China Dominated The Asian Online Jewellery Market In 2014 By Generating Revenue Over USD 4,000 Million - Ken Research

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China Dominated The Asian Online Jewellery Market In 2014 By Generating Revenue Over USD 4,000 Million

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China has accounted its first position in terms of online jewellery sales in Asia during 2014. The Chinese market has grown at a brisk pace primarily due to rapid economic expansion in Tier 2 and Tier 3 cities. Additionally, the relatively lower number of traditional retail stores in these cities has given rise to online jewellery sales. The Chinese online Jewellery market has been segmented on the basis of types of metals being purchases online which incorporate gold, diamond, platinum, colored gemstone and silver. The Chinese online jewellery market was dominated by sales of Gold jewellery in terms of number of items sold.

Jewellery Market AsiaJapan held the third position in terms of revenue generated from online jewellery sales. Despite having a mature e-commerce market, the Japanese online jewellery market has displayed slow growth. The small size of the Japanese online jewellery market can be attributed to slow economic growth coupled with few online jewellery retailers in the country.

In India, the market was incepted in the year 2011 due to slow internet penetration. Singapore and Indonesia have accounted for a minute proportion of overall revenue generated from online jewellery sales in Asia during 2011.

India Online Jewellery market has been segmented on the basis of types of metals which generally remain in demand namely Gold, Silver, Diamond, Platinum and others. The Indian online jewellery market is dominated by Diamond and Gemstone solitaires in terms of revenue. This is primarily due to the fact that prices of rough solitaires fell by 6-7% in 2014.

The Asian Online jewellery market has been steadily grown since its inception. Online jewellery sales in Asia were amounted to USD 1,117.0 million in 2011. Over the years, China has been regarded as the highest contributor to revenue from online jewellery sales in Asia. China’s contribution to jewellery sales revenue was significantly higher relative to all other Asian countries. It was followed by Japan, which has a well established e-commerce market.

Asia online jewellery market is poised to grow at a noteworthy growth rate in the outlook period 2015-2019. The consumer demand for jewellery which was dampened in the past due to global recession has revived to grow at a substantial growth rate. However, the online jewellery industry is highly dynamic due to constant changes which took place in the e-commerce market. Thus, online retailers have to be conscious towards latest trends and developments which have taken place in the industry. The Asian market is dominated by unbranded jewellery.

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Source: https://www.kenresearch.com/consumer-products-and-retail/global-luxury-goods-market/asia-online-jewellery-market-research-report/634-95.html

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