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International players to invert share in Spain, setback for marginal sellers in Spanish Luxury Jewellery Market: Ken Research

Posted on 07 July 2017 by KenResearch Consumer Products and Retail,

There is a slight decline in the unemployment rate, just after the recovery of Spanish economy. There was encouragement for consumers to buy more luxury goods as there was increase in disposable income due to recovery of modest economy. Over the recovery period, there was change in attributes to spending that occurred and there was reticement about excessive expenditure by Spanish consumers on an average basis. Luxury jewellery has recorded current value growth of 2% in 2016. The evolution of the Spanish economy is crucial to explaining the performance of luxury jewellery in 2016. All of the major national and international organizations have pointed out that the Spanish economy has recorded a positive GDP growth rate of almost 3% in 2016, with growth somewhat limited by the world economy with shocks such as the Brexit and the slowdown in the Chinese economy.

Joyria Tous SA of luxury jewellery in Spain attains the leading position. Until 2015, the company was a family owned company but later the company was sold 25% of its capital to Partners Group. To continue to grow outside Spain as well, it was a strategic plan made by the company. Moreover, at the end of 2015, the Joyria Tous SA opened a new flagship store in Madrid.

According to the market research report "Luxury Jewellery in Spain", over the review period, the economic situation of Spain was damped by the demand for luxury jewellery by consumer was slowdown. However, the forecast period, signs of improvement and purchase are expected to increase. There is unfavorable situation for small domestic and unbranded players because the branded jewellery is set to gain grounds, as the international players are likely to invert their share in Spain. High-end appeal all leather goods brand like Louis Vuittol or Vulgari will be a strong competition for other brands because in future years they will introduce jewellery collection and expand their ranges.

The overall jewellery sector is growing on faster pace. And it have a glittering future as well. It is a fast growing and dynamic industry. Industry is managing to understand the consumer behavior and change in trends. Over the past 30 years, the industry has seen a good amount of growth as there was internationalization and consolidation. These factors has changed the present as well as the future of jewellery industry. Branded jewellery accounted to capture 20% of overall jewellery market worldwide in 2001 and now the share is more than double. Branded jewellery has captured almost the full market and will continue do it in future.

These small players will face a tight competition from the players who enjoys strong brand recognition and have developed strategies among the consumers of Spain and tourist as well.

Magerit, Vincente Gracia, Ramon, Bagues Masriera and Carrera Y Carrera are the top 5 jewellery brand among the people of Spain. If one wants a mini-sized art jewellery Magerit is a brand that have a strong identity for refined and wonderful details. It was founded in 1994, but its routes are far more back. The name of the brand defines embrace and Spanish culture. Vincente Gracia has its own style of designing its jewellery. It has a strong identity and amazing jewellery sense. Ramon does not have that animal figure or heroes tigers but it is classic. They have soft shiny shapes, which embraces beauty and serenity. Bagues Masriera was founded in 1839 it still employs empaneling techniques. Esmalt Varcelone is a technique, which was invented by the three generations of the company. It is the oldest brand in Spain. Carrera Y Carrera was founded in 1880 and has a long and impressive history. It is company, which is well known worldwide, and it is counted amongst 30 most important jewellery brands worldwide. It has its own remarkable old style. The jewellery has a strong and bold personality and it is not affordable by middle class people.

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Ankur Gupta, Head Marketing & Communications
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