Bling went missing at the recently concluded Golden Globes this year, with even the likes of Angelina Jolie taking the no-jewellery route. It could be a signal of the times – a signal that Hollywood and the rest of the United States has not yet forgotten the trials of the economic crisis. However, irrespective of whether the no-bauble look is the new fashion trend or not, the fact remains that jewellery brands saw a huge, almost unexpected, spurt in sales over the holiday period. Despite that, Swiss luxury group Richemont suggested that early 2011 could prove a challenging period for the jewellery business.
Swiss group Richemont which owns brands like Cartier and Van Cleef & Arpels is known for being cautious. The group acknowledged the unexpected boom in sales of expensive jewellery over the holiday season but predicted that this would not last.
However, not everyone agrees. Craig Johnson of Customer Growth Partners, a New Canaan, Conn., consulting firm suggested that the jewellery industry would continue to grow in 2011, partly because many buyers are beginning to consider jewellery as investment. As the dollar value continues to fall, more and more consumers are looking at jewellery as a safe investment option. Johnson admitted that in a post-recession world, even the wealthier classes are zeroing in on jewellery in their bid to seek lasting value.
New market trends are emerging following the economic crisis that engulfed the world in 2008. Recently, a study revealed that the less wealthy who are slowly emerging as significant players in the luxury brand market. The near future may reveal more and more interesting trends that could dramatically change the way the world’s luxury brands currently do business.
Via: New York Post