What is the Fastest-Growing Segments in the Online Jewelry Market?
Fine jewelry is predicted to grow faster than the fashion jewelry market during the forecast period (2022 to 2027). Fine jewelry is made of precious metals and gemstones, is relatively expensive, and has been purchased primarily from offline jewelry stores. Factors such as increasing smartphone usage, internet penetration, technological advancements, and changes in consumer purchasing behavior are expected to propel the growth of this segment during the forecast period.
North America is estimated to contribute the most significant growth of 39% to the global market during the forecast period. In North America, high-end, expensive jewelry is popular due to high consumer disposable income. In the United States, changing lifestyles and changing consumer tastes have increased the demand for fashion jewelry, contributing significantly to the growth of the online jewelry market in the region. Sales growth by specialty and fashion e-retailers is higher in North America for both fine and fashion jewelry. In addition, innovation in design and expansion of the portfolio of jewelry collections are expected to propel the regional online jewelry market during the forecast period.
Key Purchase Criteria
1. Innovation
2. Service
3. Relatability
4. Price
5. Quality
Popular Jewelry Segments are expected to be led by rings, followed by earrings, necklaces, bangles and other accessories.
Key Market Drivers for the Online Jewelry Market are innovation in jewelry design and technology. The use of technology in the jewelry industry is increasing year by year. CAD, which enables the 3D printing of jewelry, is one of the most important technologies used in the jewelry design process. Such innovations will boost the growth of the market during the forecast period.
The use of CAD and 3D printing also make it easier for jewelry designers to quickly make and test designs to see what will be popular.
Technology is also now a key factor in online jewelry sales. Advances in virtual try on, augmented reality, jewelry configurators and 360 imagery helps online shoppers engage with jewelry almost as well as the traditional jewelry store experience.
Evolving customer tastes and growing awareness of the availability of different jewelry designs and styles are also driving the purchase of modern designs. These factors push jewelry makers to offer a wide range of jewelry in many collections to attract new customers. The company’s innovative jewelry designs, along with the purity of precious metals and authenticity of gemstones, are key factors that help vendors differentiate their product offerings.
Currently, Customer preferences for physical jewelry stores is a major challenge to the growth of the global online jewelry market. Price-sensitive customers in emerging markets still prefer to buy expensive jewelry offline. Therefore, there will be higher sales of jewelry through offline platforms. Additionally, many customers like the tactile element and believe in trying out products before purchasing, preferring to visit a brick-and-mortar store for this. But with the advances in online shopping technology, more and more traditional shoppers will turn to online shopping where they can try on jewelry, see it in various metals and gemstones and view pieces in amazing detail like never before.
Source: Technavio, Online Jewelry Market by Type, Product Type and Geography – Forecast and Analysis 2023-2027