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Online Jewelry Market Set to Soar, Reaching $113 Billion by 2030 July 12, 2023 (0 comments)


New York, NY--The global online jewelry market is set for considerable growth, with a projected compound annual growth rate (CAGR) of 13.8% from 2023 to 2030. This surge is driven by broad product offerings that cater to various customer preferences and budgets.

[Image via Flickr Commons]

As per a report by Consegic Business Intelligence, online jewelry shopping has become increasingly popular due to its convenience and variety. Customers can browse through extensive product listings featuring detailed descriptions, high-resolution images, and videos, all from the comfort of their homes.

The report noted that the market covers various product types, including rings, necklaces, charms, brooches, earrings, bracelets, and more. Multiple design, metal, gemstone, and customization options allow shoppers to find items that reflect their style and preferences.

Fine jewelry accounted for the largest market share in 2022, largely driven by increasing incomes and improving economic conditions. The convenience of online retail and e-commerce has further bolstered this trend.

In terms of product type, earrings garnered the highest market share in 2022, propelled by the ease of online shopping and the vast selection of styles, designs, materials, and price ranges available.

The report noted that gold was the most popular material in 2022, particularly in emerging markets like India and China, where rising incomes, urbanization, and changing consumer preferences drive jewelry consumption.

The women segment contributed the largest market share in 2022, with convenience, broad selection, competitive pricing, and customization options attracting female shoppers.

As per the report, e-commerce websites led the distribution channels in 2022, with technological advances in online shopping and frequent discounts and promotions driving this growth.

Regionally, Asia Pacific claimed the largest market share in 2022, driven by increased disposable income in countries such as China, India, and Southeast Asian nations. Major gold-producing countries in this region present promising opportunities for key players in the online jewelry market.

The report stated that key global online jewelry market players include T&CO., Harry Winston, Inc., De Beers Forevermark, Pandora, CARTIER, Le Petit-fils de L.U. Chopard & Cie S.A., Swarovski, Pomellato S.p.A., HStern, GRAFF, and RENAISSANCE GLOBAL LIMITED.

Learn more in the Yahoo! News report.

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