Resilience key to growth in China’s jewellery sector
Continued innovation and the ability to adapt to market changes are instrumental in achieving sustainable growth and overcoming challenges in China’s jewellery industry, according to Platinum Guild International (PGI).
Speaking at the 2nd Shanghai Platinum Week in November on the future of China’s jewellery market, PGI China Managing Director Pui P. Poon said weak consumer confidence coupled with macroeconomic, geopolitical and pandemic-related uncertainties continue to weigh heavily on jewellery businesses.
Innovation however is key to tapping opportunities in three major areas of growth for jewellery: Young consumers, branded collections and omni-channels.
According to Poon, branding innovation is essential to creating perceived value while improved marketing and promotion could help make jewellery purchases relevant all year round. Also critical to growth is innovating channels to give consumers freedom in choosing from which platform to shop.
Branded collections also fulfil consumers’ demand for emotional relevance when purchasing jewellery. Jewellers should also strive to younger buyers, specifically in China where millennials and Gen Z’s are expected to become main drivers of the local consumer market, explained PGI.