Whether you are a buyer or a supplier, knowing the jewellery market outlook and how your peers think are of utmost importance in setting your yearly strategic plan. Seeing the success of the latest HKTDC Twin Jewellery Shows 2023, HKTDC asked a total of 732 buyers and exhibitors at the Hong Kong International Jewellery Show 2023 and the Hong Kong International Diamond, Gem and Pearl Show 2023, of their opinions towards the industry.
In these latest findings as revealed by the HKTDC Hong Kong International Jewellery Show Survey 2023, HKTDC observed a general optimism among the survey respondents. Many anticipated their companies’ growth could return to pre‑pandemic levels by 2024, along with increased sourcing activities.
Post-Pandemic Recovery On the Way
Perspective #1: Overall Jewellery Sales Will Further Pick Up in 2024
Two‑thirds of the traders surveyed said they expect overall sales to increase in 2023.This optimistic trend is projected to continue, with 78% of traders anticipating sales growth in 2024.
Perspective #2: Mainland China and Hong Kong Are the Most Promising in Market Growth
Jewellery industry’s views on the potential for growth in Mainland China and Hong Kong have improved since the re-opening post-COVID in early 2023. 78% of respondents in the survey said they see potential for growth in the Mainland China market in the next two years, while 71% believe there will be an uptick in the Hong Kong market in that period.
Perspective #3: Rising Purchasing Power and Customer Demands Drive Business
Despite economic challenges globally, the survey respondents expressed hope in jewellery business, with the recovery in customers’ purchasing power being the key driver for business growth this year, followed by rising demand from emerging markets and business opportunities from e‑tailing.
Perspective #4: Digital Channels for Jewellery Trade Become More Prominent
The surge in e‑commerce and accelerated digital transformation during the pandemic made industry players more aware of the importance of digitalisation, and around 62% of respondents said they were currently engaged in online trading businesses, and that would likely remain as their core business strategies.
Gemstones in Focus
Perspective #5: Fashion Jewellery Has Greatest Potential for Growth
When asked about the product types with the biggest potential for growth, 66% of industry players picked out trendy fashion jewellery. The next most popular choices were precious jewellery (selected by 44%) and designer jewellery (35%). Growing numbers of consumers are looking for affordable and versatile jewellery pieces to go with their daily outfits, and this explains why jewellery traders target the same.
With over 60% of surveyed jewellery traders showing confidence in online trading, it is a good idea to start sourcing jewellery and other quality products via our e-Marketplace:
If you would like to further expand your online business, reach out to us for a promotional package too:
