As much as we love it, it’s now undeniable that the jewellery industry has taken a plunge. But why is this the case? We still have Valentine’s Day, Birthdays, Anniversaries, Christmas, and many other celebrations where jewellery has been a stock-standard gift, so what has caused this decline?
The most pressing issue for the jewellery industry is the decline in individual discretionary spending. With higher living prices, such as increases in house prices, rent, groceries and fuel, jewellery does not make the top of our priorities list. While a beautiful piece of jewellery can brighten our day, it’s certainly not a necessity, so purchasing jewellery has unfortunately taken the back burner. But the increase in living expenses isn’t the only thing that has affected the dip in jewellery sales these last few years.
COVID-19 not only made us more introverted, but it also changed our tastes and our shopping habits. Seeing that we were all stuck at home, comfort overtook fashion. Even though we’re all out and about now, with COVID as a distant memory, these new tastes have stuck around. A rise in lounge wear, active wear and comfort fashion has invaded our fashion industry. While we’re happy to be able to wear sweatshirts and sneakers to grocery shop (and be able to call it fashion), comfortable fashion requires little to no jewellery to put the look together. This decrease in jewellery ‘necessity’ has meant that people have shut their jewellery boxes and kept them shut!
Another factor that has affected the jewellery industry is Gen Z. This generation has strived to break that status quo in many ways, with style being one. While they aim to bring a pop of colour and individuality into their looks, Gen Zs simply don’t create demand for timeless jewellery pieces. With their trends changing with every TikTok they see, this generation has fuelled the fast fashion industry instead. While cheap jewellery pieces mean that they can switch up their looks quickly, it also means that they don’t last as long as pieces made from quality materials, which just increases the amount of fast fashion that ends up in landfill. Unfortunately for the jewellery industry, making jewellery to constantly keep up with the latest trend is not only costly, but also almost impossible, as by the time some pieces are complete, the trend has already moved on! The younger generation has also effected the engagement ring industry. A significant decrease in marriages means that there is also a significant decrease in engagement rings being purchased! This decrease has been almost devastating to jewellers, as engagement rings are the bread and butter of a jewellery store. However, a resurgence of promise jewellery might help fill the hole that engagement rings left behind.
While the decrease of jewellery purchases has been devastating for the industry, unfortunately for jewellers, a lot of the factors that has influenced this decline is out of our control! While there may not be much that can be done, the best thing that we can do is to hold out hope!
