The English version of Luxe.CO “Luxury Jewelry & Watch Brands in China Power Ranking 2024 H1” is now available for FREE download.
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Johann Rupert, Chairman of the Richemont Board, once said, “If you create a universal demand, then the sales will move from geographical area.”
When discussing “universal demand,” one cannot overlook the category of “jewelry,” particularly fine jewelry. The desirability of fine jewelry – with its captivating gemstones, exquisite craftsmanship, and timeless designs – remains strong across different generations and countries. For high-net-worth individuals, fine jewelry is not only used to show taste and wealth but also an important part of family heritage that embodies both monetary and symbolic value.
In fact, amid the overall downturn in the luxury market, fine jewelry has shown generally better sales performance compared to other categories, and it has proven more resilient than “watches” within the “hard luxury” sector.
From Luxe.CO’s latest “Luxury Jewelry and Watch Brands in China Power Rankings” (2024 H1), we can see that the activities of luxury jewelry brands are more vibrant and creative than ever before.
In the face of an unstable economic environment and as consumers reassess the meaning of luxury shopping, luxury jewelry brands are engaging in more frequent VIP events and meticulously planned brand exhibitions. By showcasing the brand’s illustrious history, signature elements, and top products, these brands aim to communicate a key message to the market with greater visibility and precision:
Our brand is classic, exceptional, and timeless.
A global CEO of a luxury jewelry brand once told Luxe.CO: “Currently, high-net-worth individuals in China may spend anywhere in the world, so we often see them at events held overseas.”
Meanwhile, luxury watch brands are facing even more challenges.
After experiencing a rebound in emotional spending during the pandemic, which led to excellent sales performance in the Chinese market, some brand executives have questioned whether such growth was truly sustainable. As cross-border travel resumes, more Chinese consumers are flying overseas for luxury shopping, especially for high-ticket items with a wider price gap.
As China’s luxury market gradually becomes “normalized,” the job of winning new customers becomes even more challenging. Luxury watch brands must tell their stories more creatively and thoughtfully about not just the product but also the brand itself in order to truly differentiate themselves in the crowded and noisy market. Also, the brands that used to speak only in the language known as the “inner circle” should consider lowering the barrier not just for purchasing but also for understanding in order to embrace more unconventional customers.
Through the 130 updates of 34 luxury jewelry and watch brands listed in Luxe.CO’s “Luxury Jewelry and Watch Brands in China Power Rankings” (2024 H1), there are valuable clues and inspirations to be found.
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Comparing the first half of 2023 to the first half of 2024, the number of new stores opened by luxury jewelry & watch brands is less than half of the number from the same period in 2023.
From the perspective of new store openings by city in the first half of 2024, 76% of new stores have opened in China’s non-first-tier cities.
Through the expansion of their retail networks, brands can more directly reach a larger pool of potential customers. Additionally, brands are continually investing in upgrading existing stores to provide higher-quality services and store experiences for their most important existing customer base.
At the same time, we see that brands making more proactive and effective marketing investments are achieving better market performance. As emphasized by the CFO of LVMH Group in a recent financial report meeting:
“The only thing I want to say is that brands with lower marketing investments in China over the past few quarters have been penalized more than others. Customer response to marketing stimuli remains quite significant in China. That is why we continue to invest in this market; it is clearly very important to us.”
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About LuxeCO Intelligence
LuxeCO Intelligence is the research and consulting firm under LUXE.CO, covering luxury, fashion, sports & outdoors, beauty, and lifestyle sectors, whose strengths come from our China roots, global perspective, and data-driven research capabilities built over 10+ years.
Powered by our proprietary knowledge pool, extensive industry network, and unique data intelligence, we have produced 80+ exclusive reports studying brand, consumer, category, and market, and have organized numerous online/offline forums, providing first-hand insights and comprehensive best-practice references for the key players in the greater fashion ecosystem, helping the decision makers to gain broader, in-depth and forwarding-looking view of China market and the industry in the global context.
LuxeCO Intelligence has been engaged by a number of leading fashion, commercial real estate, and internet companies to provide customized research and long-term strategic advisory services in corporate communication, brand development, and strategic planning.
For further inquiries, please write to lci@luxe.co.
