Effects of COVID-19 in Jeweler Industry
Covid-19 global pandemic affected our lives in unimaginable ways has changed the way we glance at things and also impacted the habitat of individuals including what we wear, where we go, and the way we work and most importantly the way we shop. Most of global population switched online purchasing from personal apparels accessories, electronic based products to groceries. The demand for jewelry has always existed and also the artisans and jewelers have always pushed themselves harder to fulfill the demand.
Considering Gold a mere investment also holding dignity in owning precious jewels, our country has evolved to an extent. We've got witnessed different trends within the jewelry industry, only to desire for more.
For every special occasion like wedding and also auspicious festival despite of religion, dealing with accessories makes it an entire affair” and therefore the trend will continue for eternity.Like any other industry, business of the jewelry industry has also got tormented by the pandemic, but the industry insiders says that “This pandemic is short lived which will end soon”.
The interesting factor that has made jewelry designers are optimistic in the undeniable fact that the marriage is seeing a shift in trends, smaller weddings but more memorable ones. “As of today, buying has become need based instead of indulgence based”. Women of this era are not any longer obsessive about eye-catching jewelry, in terms of design, “Minimalistic Jewlery is the Trend”. Individuals tend to choose smart jewelry and more minimalistic pieces which can be worn every day. Smart and classy wearable gadgets became more fashionable than ever. While tech has transformed the globe of garments, now it is also claiming a spot in jewelry to satisfy the surge of non-public adornment.
Over the previous few years, the wearable market has ascended strongly. The information of International Data Corporation's, basic wearable tech dominated the market with a 96.2 % share, up 177% YoY in 2019, while smart wearables accounted for 3.8% of the shipments rising by 49.5%. Designers like Tory Burch and Michael Kors collaborated with Fitbit and transformed the popular fitness tracker into a classy piece of jewelry.