Tourism Strengthening Swiss Luxury Jewellery Market: Ken Research
Posted on 29 June 2017 by KenResearch
If one talks about the pick accessories, the Swiss have been the world masters. In spite of the fraught political situation in Europe that lead to a downfall in the number of wealthy tourists to Switzerland in the previous year 2016, the country was able to register a large share of turnover through tourism. The effects of the strong Swiss franc along with lifting of the Euro exchange rate cap in January 2015 were also present in 2016.
The fickle political situation in Europe abridged the pour of wealthy tourists to Switzerland in 2016. In luxury jewellery a large share of turnover is generated through tourism in Switzerland, and sales are very much dependent on the tourist trade. In addition, the effects of the strong Swiss franc and the lifting of the euro exchange rate cap in January 2015 were felt also in 2016. Although the number of Chinese tourists remained stable, their per capita spending on luxury jewellery fell hence, the prevailing economic circumstances, per capita spending on luxury jewellery by the Chinese tourists declined, though the number of tourists remained unchanged. German and Russian tourists also rapidly reduced the maximum that even a rising number of Asian tourists could not compensate for the loss of these two groups with high purchasing power. No doubt, sales are and have been directly proportional to the tourist trade, yet the country has performed really well in terms of growth.
Combating the challenges faced, the country’s watchmakers have managed to work at meridian of their game whereby Swiss-made timepieces are sought after by high fliers around the globe and this has resulted in selective clients investing in the country’s most remarkable jewellery brands that are leading to creation of inventive, exceptional and unique pieces.
As per the report titled, "Luxury Jewellery in Switzerland", the major players discussed mainly include: Chopard which is a storied Swiss brand and its latest haute joaillerie collection, Precious Chopard, that has been aroused by the graceful moves of a ballerina performing a twirling jump and provides a ring, earrings, necklace and a watch.
Another significant player of Swiss superior jewellery is Bucherer, which is majorly known for the company’s art with diamonds, starting from the shining necklaces to the latest double rings with a snowflake-inspired design and its subtle yellow diamond earrings. In addition, another player named “de Grisogono” is a recent entrant to the scenario of fine jewellery market in the country.
In Switzerland, majorly jewellery brands are available in tourist cities like Zurich, Basel and Geneva. It mainly generates revenue from the reputation and goodwill of being a shopping heaven for rich people, although there was reduced number of tourists. The leading player of jewellery had prolonged to be Bucherer despite all the challenges and it continues to allure visitors from the Gulf States, Russia and China with high purchasing power.
Most of the sales of jewellery and watches have been recorded in big cities, and the important purchasers are the wealthy tourists, who like to enjoy a proper encounter in one of the outlets of the leading brands. Anyhow, it is not easy to foretell the evolution of tourist flows, but the trust and connected image of these brands are still observed to be strong enough for attracting a considerable number of buyers.
To know more about the research report: