According to the "Global Online Jewelry Market and Jewelry Industry Share Report 2020" released by Orbis Research, due to the continuous development of online marketing trends, the improvement of living standards, the development of fashion, and the growth of luxury lifestyles, the demand for the global online jewelry market is expected to increase. There will be huge growth in the next few years.
Online shopping is a highlight of the US retail industry this year, especially in this holiday season, consumers rely heavily on e-commerce channels to buy goods.
Online jewelry sales increased by 44.6%
Mastercard SpendingPulse data shows that compared with 2019, during this holiday period this year, although jewelry sales fell by 4.3% over the same period, e-commerce sales increased by 44.6%.
Millions of Americans avoid public places, including shops and shopping centers. Although home online shopping has been in a growth mode in 2019, the epidemic has accelerated its development. Online sales accounted for 19.7% of total retail sales in 2020, up from 13.4% in 2019.
This year, physical store traffic has decreased, but many large retailers, independent jewelers, and digital local companies have spent a lot of time refining and improving their online shopping experience, with the goal of providing consumers who can better shop online better service.
Grant Mobley, a diamond expert and spokesperson for the Natural Diamond Association, said: "A few years ago, I never recommended buying diamond jewelry online, because every diamond is a huge investment, but the impact of the epidemic this year has promoted online retail. Development has made it more feasible to buy diamond rings online."
The US online platform 1stDibs, which specializes in providing high-end furniture, art and jewelry, has seen a year-on-year increase of 30% in the value of its merchandise in the past six months. David Rosenblatt, chief government officer of 1stDibs, said that especially during the two months of the holiday, we have seen accelerated growth in product sales.
Rosenblatt said that at 1stDibs, the total merchandise value of merchandise with a total sales of more than $100,000 has increased by 60% in 12 months, and the demand for all the products we sell is increasing.
By 2027, the global online jewelry market will reach $58.9 billion
ResearchAndMarkets "Online Jewelry-Global Market Trajectory and Analysis" report pointed out that in the new crown epidemic crisis, the global market for online jewelry is estimated at 21.5 billion U.S. dollars in 2020, of which the online jewelry market in the United States in 2020 is estimated to be 6.3 billion U.S. dollars.
It is estimated that by 2027, the global market for online jewelry will reach 58.9 billion U.S. dollars, with a compound annual growth rate of 15.5% during 2020-2027.
