Views: 14 Author: Site Editor Publish Time: 2020-10-16 Origin: Site
According to a report released by Bain & Company at the end of last year, the total capacity of the global jewelry market is about 330 billion U.S. dollars, of which diamond jewellery sales are around 80 billion U.S. dollars, which can truly be called a "luxury" The share of diamond jewelry is about 8 billion US dollars.
In contrast, the global luxury watch market has a capacity of 39 billion U.S. dollars, luxury leather goods at 57 billion U.S. dollars, and luxury clothing at 64 billion U.S. dollars.
Therefore, there has always been a voice in the industry, hoping that the jewelry industry will develop in the direction of "fast fashion". Especially after the epidemic, this voice has become louder and louder.
Star Diamond Technology market analysts pointed out that the so-called "fast fashion" concept was born in the mid-1990s. This concept has helped many companies quickly gain a large market share, and also covers many high-end brands, such as Diesel, Juicy Couture and so on. Compared with clothing brands that release several series every year, the number of new series of jewelry brands is only about two. Therefore, some jewellery brand companies have begun to use cheap materials in order to pursue a higher frequency of new product releases. Star Diamond Technology market analysts further pointed out that these "creative" jewelry brands can already be counted as "fast fashion" in terms of market response speed. Although the designer’s pressure will be greater, since 2016, Chinese and American consumers have considered "design" as the top factor in jewelry consumption, the brand will still adjust the stone size, color, and clarity as much as possible. , Cost and other ways to make a new “series”.
Nowadays, millennials are the main force of diamond jewelry consumption. However, Bain & Company once proposed in 2016 that millennials and their predecessors did not have much difference in the way they like jewelry, but there are big differences in the way they choose and buy. For example, highly developed American and Chinese consumers have become more inclined to consume online, but their previous generation ranked this way of purchasing fourth.
Bain & Company pointed out in the report that by 2030, millennials will control most of the world's wealth, but at the same time, the rise of Generation Z (post-95s and post-00s) is also extremely fast. This generation will have its own unique culture and values, which will bring the diamond jewelry market into a whole new realm.
Therefore, in the face of a rapidly changing world, we need to continuously observe changes in consumer attitudes, often change our thinking, and make quick responses and adjustments. The diamond jewelry industry must also keep pace with the times and cannot be confined to the traditional development model.