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, ‘China 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.
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China jewellery market Business Opportunities
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