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© Euromonitor International
1
LUXURY JEWELLERY GLOBAL OVERVIEW OF INDUSTRY AND CONSUMER TRENDS
INTERNATIONAL JEWELLERY LONDON 2013
SEPTEMBER 4TH
FFLUR ROBERTS
THE STATE OF THE LUXURY MARKET
THE GLOBAL JEWELLERY MARKET
FOCUS ON LUXURY JEWELLERY
TRENDS IN THE UK
FUTURE PROSPECTS
THE STATE OF THE LUXURY MARKET
THE GLOBAL JEWELLERY MARKET
FOCUS ON LUXURY JEWELLERY
TRENDS IN THE UK
FUTURE PROSPECTS
© Euromonitor International
4
-8
-6
-4
-2
0
2
4
6
8
10
12
14
0
50
100
150
200
250
300
350
400
2007 8 9 10 11 12 13 14 15 16 17
%v
alu
e g
ro
wth
US
$ b
illi
on
Global Luxury Sales and Growth 2007/17 US$ Billion
US$ billion Year-on-Year % Growth
Where is the luxury goods market heading?
THE STATE OF THE LUXURY MARKET
Global Financial
Crisis
Eurozone Sovereign
Debt Crisis
4% global growth since
2011
22% global growth since
2007
25% global growth by
2017
© Euromonitor International
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0%
10%
20%
30%
40%
50%
60%
70%
80%
90%
100%
% v
alu
e s
ha
re
20
07
/20
17
Luxury Sales Developed vs. Emerging Markets % Split
Developed Emerging
Emerging markets are driving growth
THE STATE OF THE LUXURY MARKET
-10
-5
0
5
10
15
20
25
30
35
% v
alu
e g
ro
wth
20
07
-20
17
Luxury Growth Developed vs. Emerging Markets
Developed World Emerging
Forecast
© Euromonitor International
6
…But developed markets remain largest spenders
THE STATE OF THE LUXURY MARKET
USA Japan Italy France China ROW
Worlds Top 5 Luxury Markets Value Sales % share 2012
Ukraine +102% Hong Kong
+103% Argentina +131% China +172% India +495%
© Euromonitor International
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0
10
20
30
40
50
60
70
80
0
20
40
60
80
100
120
140
% v
alu
e g
ro
wth
20
07
-20
12
US
$ b
illi
on
20
12
Global Luxury Goods Sales and Growth by Product Category
The movers and shakers
THE STATE OF THE LUXURY MARKET
Louis Vuitton, Place Vendome Paris, 2012
Versace , fine jewellery collection, 2012
THE STATE OF THE LUXURY MARKET
THE GLOBAL JEWELLERY MARKET
FOCUS ON LUXURY JEWELLERY
TRENDS IN THE UK
FUTURE PROSPECTS
© Euromonitor International
9
-10
-5
-
5
10
15
20
-
50
100
150
200
250
300
350
400
450
2007 8 9 10 11 12 13 14 15 16 2017
% v
alu
e g
ro
wth
US
$ b
illi
on
Global Jewellery Sales and Growth 2007 - 2017 US$ Billion
Global jewellery sales returns to single digit growth
THE GLOBAL JEWELLERY MARKET
9% global growth since
2011
45% global growth since
2007
41% global growth by
2017
© Euromonitor International
10
Jewellery Sales Developed vs. Emerging Markets % Split
World Leading Jewellery Market Sales US$ Billion 2012
0%
10%
20%
30%
40%
50%
60%
70%
80%
90%
100%
% v
alu
e s
ha
re
Developed Markets Emerging Markets0
10
20
30
40
50
60
70
80
China USA India Japan Russia
US
$ b
illi
on
China, India, Russia: the powerhouses of jewellery
THE GLOBAL JEWELLERY MARKET
China India Russia 42%
© Euromonitor International
11
-20
0
20
40
60
80
100
120
% u
nit
pr
ice
gr
ow
th (
20
07
-12
)
Unit price rises propel jewellery growth
THE GLOBAL JEWELLERY MARKET
2007 2012
2007 2012
US$ 2,402 US$ 2,636
US$ 385 US$ 467
Luxury Jewellery
Total Jewellery : Average Unit Price Growth 2007-12
Non-Luxury Jewellery
© Euromonitor International
12
2007
Non-Luxury
Is luxury jewellery struggling in a “premium” led world
THE GLOBAL JEWELLERY MARKET
2012
Luxury
2017
Costume
Chow Tai Fook, China
Kay Jewelers,
USA
Tanishq,
India
THE STATE OF THE LUXURY MARKET
THE GLOBAL JEWELLERY MARKET
FOCUS ON LUXURY JEWELLERY
TRENDS IN THE UK
FUTURE PROSPECTS
© Euromonitor International
14
-10
-5
0
5
10
15
0
10
20
30
40
50
60
2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017
%v
alu
e g
ro
wth
US
$ b
illi
on
Global Luxury Jewellery Sales and Growth 2007 - 2017 US$ Billion
Luxury Jewellery Sales US$ bn Luxury Jewellery Growth %
Luxury jewellery reaches US$35 billion in 2012
FOCUS ON LUXURY JEWELLERY
© Euromonitor International
15
< US$ 0.5 Billion US$ 0.5-7 Billion
Western market domination unquestionable in luxury jewellery
FOCUS ON LUXURY JEWELLERY
> US$ 12 Billion US$ 7-12 Billion
+17%
+56%
+5%
+133%
+49%
+1%
-9%
© Euromonitor International
16
Top 10 Luxury Jewellery Markets 2012
Top 10 Future Luxury Jewellery Growth Markets 2012-17
USA
USA Italy France Canada
India Germany Japan China
Spain UK
Rank
1
2
3
4
5
6
7
8
9
10
Country
India
Malaysia
China
UAE
Indonesia
Singapore
Poland
South Korea
Australia
Thailand
% Growth
191
99
92
66
61
56
47
47
39
37
Second and third tier emerging markets hold positive revenue potential
FOCUS ON LUXURY JEWELLERY
© Euromonitor International
17
-50
0
50
100
150
200
250
Asia Pacific LatinAmerica
Middle Eastand Africa
NorthAmerica
WesternEurope
% v
alu
e g
ro
wth
Luxury Jewellery Growth Sales Men’s vs. Women’s 2007-12
Men's Luxury Jewellery Women's Luxury Jewellery
Shift towards discretionary and aspirational male spending
FOCUS ON LUXURY JEWELLERY
2,310% India’s growth in men’s luxury
jewellery since 2007
32% global growth in
men’s luxury jewellery since 2007
10% global growth in women’s luxury
jewellery since 2007
THE STATE OF THE LUXURY MARKET
TRENDS IN THE GLOBAL JEWELLERY MARKET
FOCUS ON THE LUXURY JEWELLERY MARKET
FOCUS ON THE UK
FUTURE PROSPECTS
© Euromonitor International
19
-4
-2
0
2
4
6
8
0
100
200
300
400
500
600
700
800
2007 2008 2009 2010 2011 2012
% v
alu
e g
ro
wth
£ m
illi
on
UK: Luxury Jewellery Sales and Value Growth £ mn 2007-12
Men's Luxury Jewellery Women's Luxury Jewellery
Men's % Value Growth Women's % Value Growth
Non-Luxury Jewellery % Value Growth
The UK luxury jewellery market
FOCUS ON THE UK
-3% UK decline in non-
luxury jewellery sales since 2011
+5% UK growth in
luxury jewellery since 2011
© Euromonitor International
20
BRIC’s Top 5 European Destinations by Expenditure 2012
BRIC’s Tourism Expenditure in the UK £ mn 2007/2012/2017
• France • Spain • Italy • Portugal • UK
Brazil
• Turkey • Finland • Spain • Italy • Greece
Russia
• UK • France • Germany • Switzerland • Netherlands
India
• France • Switzerland • Germany • Spain • UK
China 0
100
200
300
400
500
600
700
800
900
Brazil Russia India China
£ m
illi
on
2007 2012 2017
The UK as the wealthy tourists luxury shopping destination
FOCUS ON THE UK
© Euromonitor International
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Luxury jewellery growth constrained by visa restrictions
FOCUS ON THE UK
0
200
400
600
800
1,000
1,200
1,400
France Italy UK
nu
mb
er
of
ar
riv
als
(0
00
)
Arrivals From China Arrivals fron Brazil
Arrivals from Russia Arrival From India
Harrods installed 75 China Union Pay terminals in 2011
The Ritz Hotel introduced Mandarin
menus in 2010
THE STATE OF THE LUXURY MARKET
TRENDS IN THE GLOBAL JEWELLERY MARKET
FOCUS ON THE LUXURY JEWELLERY MARKET
FOCUS ON THE UK
FUTURE PROSPECTS
© Euromonitor International
23 FUTURE PROSPECTS
US$3,000 million +
US$1,000-2,999 million
US$300-999 million
US$100-299 million
US$0-99 million
191%
7%
29%
8%
29%
6% 10% 92%
99%
61%
India and US: The Powerhouses of luxury jewellery in the future
© Euromonitor International
24
-10 -5 0 5 10
Basic Priced
Mid Priced
High Priced
% value growth
UK: Watch Sales Growth by Price Band 2008-13/2013-18
2013-18 % Growth
2008-13 % Growth
Portfolio diversification is the future
FUTURE PROSPECTS
88 Rue du Rhone, £275 - £2,500
Raymond Weil,
£600- £3,500
© Euromonitor International
25
The Internet Generation Going Mobile
Social Media Digital vs. Bricks-& -Mortar
The digital revolution will further inspire innovation in luxury branding
FUTURE PROSPECTS
© Euromonitor International
26
THANK YOU FOR LISTENING
Fflur Roberts - Head of Luxury Research