The Jewelry & Watches segment in China registered Market value of USD 119,287.79 Millions in 2023
The indicator recorded a historical growth (CAGR) of 8.61% between 2020 to 2023, and is expected to grow by...
GlobalData projects the indicator to grow at a CAGR of...
Jewelry & Watches Segment in China
The Jewelry, Watches and Accessories market includes gold jewelry, silver jewelry, and other precious jewelry like diamonds, platinum, precious stones (sapphires, emeralds, and rubies), pearls (natural and cultured), and semiprecious stones (e.g. quartz, opal, topaz, amethyst, coral, etc.), fashion jewelry (non-precious jewelry), hair accessories, belts, hats, gloves, scarves, sunglasses, and ties, plus watches.
The Chinese jewelry & watches market experienced strong growth during the historic period which was offset by a sharp decline in market revenues in 2020. The market is expected to rebound with strong growth in 2021 and 2022 and modest growth anticipated over the forecast period. The jewelry and watches retail market is highly correlated with the financial power of consumers. End-users are the primary target of the market; therefore, market growth rates fluctuate accordingly with consumers’ financial power. Consumers with high financial power would buy more jewelry and watches, increasing demand and boosting growth in the market. On the other hand, consumers who lack strong financial power are more likely to spend their money on more essential goods. This is mostly because the jewelry and watches retail market is a luxury market and are discretionary purchases. When consumer financial power and consumer confidence is strong the jewelry and watch retail market will grow.
Category segmentation
The jewelry & watches segment is categorized into two major segments - Jewelry & Watches and Accessories. Jewelry & watches is the largest segment of the jewelry & watches market in China.
Competitive landscape
The Chinese jewelry, watches, and accessories retail market is highly fragmented, with players ranging from small specialty jewelers to large multinational retailers, as well as other retailers that sell jewelry, including department stores, mass merchandisers, discount stores, apparel, and accessory fashion stores, brand retailers, online retail and auction sites, shopping clubs, home shopping television channels, and direct home sellers. The diverse range of sellers in this market creates fierce competition. Most leading players in the Chinese market are domestic specialty jewelry and watch retailers such as Chow Tai Fook and Lao Feng Xiang; however, international companies such as Moët Hennessy Louis Vuitton also have a strong presence. Chinese luxury consumers represent a fast-increasing proportion of the global luxury goods market, which has driven spending on high-value jewelry and watches. This has been due to the expansion of the affluent and fashion-savvy middle class, which is bolstering consumption, has eased rivalry between players, and promoted the dominance of domestic brands.
Market distribution
Other Specialist Retail form the leading distribution channel in the Chinese jewelry & watches market.
Who are the leading players?
Chow Tai Fook Jewellery Group Ltd
Lao Feng Xiang
Shanghai Lao Miao
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