EditorsSep 03, 2026
Q&A: Simon G.’s CEO on Why He Won’t Use AI for Jewelry DesignZaven Ghanimian discussed the value of human craftsmanship and where the implementation of artificial intelligence does work.
SurveysJun 22, 2017
Report: Luxury Continues to Underperform in the US
Though sales of luxury goods are expected to grow globally, the U.S. market is grappling with ongoing political uncertainty and struggling department stores, Bain & Co. said.
Milan--The luxury market is expected to get back to growth this year as Chinese spending and consumer confidence in Europe return.
According to management consulting firm Bain & Co., the global personal luxury goods market is predicted to grow in the range of 2 to 4 percent (at constant exchange rates) in 2017, from $284 billion to $290 billion.
The company’s “Worldwide Luxury Monitor 2017 Spring Update” indicates that watches and jewelry are maintaining momentum and while watch sales are down right now, they will soon recover.
However, in the Americas, the study states, the U.S. luxury market “continues to underperform.” A strong dollar, ongoing political uncertainty and struggling department stores have combined to create uncertainty for the country this year, with the market expected to be between a 2 percent decline or flat in 2017.
Meanwhile, Latin America is supported by some local consumption and Canada is poised to slow down--luxury sales there are expected to range between flat and a 2 percent decline.
Europe is still recovering from a decline in tourism last year and is regaining confidence among local consumers, with Spain and the U.K. standing out as bright spots. Bain has forecasted growth of between 7 and 9 percent at constant exchange rates for the region.
Mainland China also is rebounding as its local consumers continue to show a preference for buying luxury goods, driving an expected 6 to 8 percent growth. Chinese tourists also will continue to account for a large portion of international luxury purchases.
While Japan remains a positive market for luxury brands, the environment for the rest of Asia is still difficult: Hong Kong, Macau and Singapore might be improving, but Taiwan and Southeast Asia are facing decreased tourism.
The rest of the world is expected to be flat or see only slight growth of 2 percent.
In its update on the luxury market, Bain also addressed a number of key topics that will drive the luxury market this year, including the following.
1. The U.S. market’s landscape. Even though it’s still the largest market for personal luxury goods, the combined effects of a slowdown in tourism, unsettled political climate and challenging outlook for department stores mean that brands have to have “an impeccable strategy and execution” to survive.
2. The digital and off-price winners. Digital continues to reshape the luxury industry, with Bain indicating it expects online sales to be the leading
channel with the highest growth in the coming years, followed by off-price stores.
3. Millennial shopping habits. The inclusion of this likely surprises no one, as the “millennial state of mind” requires that brands better cater to their needs because it is this generation that has increasing buying power. In fact, millennials and Gen Z--the generation that follows the millennials and the oldest of whom are about 22 right now--will represent 45 percent of the global personal luxury goods market by 2025.
3. Millennial shopping habits. The inclusion of this likely surprises no one, as the “millennial state of mind” requires that brands better cater to their needs because it is this generation that has increasing buying power. In fact, millennials and Gen Z--the generation that follows the millennials and the oldest of whom are about 22 right now--will represent 45 percent of the global personal luxury goods market by 2025.
More on Surveys
The Latest
Events & AwardsSep 03, 2026
Here Are the First Recipients of Nina Pugliese Memorial Scholarship Jewelers of America also revealed the recipients of the Seymour & Evelyn Holtzman Bench Scholarship and its own scholarship programs.
WatchesSep 03, 2026
Robert Pattinson Joins Jaeger-LeCoultre as Brand AmbassadorThe British actor, known for his roles in “Twilight” and “The Odyssey,” will star in a campaign for the Master Control Chronometre.
Brought to you by
Your Piece Could Be the One Editors Talk AboutSubmit your pieces for a chance to win in this year's competition.
CollectionsSep 03, 2026
Sydney Evan Celebrates 25 Years With 4 New CollectionsThe “Confetti Disco,” “Champagne Cheers,” “Tuxedo,” and “Classic Punk” jewelry collections each capture a distinct spirit of celebration.
Weekly QuizAug 27, 2026
This Week’s QuizTest your jewelry news knowledge by answering these questions.
CrimeSep 02, 2026
CA Jeweler Gets 5 Years in ‘Phantom Rolex’ Ponzi SchemeNelson Holdo of Newport Beach pleaded guilty to multiple counts of felony grand theft and writing bad checks and was sentenced Monday.
AuctionsSep 02, 2026
If You Love Cats, This Jewelry Auction Is for YouCat ladies of the jewelry world, unite. Sandy Lerner’s “significant” collection of cat jewelry and other objects is going up for auction.
Brought to you by
Why More Jewelry Retailers Are Hosting Turnkey Estate Buying EventsRetailers are seeking new ways to attract customers, increase traffic, and create revenue – Estate buying events are a popular solution.
MajorsSep 02, 2026
Messika Names Former Omega Exec as New President, CEO of AmericasArnaud Michon, the former Omega USA President, will now lead Messika’s Americas region during its international development.
Events & AwardsSep 02, 2026
Emerald’s New Owner Introduces ‘Glitter in the Grove’The branding references the back-to-back jewelry shows that new parent company Forge will host in Miami's Coconut Grove this November.
AuctionsSep 01, 2026
UK Woman Uncovers Rare Patek Philippe Watch in Mom’s Jewelry BoxThe stainless steel Patek Philippe “Calatrava” watch from the 1930s sold for nearly $80,000 at a recent Hansons Cornwall auction.
ColumnistsSep 01, 2026
Your Jewelry Marketing Has a Bridal ProblemEngagement rings are important but don’t ignore the customers who are buying jewelry “just because,” Emmanuel Raheb writes.
MajorsSep 01, 2026
Kering Names New Pomellato, DoDo CEOsFormer Pomellato CEO Sabina Belli has been named president of Kering Italia amid a shakeup of Kering's new Jewelry division.
MajorsSep 01, 2026
Anne Marie Shulman Joins GPA GlobalThe veteran luxury packaging executive was appointed to help the company grow its North American business.
CrimeAug 31, 2026
$4M Van Cleef & Arpels Diamond Necklace Snatched From Vienna Museum Once the property of an Egyptian queen, the necklace was part of a larger exhibition of VCA jewelry at the Museum of Applied Arts (MAK).
GradingAug 31, 2026
GIA, Gübelin Gem Lab Confirm New Paraíba Tourmaline Deposit in EthiopiaThe labs’ separate investigations each determined that the East African country is producing copper-bearing tourmaline.
Events & AwardsAug 31, 2026
Wisconsin Museum to Host Jewelry Exhibition“Chicago Collects: Jewelry in Perspective” at the Oshkosh Public Museum will feature works by Fabergé, Lalique, and Louis Comfort Tiffany.
CollectionsAug 31, 2026
Catbird Launches First Men’s Jewelry CollectionThe “Worn Well” collection is Catbird's take on classic men's jewelry.
CollectionsAug 28, 2026
Dolly Parton Would Have Loved This Butterfly Necklace This Buddha Mama butterfly is our Piece of the Week honoring the legend, who embraced the beautiful insect as her symbol.
SourcingAug 28, 2026
Gareth Penny to Give Opening Speech at CIBJO Centenary CongressThe former De Beers CEO, and perhaps its next owner, will be a featured speaker at the event, slated for Sept. 4-7 in Italy.
IndependentsAug 28, 2026
Day’s Jewelers Honored With 3 Workplace AwardsThe employee-owned jeweler was named a “Best Place to Work” in Maine, New Hampshire, and for women.
CollectionsAug 27, 2026
Pandora Expands ‘Talisman’ Collection as Lawsuit Continues The second iteration of the jewelry collection was inspired by the zodiac and the four elements: earth, water, air and fire.
SourcingAug 27, 2026
OFAC Renews License Allowing Import of ‘Grandfathered’ Russian Diamonds General License 104B supersedes General License 104A, which was set to expire on Sept. 1.
CrimeAug 27, 2026
Customs Seizes Nearly 900 Pieces of Counterfeit JewelryThe package, intercepted in Indianapolis, contained fake Cartier, Tiffany & Co., and Van Cleef and Arpels jewelry.
IndependentsAug 27, 2026
Jessica McCormack to Open First West Coast StoreThe new location in Costa Mesa, California, marks the brand’s second store in the United States and fourth standalone location worldwide.
FinancialsAug 27, 2026
Movado’s Q2 Sales Up As Younger Consumers Take Interest in WatchesThe fashion watch category was once threatened by the Apple Watch, but consumers are now opting for new wearables, said Movado’s CEO.
Lab-GrownAug 26, 2026
AGTA Now Requiring Members to Call Lab-Grown Gems ‘Synthetic’The association added the requirement to its revised "Code of Ethics" and released the 17th edition of its “Gemstone Information Manual.”
