Summary of Research Findings

The domestic jewelry retail market in 2022 was projected to have generated 1,001,400 million yen, 104.1% of the size of the previous year. Although the seventh wave of the COVID-19 pandemic was reported in August 2022, everyday lives were almost back to normal without any event cancellations or curfews requested. Due to the inflation caused partly by Russian invasions to Ukraine, each luxury jewelry brand determined to raise product prices, which was the main factor of the increase in the sales from previous year.

Further market expansion from 2022 was expected in 2023 to 1,054,500 million yen, 105.3% on YoY.

Noteworthy Topics

No Recovery Observed for Bridal Jewelry

The market of bridal jewelry, the mainstay products in the jewelry industry, went through predicament in 2021 continuing from 2020. Because many marriage cases had been postponed in 2020 due to the corona crisis, more couples were thought to get wedded the next year, but the number of marriages declined further in 2021 in which the situation was still amid the corona crisis with the future still vague, shrinking the bridal jewelry market (source: Vital Statistics by MHLW).

Still, the unit prices of bridal rings (wedding rings & engagement rings) were on the rise. This was because the expenses secured for the ceremonies were actually spent on the rings, which led to larger sizes of diamonds selected for some of engagement rings. On the other hand, because prices of both the ring metals and diamonds for engagement rings soared, some engagement ring used smaller diamonds. Therefore, there was a tendency of polarization. Meanwhile, some couples found the bond with the partner more important amid the corona crisis, which increased the demand for marriages to secure the bond, raising the rate of acquiring engagement rings, despite the tendency of not holding ceremonies or taking honeymoon trips.

Research Outline