Luxury Jewellery: 4 Ways the Industry is Evolving in 2022
Curious about the future of luxury jewellery? In this article, Tony Gallacher from the jewellery experts Ramsdens Jewellery shares his insights into the way the industry will evolve in 2022.
The vast majority of businesses and industries have found the past two years challenging to say the least. But the good news is that the future is looking a lot brighter. In fact, spending grew by 14.2% in October alone (Barclaycard). And 2022 is set to be a strong period too, especially for the luxury market which is predicted to speedily recover from the damage caused by the pandemic by the end of next year (Jewellery Net).
But what exactly does the upcoming year have in store for the luxury jewellery market, and which trends are predicted to dominate 2022?
Sustainability will be a priority
The environment is at the top of many people’s minds this year, especially after the COP26 climate change conference. It’s affecting both the big and small decisions we make in our everyday life, including how we eat, how we travel, and of course, what we buy. Many consumers have changed their habits over the past year. In fact, one study has found that 61% of consumers have limited their use of single-use plastic, while 39% have bought more locally produced goods (Deloitte).
And sustainability is important for luxury jewellery buyers too. A Mintly report found that sustainability and ethics are top priorities for 55% of UK jewellery buyers, so luxury jewellery businesses will no doubt be taking this in mind going forward (Mintly).
The industry will become more sustainable in a number of ways, including by using recycled materials and prioritising high-quality, durable pieces that are made to last over trend-led, cheap products.
Consumers will opt for pre-owned over brand new
While new jewellery will still be in demand in 2022, pre-owned jewellery is likely to soar in popularity next year. In fact, the pre-owned luxury items industry is already doing incredibly well, growing by around 8% each year globally (BCG).
This is partly because pre-owned jewellery is often a more sustainable choice. Not only is it second hand, but it is also likely to be made of high-quality material if it is able to be sold again too. Plus, pre-owned pieces can come in a range of beautiful and timeless vintage designs and are well worthy of an investment. Keep an eye out on pre-owned jewellery from the ’70s in particular, as this is expected to do well in 2022, in the form of vintage charms (Who What Wear).
Men’s and unisex jewellery will be all the rage
2021 has been a year for breaking the boundaries in terms of fashion, and this is particularly the case for jewellery. There has been a significant increase in men wearing jewellery over the past two years, with reports of men’s jewellery sales booming over lockdown (GQ). We’re also seeing an increase of male celebrities leading by example and showing off their favourite pieces of jewellery, including Timotheé Chalamet and Harry Styles (Refinery29).
And as demand for luxury men’s and unisex jewellery continues to grow, so will the market for it, so expect a boom in this area in 2022. Popular trends predicted for men’s jewellery in 2022 are brooches, mismatched rings, and pearl necklaces (Katerina Perez).
Maximalism will influence jewellery trends
After a long period of dressing down in our favourite loungewear and dressing gowns, many of us have been taking the opportunity of restrictions lifting by going all out in terms of fashion. And this will no doubt continue into 2022, as we all work to make up for the lost time. Maximalism is predicted to be big in 2022 in terms of both fashion and interior design.
Maximalism is essentially the opposite of minimalism. Rather than subtle colours and simple styles, we’re likely to see lots of clashing saturated shades and loud designs be popular next year. In terms of jewellery, this will translate to bold statement rings with vibrantly coloured gemstones, extravagant necklaces, and large drop earrings. This trend also involves layering accessories, so consumers may be in the market for purchasing two or more pieces of luxury jewellery at a time.
After a difficult period for the industry, 2022 is expected to be a great comeback year. Consumers will be willing to spend more to invest in high quality and sustainable items, while the maximalism trend will see many go all out with their accessories. With these positive trends on the horizon, the future looks bright for the luxury jewellery industry.