This #BoFLIVE event was based on Business of Fashion and McKinsey & Companys State of Fashion: Watch and Jewelry Report article. Click here to read our full review.
The watch and jewelry sectors, which rely heavily on physical retailing, have suffered substantial losses due to the pandemic-induced cuts in consumer spending, travel restrictions and gradual lockdowns. The watch industry, valued at $ 49 billion in 2019, fell to $ 36 billion in 2020, while the fine jewelry industry grew from a valuation of $ 280 billion in 2019 to $ 246 billion. in 2020. But by 2025, both are poised for strong growth across various categories, geographies and channels, according to the BoF and McKinseys Watches and Jewelery special edition of The State of Fashion.
The report really highlighted some key points regarding the consumer: seeking value, seeking sustainability, seeking service, seeking trust, and finding any product anywhere, said Zahra Kassim-Lakha, Director. business development and integration at Watchfinder.
In this edition of BoF Live, the authors of the report, including BoF Imran Amed; writer and consultant Robin Swithinbank; and McKinseys Achim Berg and Tyler Harris, respectively the world’s leading apparel, fashion and luxury goods group and associate partner, are joined by industry experts to analyze the changes occurring in the sectors of the watches and jewelry, and what they will look like in the next few years, including how the growing interest in sustainability considerations, online changes and advancement in second-hand markets will affect brands by thinking about where and how they do business.
If you don’t already sell jewelry in China, now is the time to
What really drives success in the fine jewelry market?
The State of Fashion 2021 report: finding promise in perilous times
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