Shopping in Cina
Shopping di gioielli in Cina

Jewelry and luxury, what will change





The world of jewelry and, more generally, of luxury, facing the changing trends of society and consumers. How will it go in the next few years? The Global Luxury Brands Survey Report created by Willis Towers Watson, a company specializing in consulting, brokerage and offering solutions for businesses, seeks to answer this question. The aim of the research was, in fact, to clear the fog that surrounds a future obscured by fashions, by the perturbations of the economy, but also by the consequences of the pandemic. To figure this out, Willis Towers Watson interviewed 100 decision makers at luxury retail brands in Europe, the United States and Asia, including fifty brands worth over $ 250 million and fourteen over $ 5 billion.

Shopping in Cina
Shopping in Cina

The world of luxury is changing and macro market trends are clearly evident, starting with digitization, where brands must harness the power of digital to inspire and motivate customers and to speak to a younger demographic, too. if most of the sales will continue in the store. And then sustainability, personalization with more and more tailored content and experiences, in-country sales, because travel restrictions are likely to continue. Hence a return to core values: brands are refocusing on their roots of quality, craftsmanship, design and attention to detail to reaffirm their uniqueness and authenticity.
Alessandra Capua, Head of Fine Art, Jewelery and Species, Europe and Italy, by Willis Towers Watson

Alessandra Capua
Alessandra Capua

According to the research, therefore, half of luxury brands still consider the pandemic a challenge to their financial stability, but the majority remain optimistic: 70% believe they will increase profitability over the next two years. And this despite the fact that the pandemic is still a risk: 50% of respondents indicated health as one of the greatest risks to financial success and 30% indicated abandoning luxury goods and live experiences in the post -pandemic.
Shopping da Tiffany
Shopping di anelli da Tiffany

On the other hand, a novelty concerns online sales: all analysts consider shopping on the web, including that for jewelry, an unstoppable trend. But a different picture emerges from the Willis Towers Watson survey: online sales may have reached a peak. Nearly 40% of respondents see the surge in online sales as an opportunity, but the vast majority do not believe that it will replace in-store sales in the future. Indeed, 81% predict that online sales, as part of total sales, will remain the same. A wrong feeling of business managers? Or an opinion dictated by direct experience?
Shopping in Place Vendôme, Parigi
Shopping in Place Vendôme, Parigi

Certainly, research indicates that digital will continue to grow and facilitate business. Brands are adopting technologies that will improve the customer experience and facilitate sales: 44% indicated buy now pay later payment models as the best business opportunity, potentially capable of increasing sales, while 38% indicated the pay-by-link or other alternative payment methods.
Interno della boutique Graff
Boutique Graff

Finally, the major jewelry and luxury brands consider the ESG factor, i.e. environmental, social and corporate governance, to be important: almost 70% indicated the composition of the board of directors and the structure of the control committee among the five major risks, together biodiversity, climate change and deforestation (52%), management of water resources and water scarcity (50%). Linked to this is the fact that some brands are embracing the second life (used) market for the first time and are making marketing agreements with retailers.





Leave a Reply

Your email address will not be published.

Previous Story

Tiffany in yellow in Miami

Next Story

Van Cleef & Arpels story in Milan

Latest from news