China Jewellery Market Report Archives - Decision Market Insights

China Jewellery Market Growth and Size, Rising Trends, Revenue, Key Players, CAGR Status, Challenges, Future Investment and Opportunities Research Report Till 2033: SPER Market Research

The Chinese jewellery market refers to the domestic purchase and sale of various types of jewellery, such as precious metals, gemstones, and designer pieces. Jewellery is extremely culturally significant in China, having a long history of craftsmanship and meaning. In addition to enhancing their appearance, jewellery now plays a significant role in Chinese people’s daily lives by representing their socioeconomic status. From traditional gold decorations to modern diamond jewellery, the Chinese market has a diverse range of products to meet the needs of different consumers. Historically, Chinese jewellery played an essential role in rites and betrothal ceremonies. China offers attractive potential for both domestic and foreign jewellers.

According to SPER market research, ‘China Jewellery Market Size- By Type, By Product- Regional Outlook, Competitive Strategies and Segment Forecast to 2033’ state that the China Jewellery Market is estimated to reach USD 125.34 billion by 2033 with a CAGR of 7.73%.

Chinese consumers are looking for a greater variety of styles and patterns and are becoming more fashion aware as a result of globalization and exposure to international trends. As a result, the demand for classic and modern jewellery designs has expanded. The Chinese middle class’s greater disposable income has resulted in increased consumer expenditure on jewellery and other luxury items. As people’s purchasing power grows, they are more likely to invest in commodities such as gold, diamonds, and other precious metals and gemstones. Gold has traditionally been seen as a safe investment in China. Some customers view gold jewellery as both a stylish accessory and a store of value. Changes in the economy or in money supply may lead to a rise in interest in gold jewellery as an investment. Strong marketing strategies by both domestic and international jewellery companies have increased consumer awareness and desire. Online sales have gained popularity in China as a convenient and more options-rich way for customers to buy jewellery.

Consumer preferences or cultural trends may have an impact on the demand for specific types of jewellery. Natural disasters, geopolitical disturbances, and international health crises are just a few of the events that can interrupt supply chains. These occurrences can have an impact on raw material availability and manufacturing, increasing costs and even creating delays. The market’s tendency for fraudulent or counterfeit jewels can undermine consumer confidence and reduce sales. A growing public consciousness of ethical and environmental issues, like the usage of conflict diamonds or mining methods, may have an impact on jewellery purchases and customer decisions. Events that occur globally, such trade disputes or geopolitical crises, can affect the confidence and buying habits of consumers.

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The COVID-19 pandemic had a substantial influence on the Chinese jewellery market since lockdowns and travel restrictions caused temporary disruptions in consumer spending and retail activity. However, once the situation improved and economic activity restarted, the market rebounded, driven by pent-up demand and a shift to online purchasing. Long-term changes in consumer behavior and retail strategy were also brought about by the epidemic’s acceleration of the use of digital technology and online platforms.

Coastal areas, such as Shanghai and Guangdong, have a higher concentration of wealthy individuals and luxury shopping establishments. Inland provinces, like as Sichuan and Henan, also have a significant market share. Chow Sang, Chow Tai Fook, Chow Tai Seng, Lao Miao, Laofengxiang, Luk Fook, Ming Jewellery, TSL, and others are among the leading players in China’s jewellery business.

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China Jewellery Market Growth 2023- Industry Share, Rising Trends, Demand, Business Challenges, Future Opportunities and Forecast Analysis 2033: SPER Market Research

Jewellery is a personal piece of art that is worn as an accessory to accentuate one’s beauty. It has priceless jewels and is constructed of metal. The market is filled with many kinds of jewellery, including bracelets, rings, earrings, and necklaces. It is purchased by many as a status symbol or as a long-term investment. One of the biggest producers of pearls worldwide is thought to be China. Popular gemstones in Chinese jewellery include coral, turquoise, and pearls.

According to SPER market research, ‘C hina Jewellery Market Size– By Type, By Product- Regional Outlook, Competitive Strategies and Segment Forecast to 2033’ state that the China Jewellery Market is predicted to reach USD 125.34 billion by 2033 with a CAGR of 7.73%.

Over the projection period, the Chinese jewellery market, which has been growing steadily in recent years, is expected to continue growing. Expanding per capita disposable income, expanding middle-class spending, growing urban population, expansion of the tourist sector, and other growth-promoting factors are anticipated to propel the market. China’s jewellery market is expanding due to several factors, including a rising GDP per capita, increased internet users, and a surge in foreign travel. The growing female labor force in the country is boosting the demand for jewels, with women constituting 63% of jewellery buyers. As China’s upper-class and affluent population grows, jewellery consumption follows suit, and the majority of domestic jewellery businesses, being relatively young, maintain reasonable costs. The purchasing power in Tier II and Tier III cities is rapidly increasing, further driving demand for Chinese jewels. Companies are adapting marketing strategies, moving away from love-themed promotions, and leveraging technological advancements to stimulate growth in the market. The increasing desire among women for diamonds is particularly contributing to the expansion of the Chinese jewellery market.

Nonetheless, there are still issues facing the sector that prevent it from expanding. The market is facing several significant obstacles, including a decrease in female labour force participation, a decline in marriages, and China’s anti-graft drive. Chinese marriages have decreased as a result of the one-child policy, and as Chinese families prefer male infants, China has an excess of men, which is impeding the expansion of the China jewellery market. Moreover, it is anticipated that the China Jewellery Market’s expansion will be hindered by the increasing prices of gold and silver. Furthermore, growing e-commerce frauds and a lack of awareness regarding jewellery hallmarks are predicted to impede market expansion.

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Impact of COVID-19 on China Jewellery Market

Furthermore, the COVID-19 pandemic and lockdowns enforced by the government have led to an increase in investments in diamond jewellery as a means of coping with the changing market conditions.

China Jewellery Market key players

Additionally, some of the market key players are Chow Sang Sang, Chow Tai Fook, Chow Tai Seng, Lao Miao, Laofengxiang, Luk Fook, Ming Jewellery, TSL, Others.

China Jewellery Market Segmentation:

The SPER Market Research report seeks to give market dynamics, demand, and supply forecast for the years up to 2033. This report contains statistics on product type segment growth estimates and forecasts.

By Type: Based on the Type, China Jewellery Market is segmented as; Diamond, Gold, Silver.

By Product: Based on the Product, China Jewellery Market is segmented as; Bangles, Cuff links, Earrings, Necklace, Rings, Others.

By Region: This research also includes data for East China, North and Northeast China, Northwest China, South Central China, Southwest China.

This study also encompasses various drivers and restraining factors of this market for the forecast period. Various growth opportunities are also discussed in the report.