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 High end jewellery & the booming Chinese luxury market

High end jewellery & the booming Chinese luxury market

For the past decades, China has been at the epicentre of the luxury world, with the growing of wealthier middle to high classes and their easier access to the world. China has always been attracted to the western way of life and to the amazing luxury savoir-faire that is present in many countries of Europe.

The wealthy Chinese would travel to various capitals of Europe with the sole focus of buying luxury goods and experiencing the western life for a few days. Of course, the main reason being that luxury good products were more affordable in Europe due to taxes, but also more accessible since many brands were not available locally until the years 2000s or later.

  • Development of luxury brands in China
  • The specific role of jewellery in the luxury world

  • 1.25 carat solitaire diamond ring in platinum with side diamonds From USD 2.460
    (excl. VAT)
  • 1.50 carat solitaire diamond ring in platinum with six prongs From USD 1.530
    (excl. VAT)
  • 0.40 carat diamond design medallion in red gold From USD 4.590
    (excl. VAT)

Development of luxury brands in China

But this accessibility issue has changed these past years, through the booming of the Chinese luxury market and the increasing settlement of luxury brands in continental China directly. This meant that the population had direct access to European luxury brands and to the whole experience locally. For those who couldn’t actually afford to travel half the world or didn’t have time to, even considering the taxes, it was like a piece of heaven delivered at their doorstep.

In fact, in 2016, the whole luxury industry experienced a 4% growth, taking the retail sales value to an estimated 1.08€ trillions. The market for personal luxury goods, including jewellery, which is often considered the core of the core, hasn’t increased per se, but it has remained stable at 249 billion euros spending which just shows how steady a market it is.

The specific role of jewellery in the luxury world

Although a shift in spending from actual material goods to “experiences” has been noticed these past years; it is clear that the sale of jewellery will always remain a solid market due to the more sentimental value it pertains.

Jewellery is and will always remain the ultimate symbol of love, whether it is bought for one self, passed on from mother to daughter or used to propose to your beloved. Jewellery in all its forms will always know a steady market because of this intrinsic value. It does offer the experience and memories people are increasingly looking for and their durability helps with that. 

You can easily pass on pieces of jewellery through generations or even purchase jewellery that was designed and created decades ago and still wear it.

BAUNAT plays an important role in the online jewellery world by offering a complete catalogue of beautiful classical and designer collections for every taste. And should you prefer to live the experience in person, do not hesitate to book an appointment with our experienced team in one of BAUNAT’s showrooms

Author: Naomi Howard
Source: BAUNAT

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