Jewelry Market in Japan: Key Research Findings 2024 (Preliminary Report)

<Market Overview, Future Perspectives>
In 2023 the jewelry retail market in Japan reached 1,046,200 million yen, 102.3% of the size of the previous year. Continuously from the market in 2022 that exceeded 1 trillion yen for the first time in 14 years since 2008, the market expanded furthermore.

The market expansion was contributed by purchases of jewelry mainly by affluent customers encouraged by favorable economic sentiment from rising stock prices, etc., and COVID-19 having been downgraded to class 5 under the Infectious Disease Control Law which has increased the consumers’ outing opportunities and attracted them to visit department stores and commercial facilities.

As rising stock prices likely to continue in 2024, demand by the riches is expected continuously. The domestic jewelry retail market is projected to attain 1,095,300 million yen, 104.7% of the size of the previous year.

<Noteworthy Topic: Bridal Jewelry Shows a Sign of Recovery>
Silver lining has at last been observed for bridal jewelry in the latter half of 2023, as the product price has been raised due to soaring material prices. The rate of obtaining marriage rings among marrying couples is over 90% (estimation by Yano Research Institute). Therefore, the couples tend to buy the rings despite the raised prices. In addition, as COVID-19 pandemic having ended, increased outing opportunities have led to meeting someone, which seems to have affected favorably to the number of wedded couples.

On the other hand, however, young people have shown a change in their conscience about the necessity for getting married. As the pandemic triggered to review lifestyles, many couples seem to choose not to be restrained to the form of marriage. Therefore, the bridal jewelry industry may need to enhance the demand. 


Research Outline
1. Research period: January to December 2023
2. Research objects: Jewelry specialized chains, market players including department stores, luxury shops and Kimono shops that deal in luxury watches and jewelry, and imported jewelry brand companies
3. Research methodologies: Face-to-face or telephone interviews by specialized researchers, and mailed questionnaire

About Jewelry
Jewelry in this research refers to ornamental products mainly made of gold or platinum, some decorated with diamonds, gems, and pearls. Also included in here are luxury watches using jewels, and those jewelry products all or part of them made of silver or with semiprecious stones.