Multinational players lead the Italy luxury jewellery market. Most are European and have a long heritage of quality. Bulgari, a domestic key player, and Cartier, a French company, dominated the competitive landscape within luxury jewellery. Even though most key players remained European, Tiffany, an American company, continued to perform well in 2012 thanks to brand recognition.
Men's luxury jewellery registered the one of highest positive growth rates in value terms in 2012. This was chiefly explained by lower consumer demand. Over the review period sales of men's luxury jewellery depended on occasional purchases such as gifts. Such products are also often a financial investment, and thus consumers tended to purchase less frequently. Additionally, men's luxury jewellery suffered from a lack of advertising support, as brand owners preferred to reduce such expenditure due to rising production costs.
The overall sales value of luxury jewellery and timepieces should see a CAGR of 2% in Italy over the forecast period. This performance should be driven by price increases due to the expected price volatility of raw materials such as gold and other precious metals. Conversely, volume growth is predicted to decline due to lower consumer demand. Consumers are expected to remain cautious in terms of spending due to the fragile economic climate.
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