven by a few aspects; one of which includes – Online jewellery sales. There has been an evident growth in the online sales of apparels and jewellery. According to the Mckinsey report analysis, the sales account for 4-5% of the total market today. This percentage will definitely increase to about 10% most probably but not beyond that as most of the consumers prefer buying expensive items in the stores as a matter of reliability. It also gives them the benefit to touch and feel the product. On the other hand, analysis show that the consumers prefer online sales for fashion jewellery. These sales will generally revolve around branded jewellery which are affordable for the consumers but at the same time they know what they are getting.
Jewellery players are now focusing on mono-brand retail. This gives them a higher margin as well as a closer consumer contact. Jewellery brands are now losing the fine line between fine jewellery (precious metals and stones) and fashion jewellery (generally made of alloys and crystals). Today people prefer to buy high-end jewellery just like they used to buy fashion jewellery. This has more to do with status and brand positions. It gives them a sense of trust and upgraded lifestyle. Branded jewellery manages to reach out to the customers on digital platforms, by conveying their information, shaping their brand identity and communicating their message strongly through advertisements.
By analysing the market and understanding consumer needs can help in gauging growth possibilities. The brands readiness to adapt and introduce trends at a slightly affordable price to attract a wide customer base will help increase their sales in the market.
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