Jewelry is one of the most ancient and enduring forms of personal expression and ornamentation. Whether it’s a luxurious diamond necklace or a simple charm bracelet, somehow jewelry makes the wearer instantly feel more confident and put together.
Reports reveal that online jewelry businesses have continued to grow with the competition getting fiercer.
Due to the coronavirus pandemic, the lockdown in China has begun upsetting production and supply chains across automotive, travel & tourism, healthcare, high-tech manufacturing, and retail industries.
Overview of Jewelry Industry
Consumer appetite for jewelry, which was dampened by the global recession, now appears more voracious than ever. The global jewelry market size was valued at USD 278.5 billion in 2018 and is anticipated to witness significant growth over the forecast period.
In 2019, the global luxury jewelry market amounted to about 21 billion euros. The lion’s share of the jewelry and watch market revenue is attributed to China, followed by the United States, Japan, and India.
Impact of the COVID-19 on the Jewelry Industry
The coronavirus (COVID-19) was first identified in China, and reported by the World Health Organization on December 31. It has now spread to countries across the globe.
In order to stop the spread of the Covid-19 outbreak, many countries across the world have started implementing very tough measures. Countries and world capital have been put under strict lockdown, bringing a total halt to major industrial production chains.
In China, where the coronavirus first appeared, industrial production, sales, and investment all fell in the first two months of the year, compared with the same period in 2019. China makes up a third of manufacturing globally and is the world’s largest exporter of goods.
In mid-January, the jewelry industry was first directly impacted by the coronavirus labeled COVID-19 when quarantine measures were taken in China to control the viral outbreak, including the temporary closure of shopping centers.
An estimated 75% of jewelry stores in Mainland China, and the surrounding regions encompassing Greater China, were shut for an estimated 40-50 days through the first week of March.
Predict the Future of the Jewelry Industry
Consumers are increasingly comfortable shopping online for jewelry and are much more likely to make high-ticket purchases online than five years ago.
The value of the jewelry market is expected to increase from about 279 billion U.S. dollars in 2018 to about 480.5 billion dollars by 2025. Manufacturers are not only following the authenticity standards but also educating consumers via their advertising campaigns.
Moreover, the market is expected to witness significant growth via the online channel as major key players are focusing on using their websites to announce product launches, sales, and other relevant information.
However, when the hit of the corona virus ends and people are back to normal, everyone will want something new. Most fashionistas would want to know and wear the latest designs.
Ideally, this pandemic gives manufacturers and designers time to reinvent themselves and come up with new designs. The jewelry industry will adopt more of online marketing and selling.
Since many celebrities will be on the lookout for new red carpet designs, the jewelry sellers will so more online showcasing as compared to live shows.
Jewelry Designs that Will be Rampant after the COVID-19 Outbreak
The jewelry industry will change based on the preference of the people who need something to hold on during the tough times. Some people will also use the jewelry pieces to pray, while others will use them as a reminder of the lives that were lost during the pandemic.
With this, we would see some changes in the fashion jewelry industry. For jewelry manufacturers, suppliers, and drop shippers, they should be well prepared for these changes to keep up with the customer’s demand.
Mask Design Jewelry
Since the outbreak of Covid-19, it is advisable to wear a protective mask to prevent infection.
In respect to this, many designs will be made inspired by the wearing of a mask. Most of the designers will come up with designs that include mask pendant earrings and necklaces. This seems so cool!
With many countries going on lockdown, many people are left with nothing but staying in their houses. Many people want to live simple lives as there is no place to wear all big and expensive jewelry.
Staying in the house calls for minimal jewelry. This includes classic design rings, single chains, and minimal earrings. This is because these designs are more comfortable to wear and mainly. After all, most people are working on a budget as they are not going to work.
Many people would want to be on a budget and save up for emergencies. They have to look good on the other hand. Therefore minimal and simple jewelry is the way to go.
How is Nihaojewelry Coping with the Impact of COVID-19?
Nihaojewelry has taken appropriate measures to curb the effects of the virus. That includes proper communication with all the clients and adopting new health and safety procedures. Since we do online business, we have maximized our innovation practices.
Our business has mainly adopted the following procedures:
- Communicating regularly with our employees and customers
- We have stabilized our supply chains
- Made online purchasing easy
- Optimizing email marketing and email automation flows
- Keeping her customers updated with shipping times
If you have any problems when shopping on Nihaojewelry, we will try our best to help you solve problems. And everythings goes normal here during COVID-19 outbreak. We do believe that we can go over this difficulty.
The Covid-19 that has affected more than 550,000 people has had an impact on most businesses, especially the jewelry industry, with the most business closing down.
In the jewelry industry, the consumer market has shifted to consumers only focusing on buying jewelry online. Parts of the jewelry industry are changing. That means some jewelry companies will close their doors.
Many have embraced change and are going strong. Even brick-and-mortar retailers need an online presence, and they have to use online tools and platforms both to sell and build relationships with regular customers.
A few doors are closing. Many online are opening. That’s a place where any business can establish a foothold. The jewelry industry isn’t dying. It’s just changing.