What is jewellery in fashion?
Fashion jewellery, as opposed to traditional fine jewellery, refers to items with plated metals and imitation stones (such as synthetic stones or cubic zirconia), yet semiprecious stone items are still included in this category (i.e. aquamarines or opals). Fashion jewellery made of such materials is less resistant to tarnishing and cracking, which accounts for their cheaper cost and simplicity of replacement.
Why the sudden fascination?
Another 2019 HKTDC study revealed that respondents thought the rise in young consumers was responsible for the popularity of fashion-oriented jewellery. Many of these consumers, who are both fashion-conscious and inspired by contemporary culture, choose accessories to go with their clothes and reflect their sense of style. In Asia, the expanding number of women joining the workforce makes up a large portion of the market for jewellery.
Read also: Recognizing Opportunities in the Watch Sector
What are the hotspots like?
There is a sizable population of increasing spenders in the Greater Bay Area. According to HKTDC surveys conducted in Shenzhen and Dongguan, respectively, 70% and 67% of respondents prefer to purchase jewellery and watches from high-end and low-end luxury brands. One respondent stated, “I notice that when I wear affordable luxury brand clothing [and accessories] while socialising with others, more people accept my viewpoints.” “This gives me more self-assurance and appreciation… I believe that in order to equal the status and reputation of wearing reasonably priced luxury labels, I must keep working to advance.
A promising lead outside of China is the ASEAN region. With an expanding middle class and more than 40% of the population under 25, many consumers in the area are becoming more technologically advanced. According to a McKinsey & Company report on the 2020 fashion industry, the region’s US$50 billion apparel market is the result of the boom in e-commerce and foreign fast fashion options, which is probably attributable to intra-regional free trade agreements and the ease of market entry compared to stricter countries (like China). We can assume that customers are spending more on these accessories in addition to clothing and apparel as many quick fashion stores and major regional ecommerce operators (such as Lazada and Shopee) also provide affordable fashion jewellery options.
Taking the initiative
Brands must make sure that, in the event of supply chain disruptions, they always have access to reliable suppliers and stock alternatives. With HKTDC’s new, customers may find hot products and make new contacts.
