Online jewellery market to grow to 20 billion dollars

The global online jewellery market is expected to increase by 19.88 billion dollars between 2019 and 2024, according to a report by Technavio, a global technology research and advisory company. The market observed a year on year growth of 14.59 percent in 2020 and the growth momentum is expected to accelerate an average of 15 percent per year during the remaining forecast period.

The report identifies a fragmented jewellery market due to the presence of many international and regional players. Technavio says Chanel, Chopard, Chow Tai Fook Jewellery Co., Richemont, Graff, Kering and LVMH are some of the dominant companies in the category.

According to the report innovation in jewellery design and technology will offer immense growth opportunities for brands, however, the decline in demand for gold jewellery will challenge the growth of the market participants.

In terms of geography, North America will present significant growth opportunities with factors such as changing lifestyles, evolving consumer preferences, and the increasing demand for fashion jewellery driving the growth of the regional market. Market growth in this region is forecast to be faster than the growth of the market in the European, MEA, and South America.

For more information on the report visit www.technavio.com.