The jewelry market - Italy

Globally, the jewelry market is estimated to be worth $330 billion in 2022 and is expected to grow, with an annual rate (CAGR) OF 8%. This growing trend is dictated by the continued interest shown by consumers in luxury products and their propensity to purchase these particular products as a symbol of a wealthy and luxurious lifestyle. In Italy, the jewelry market remains one of the most dominant sectors of the national economy.While jewelry had lost its role as a symbolic gift to celebrate moments or events a few years ago, it is now coming back into vogue, and this is also evidenced by the over-performance of many jewelry brands as of 2019. The jewelry sector in Italy is basically stable, we can see a slight growth in the total number of jewelry stores on Italian soil and a decline in the number of people employed in the sector due to the automation of work. Most jewelry stores are rooted in northern Italy, and those considered most solid are definitely those that have focused most oninnovation through digital tools such as e-commerce, social communication, etc. it has been proven that those operating on the web generally have higher revenues. According to the most recent trends, the jewelry market has all the good prerequisites to drag the luxury market into the near future, both by taking advantage of the returned post-Covid-19 optimism and the increase in purchasing power among the younger generations.

it is very important for those who want to enter this market to stay abreast of the latest digital trends and constantly look for innovative digital solutions.