According to Mckinsey, the Jewellery market seems poised for a glittering future. Annual global sales of over £130 billion are expected to grow at a healthy clip of 5 to 6 percent each year, totalling £200 billion by 2020. Consumer appetite for jewellery, which was dampened by the global recession, now appears more voracious than ever.
But the industry is as dynamic as it is fast growing. Consequential changes are under way, both in consumer behaviour as well as in the industry itself.
Future changes to the industry include, internationalisation and consolidation, the growth of branded products, a reconfigured channel landscape, “hybrid” consumption, and fast fashion.
Jewellery players can’t simply do business as usual and expect to thrive; they must be alert and responsive to important trends and developments or else risk being left behind by more agile competitors. Companies must solidify their positions online in order to outperform these competitors and ensure a profitable year ahead.
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