Fashion jewelry has become an increasingly popular accessory in recent years, with many people turning to it as a way to express their personal style. But what do we really know about the fashion jewelry industry?
In this blog post, we’ll take a look at some of the latest fashion jewelry industry statistics to get a better understanding of the market. We’ll explore the size of the industry, the types of jewelry that are most popular, and the trends that are driving the industry forward. So, if you’re interested in learning more about the fashion jewelry industry, keep reading.
Fashion Jewelry Industry: The Most Important Statistics
In 2023, Asia’s market revenue was the highest at US$180.70bn, followed by North America’s market revenue at US$64.92bn and Europe’s market revenue at US$32.77bn. India generated the most revenue worldwide at US$76.77bn.
Gold is the most popular material for fashion jewelry, holding the highest market share worldwide and valued at US$185.83bn in 2022, with a CAGR of 4.9% expected to 2030.
Fashion Jewelry Industry Statistics Overview
The global jewelry market size is projected to grow at a CAGR of 4.6% from 2023 to 2030, reaching a revenue of USD 482.22 billion by 2030.
This growth in the jewelry market size is important for the fashion jewelry industry as it indicates a larger potential market for fashion jewelry manufacturers to tap into.
In 2023, Asia’s market revenue was the highest at US$180.70bn, followed by North America’s market revenue at US$64.92bn and Europe’s market revenue at US$32.77bn. India generated the most revenue worldwide at US$76.77bn.
This shows the potential for growth in the industry in the Asia-Pacific region, particularly in India. It also highlights the importance of understanding the regional differences in the industry in order to make informed decisions about where to invest and how to market products.
The global online jewelry market is estimated to reach a value of US$117bn by 2027, representing an exponential growth of over US$60bn in just 5 years.
The US market size of the Online Jewelry & Watch Sales industry is expected to decline by 0.6% in 2023, with an average annual growth rate of 1.3% between 2018 and 2023.
Gold is the most popular material for fashion jewelry, holding the highest market share worldwide and valued at US$185.83bn in 2022, with a CAGR of 4.9% expected to 2030.
Gold is the most popular material for fashion jewelry and is expected to maintain its leading position in the market. This provides an indication of the potential for growth in the industry and the potential for gold to remain a popular choice for fashion jewelry.
The diamond jewelry market was valued at US$87bn in 2021, an increase of US$19bn from 2020, and Russia has the largest diamond reserves worldwide at 600 million carats.
This shows the importance of diamonds in the jewelry market, and the large amount of diamond reserves that are available to be used in the production of jewelry.
The average fashion and jewelry buyer is a married woman in her early thirties with a higher than average income and at least one child.
Gen Alpha will consist of over 2 billion potential consumers globally by mid-2020s, and will have a large influence in the fashion and jewelry industry. Thus, Gen Alpha will have a large spending power, and will be able to shape the industry with their global, digital, social, and sustainable preferences.
The 2021 survey indicates that the majority of consumers prioritize traceability and ethical and sustainable sourcing when it comes to jewelry, and are willing to pay more for traceable products.
It shows that consumers are increasingly aware of the importance of ethical sourcing and are willing to pay for it, which is an incentive for jewelry brands to prioritize ethical sourcing.
36% of millennials prioritize responsible sourcing when purchasing diamond jewelry, compared to 27% of older singles.
This demonstrates that younger consumers are increasingly conscious of ethical sourcing and production practices, which could influence the industry to make changes in order to meet this demand.
This statistic is a telling indication of the growing influence of e-commerce in the fashion jewelry industry. It highlights the importance of digital platforms in the retail landscape, and how they are becoming increasingly essential for businesses to reach their target customers. This statistic is a valuable insight for anyone looking to gain a better understanding of the fashion jewelry industry and the trends that are shaping it.
Over 79% of fashion jewelry sales occur during sales promotions and discounts.
The majority of fashion jewelry sales are driven by these incentives, and that businesses must take advantage of them in order to maximize their profits. This statistic is essential for anyone looking to gain a better understanding of the fashion jewelry industry and how it operates.
The fast fashion jewelry industry is worth about USD 2.5 billion in 2021.
This highlights the importance of the industry to the global economy, and the potential for it to become an even bigger player in the future.
The fashion jewelry market captures a 15% market share within the jewelry industry.
This speaks to the industry’s ability to remain competitive and relevant in a crowded market, and provides insight into the potential for growth and expansion.
The sales of engagement rings in the fashion jewelry industry increased by 8.2% between 2019 and 2021.
The industry is thriving and that customers are increasingly turning to fashion jewelry for their special occasions. This is an important indicator of the industry’s success and a sign that fashion jewelry is becoming an increasingly important part of the jewelry market.
Conclusion
The fashion jewelry industry is a rapidly growing sector, with new trends and designs emerging every day. With the increasing demand for fashion jewelry, the industry is expected to continue to grow and expand in the coming years.
The industry is also becoming more competitive, with new players entering the market and established brands trying to stay ahead of the competition. With the right strategies, fashion jewelry brands can take advantage of the growth opportunities and become successful in the industry.
References
1 – https://www.grandviewresearch.com/industry-analysis/jewelry-market
2 – https://www.statista.com/outlook/cmo/accessories/watches-jewelry/jewelry/worldwide
3 – https://www.statista.com/statistics/1201073/online-jewelry-market-value-worldwide/
4 – https://www.ibisworld.com/industry-statistics/market-size/online-jewelry-watch-sales-united-states/
5 – https://www.grandviewresearch.com/industry-analysis/jewelry-market
6 – https://www.statista.com/statistics/585267/diamond-jewelry-market-value-worldwide/ and https://www.statista.com/statistics/267905/world-diamond-reserves-by-country/
7 – https://blog.gwi.com/chart-of-the-week/fashion-and-jewelry-buyers/#:~:text=Fashion%20and%20jewelry%20buyers%20are,least%20one%20child%20(61%25).
8 – https://www2.deloitte.com/content/dam/Deloitte/at/Documents/consumer-business/at-global-powers-of-luxury-goods-2021.pdf
9 – https://tracemark.tech/consumer-report-2021/
10 – https://cdgwebsites.com/debeers/impact_2016/stable/downloads/De_Beers_Insight_Report_2016_web-ready.pdf
11 – https://www.prnewswire.com
12 – https://www.ibisworld.com
13 – https://www.grandviewresearch.com
14 – https://www.statista.com
15 – https://worldpopulationreview.com
16 – https://www.pwc.com
17 – https://www.smartinsights.com
18 – https://www.reportlinker.com
19 – https://www.retaildive.com
20 – https://www.gca.gold
21 – https://www.cnbc.com
