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once seen only as a gift purchase is now treated differently, with 21st century consumers buying luxury items simply for their pleasures (McKinsey 2019).
As the market continues to grow; the consumer for the segment becomes clearer on what they want, and how they want to receive it. According to a survey done by the McKinsey Group, two thirds of luxury shoppers claim they participate in online research pre-purchase; mainly via social media. Another increasing trend is that the fine jewelry
Another market trend emerges to be “hybrid consumption” ; a term described by McKinsey (2019) as a behaviour of mixing different pricepoint items together in jewelry; McKinsey advices on exploring cheaper price point items by fine jewelry makers to ensure target diversity.
LUXURY TRENDS
The jewelry industry has grown rapidly and global sales are expected to grow at a 6% rate each year, reaching up to €250 billion in 2020 (McKinsey 2019).
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