Market size of the jewelry market Australia 2010-2020
Online shopping a growth driver
One of the main drivers of this industry can be linked to online shopping behavior. The e-commerce fashion industry, particularly the women’s fashion segment, has continued to experience growth across Australia. More and more Australians are joining the vast numbers of internet shoppers already in the country, opening up new channels for jewelry retailers.
Fashion vs luxury jewelry
The fashion jewelry retail market incorporates items made from inexpensive materials, non-precious metals, and stones. The demand for this type of jewelry is influenced by current consumer and seasonal trends. Lovisa Holdings Limited is one of the largest players in this industry in Australia and has seen a substantial growth in revenue over the past five years.
The luxury jewelry market is quite mature, with participation from many Australian brands. Over half of Australian respondents in a recent survey stated they bought luxury goods as they were perceived as better quality. Major companies in this segment include Tiffany & Co, Cartier and Pandora.