Events & AwardsJun 06, 2025
Here Are the 2025 Retailer Hall of Fame InducteesThis year’s honorees include a Midwest retailer and two multi-store independents, one in New York and the other in New England.
MajorsMar 03, 2016
Global luxury market surpasses trillion-dollar mark
A Bain & Company report shows that the global luxury industry has surpassed $1 trillion in retail sales value this year, with the category that includes jewelry and watches seeing slight but positive real growth.
Milan, Italy--The global luxury industry has surpassed $1 trillion in retail sales value this year, with the category that includes jewelry and watches seeing slight but positive real growth.
According to Bain & Company’s Luxury Goods Worldwide Market Monitor report released last week, the $1.120 trillion spent in luxury markets around the globe is a 5 percent year-over-year increase at constant exchange rates.
Spending in the personal luxury goods category--the category that includes jewelry and watches—has reached $253 billion, a 13 percent increase overall but only a 1 to 2 percent improvement at constant exchange rates.
In the report, Bain & Company identified three macro-economic events that hampered growth potential for the global luxury industry this year: the strength of the U.S. dollar, dissuading tourists from visiting the United States and driving Americans to buy their goods in Europe; the Chinese stock crisis impacting consumer confidence in the U.S.; and oil’s price drop reducing the wealth of most exposed economies and its key luxury consumers.
Around the world
In 2015, the strength of the U.S. dollar has continued to weaken luxury consumption in the Americas.
Department stores have suffered because of a slowdown in spending by both tourists and locals and played on promotions to bring in consumers. The off-price channel has become a top performer, with organized trips driving tourists to premium outlet centers and local shoppers looking for bargains while buying online, the report stated.
Canada also has witnessed improved luxury goods sales, as there has been decreased competition from the U.S. due to the strength of the dollar.
When it comes to cities, the report showed that the top luxury goods market in the world are New York, followed by Tokyo, Beijing, Milan, and Paris.
E-commerce
Online also has turned out to be a winner in 2015, as European and American retailers continued to actively respond to customer requests for an omnichannel experience.
Social e-commerce also has begun to pick up steam, the report said, with “buy” buttons transforming the role of social networks from pure referral to a retailer’s website to direct shopping on social platforms.
RELATED CONTENT: More social networks enter e-commerce
Mobile commerce also is becoming a central touchpoint and growing channel, with wearables potentially becoming the “new frontier of mobile,” Bain & Company said.
Off-price shopping
The U.S., Europe and Japan have been trending as the most-penetrated geographies when
it comes to off-price shopping in 2015, meaning that’s where most outlet stores have opened.
RELATED CONTENT: Macy’s gets into the off-price business
The report said luxury brands currently are reconsidering their strategic approach to the off-price channel, with some reducing markdowns in regular stores and instead shuttling slow-moving merchandise to outlet stores.
Jewelry and watches
Bain & Company said hard luxury accessories, which includes jewelry and watches, have had a trend of “polarized performance” in the past two years.
Global watch sales in 2015 have dropped by 6 percent year-over-year at constant exchange rates, impacted by the slowdown of the Asian economies, a trend occurring since 2013 that also has led to the worst Swiss export figures since 2009.
Global jewelry sales, meanwhile, have risen 6 percent at constant exchange rates, with the report stating that this category is evermore perceived as a safe investment in an uncertain economic and financial environment.
Though growing at a “slower” pace, luxury branded jewelry continues to outperform the overall luxury market, as jewelry remains among the top preferred investments thanks to the intrinsic value of the raw materials. What’s more, Bain & Company said global demand for diamonds still is growing, just at a more modest pace.
Additional takeaways from the report include:
--The personal luxury goods market still is a western one, but is being driven by masses of “borderless” consumers, consumers who travel everywhere and spend anywhere;
--Consumers from mature markets are more demanding and detached;
--Retail and mono-brand stores still are the favorite formats in which to invest;
--E-commerce is starting to become disruptive, yet brands still are struggling with it; and
--Growing value awareness and blurred pricing strategies are questioning the luxury value proposition.
“For the last several years, we’ve referenced ‘luxury’s new normal’ with a deceleration of the personal luxury goods market,” said Claudio D’Arpizio, a Bain & Company partner in Milan and lead author of the study. “Now, we are starting to feel the impact of that slowdown. The challenge for luxury brands in this environment is how to successfully navigate through hard-to-predict volatility.”
The complete Luxury Goods Worldwide Market Monitor report can be found here.
More on Majors
The Latest
CollectionsJun 06, 2025
Piece of the Week: Harwell Godfrey’s ‘Granny Squares Eleanor’ Necklace As an homage to iconic crochet blankets, the necklace features the nostalgic motif through a kaleidoscope of cabochon-cut stones.
Events & AwardsJun 05, 2025
The 12 Fresh Faces in Couture’s Design AtelierDiscover the dozen up-and-coming brands exhibiting in the Design Atelier for the first time.
Brought to you by
The True Power Behind the Counter: Why Sales Associates Are the Heart of the Jewelry BusinessWhen investing in your jewelry business, it's important not to overlook the most crucial element of success: the sales associates.
SourcingJun 05, 2025
A Rare Suite of Rubies Has Arrived in Las VegasThe “Royal Ruby” Collection is a quintet of untreated rubies curated by collector Jack Abraham.
Weekly QuizJun 05, 2025
This Week’s QuizTest your jewelry news knowledge by answering these questions.
Events & AwardsJun 05, 2025
Daymond John to Give Keynote at JCK Las VegasThe entrepreneur and “Shark Tank” star will share his top tips for success.
Events & AwardsJun 05, 2025
Zillion Announces 'Women in STEM' Scholarship RecipientMeredith Tiderington, an electrical engineering student, was selected for the award.
Brought to you by
Clienteling Isn’t a Buzzword. It’s an Essential Business Model.More shoppers are walking out without buying. Here’s how smart jewelers can bring them back—and the tool they need to do it right.
Lab-GrownJun 04, 2025
GIA Reverting to More General Terminology for Lab-Grown DiamondsIt will quit assigning the stones specific color and clarity grades in favor of applying “new descriptive terminology.”
Events & AwardsJun 04, 2025
As JCK Talks Returns, Don’t Miss These 12 SessionsFrom design trends to sustainability, here’s a roundup of can’t-miss education sessions at JCK Las Vegas.
CrimeJun 04, 2025
10 Safety Tips for the Las Vegas Shows The Jewelers’ Security Alliance offers advice for those attending the annual trade shows.
CollectionsJun 03, 2025
In Her Latest Collection, Viviana Langhoff Is Leaning Into GoldThe designer is embracing bold pieces with weight to them in “AU79,” a collection she celebrated with a creative launch party.
FinancialsJun 03, 2025
Signet Jewelers Sees Turnaround in Q1 With Sales Ticking Up 2%On an earnings call, CEO J.K. Symancyk discussed what’s working for the company and how it’s preparing for the potential impact of tariffs.
SurveysJun 03, 2025
Consumer Confidence Improves in May The index partially rebounded after months of decline, due in part to the U.S.-China deal to temporarily reduce import tariffs.
CollectionsJun 03, 2025
Dakota Johnson Is Roberto Coin’s New Brand AmbassadorThe actress stars in the latest campaign set in Venice, Italy, and is set to participate in other creative initiatives for the jeweler.
GradingJun 03, 2025
Mason-Kay Jade Adds ‘Fei Cui’ to Jade ReportsThe company has joined other labs, including GIA and Lotus Gemology, in adopting the Chinese term for "jadeite jade."
SourcingJun 02, 2025
Gemfields’ June Auction to Include 36-Carat RubyThe large stone will be offered at its June sale along with a selection of secondary-type rubies from a new area of the Montepuez mine.
GradingJun 02, 2025
GSI Opens New Lab in Thailand Located in Bangkok, the laboratory is Gemological Science International’s 14th location worldwide.
TrendsJun 02, 2025
Amanda’s Style File: Three Gems for June Those born in June have a myriad of options for their birthstone jewelry.
SourcingJun 02, 2025
David Allouche Joins Grandview Klein DiamondsThe diamond industry veteran has been named its senior sales executive.
FinancialsMay 30, 2025
Movado’s Q1 Sales Slip Amid ‘Challenging’ Retail Environment The company plans to raise the prices of select watches to offset the impact of tariffs.
Policies & IssuesMay 30, 2025
Tariffs & Designers: Navigating Pricing in an Unstable EnvironmentBetween tariffs and the sky-high cost of gold, designers enter this year’s Las Vegas shows with a lot of questions and few answers.
CollectionsMay 30, 2025
Piece of the Week: Renato Cipullo’s ‘Hematite Blaze’ NecklaceDesigned by founder Renato and his daughter Serena Cipullo, it showcases a flame motif representing unity and the power of gathering.
Policies & IssuesMay 30, 2025
Trade Court Declares Trump’s Tariffs InvalidHowever, the tariffs remain in effect in the short term, as an appeals court has stayed the U.S. Court of International Trade’s decision.
CollectionsMay 29, 2025
Britney Spears Files Trademark for New Jewelry LineThe pop icon is one step closer to launching her “B Tiny” jewelry collection, a collection she first began posting about last fall.
Supplier BulletinMay 29, 2025
Inoveo Platinum Grain, Exclusively Distributed by StullerSponsored by Stuller
SourcingMay 29, 2025
Grizzly Auctions 6,620-Carat EmeraldIt was featured in the miner’s latest sale, which brought in $24.8 million.
