Over the forecast period, jewellery is projected to continue growing in both retail volume and current value terms, despite the expected economic slowdown due to various macroeconomic factors. As the timing of engagements and weddings is closely tied to the collection of public housing and apartment keys, the completion of HDB and new condominium projects is expected to contribute to the continued growth of fine jewellery.
By 2030, the majority of consumers will fall into Gen Z and Gen Alpha, so it will be crucial for brands – especially local brands – to innovate to cater to the needs of these modern young consumers. The increasing sophistication of customer preference, especially amongst the young engaged population, means a greater emphasis on designs rather than actual value.
While the current average unit price of costume jewellery is around the affordable price of SGD50, the fast-growing range of local costume jewellery brands is set to increase the average unit price, as these provide mid-range hand-made and bespoke costume jewellery, ranging from SGD50 to SGD150. Singaporeans are willing to spend more on these pieces than on low-budget alternatives, because of their higher quality and the consumer desire for longer-lasting pieces.
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Understand the latest market trends and future growth opportunities for the Jewellery industry in Singapore with research from Euromonitor International's team of in-country analysts – experts by industry and geographic specialisation.
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Jewellery
Jewellery is a kind of personal adornment usually made with various precious and semi-precious materials such as gemstones, precious metals, beads, glass, and shells. Jewellery is segmented as either real or costume jewellery. Hair Accessories are not included as part of Real or Costume jewellery.
See All of Our DefinitionsThis report originates from Passport, our Jewellery research and analysis database.
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