Dublin, Oct. 17, 2024 (GLOBE NEWSWIRE) -- The "South East Asia Jewellery Market (2024-2030): Forecast, Analysis, Trends, Companies, Size, Value, Share, Revenue, Growth & Industry: Market Forecast By Product, By Material,By Countries" report has been added to ResearchAndMarkets.com's offering.
South East Asia Jewellery Market size is projected to grow at a CAGR of 5.2% during 2024-2030F
Tourism plays a crucial role in boosting jewellery sales across the South East Asia region. Key targets include Cambodia, which is projected to attract nearly 7 million foreign tourists by 2025, and Vietnam, expecting to draw 17-18 million international visitors and accommodate 110 million domestic tourists in 2024.
The South East Asia jewellery market experienced significant growth between 2020 and 2023, driven by robust economic development, rising disposable incomes, and a boom in tourism. This economic growth has increased the number of upper-middle-class and wealthy individuals, with Malaysia alone expected to see an addition of approximately 320 ultra-wealthy individuals between 2022 and 2027. This expanding affluent population is driving demand for luxury items like jewellery.
To meet this rising demand, several new luxury retail stores have been established, such as Franck Muller's first boutique in Ho Chi Minh City, Vietnam, in 2023, Tanishq in Singapore in 2023, and Thangals, set to open in Malaysia in 2024. The increasing wealth in the region creates a fertile market for high-end jewellery, attracting both local and international brands to open new stores and expand their presence, furthermore stimulating the South East Asia jewellery market.
Singapore anticipates an increase in tourist arrivals to 10 million annually by 2026, while Thailand's implementation of visa-free entry for citizens from 93 countries would streamline regional travel. These factors are set to significantly boost the South East Asia jewellery industry as tourists are likely to purchase regional items, including jewellery.
Additionally, the rich gold reserves in the Philippines, Indonesia, and Thailand offer significant opportunities for mining, which is expected to further enhance the jewellery market in the region. Vietnam's rise as a manufacturing hub, highlighted by Pandora's planned jewellery crafting facility set to open by 2026, also contributes to a favourable market environment. These developments are attracting both local and international investments, further driving the growth of the South East Asia jewellery market.
Market Segmentation by Product
In 2023, rings acquired the highest revenue share in the South East Asia jewellery market owing to evolving consumer preferences towards versatile and customizable pieces, fashion statements, and cultural significance. Innovative designs, cultural significance, and the appeal of luxury contribute to their increased demand and market expansion.
Market Segmentation by Material
In 2023, gold showed the highest revenue share in the South East Asia jewellery market owing to its enduring value, perceived as a safe investment amid economic uncertainties. Additionally, cultural traditions and auspicious beliefs associated with gold jewellery, coupled with innovative designs and craftsmanship, continue to attract consumers seeking both luxury and financial security.
Market Segmentation by Countries
Indonesia leads the South East Asia jewellery market in revenue generation, largely due to its highest gold mining production in the region, totaling around 132.5 tonnes in 2023. This leadership is further supported by rising disposable incomes, evolving consumer preferences, and a strong cultural affinity for gold and gemstone jewellery. Additionally, increasing tourism is expected to further boost the demand for jewellery in Indonesia in the coming years.
Key Attractiveness of the Report
- 10 Years Market Numbers.
- Historical Data Starting from 2020 to 2023.
- Base Year: 2023
- Forecast Data until 2030.
- Key Performance Indicators Impacting the Market.
- Major Upcoming Developments and Projects.
Key Highlights of the Report
- Southeast Asia Jewellery Market Overview
- Southeast Asia Jewellery Market Outlook
- Southeast Asia Jewellery Market Forecast
- Historical Data of Southeast Asia Jewellery Market Revenues, for the Period 2020-2030.
- Market Size & Forecast of Southeast Asia Jewellery Market Revenues, until 2030.
- Historical Data of Southeast Asia Jewellery Market Revenues, by Product, for the Period 2020-2030.
- Historical Data of Southeast Asia Jewellery Market Revenues, by Material, for the Period 2020-2030.
- Historical Data of Southeast Asia Jewellery Market Revenues, by Countries, for the Period 2020-2030.
- Historical Data of Singapore Jewellery Market Revenues for the Period 2020-2030.
- Historical Data of Indonesia Jewellery Market Revenues for the Period 2020-2030.
- Historical Data of Thailand Jewellery Market Revenues for the Period 2020-2030.
- Historical Data of Malaysia Jewellery Market Revenues for the Period 2020-2030.
- Historical Data of Vietnam Jewellery Market Revenues for the Period 2020-2030.
- Historical Data of Philippines Jewellery Market Revenues for the Period 2020-2030.
- Historical Data of Cambodia Jewellery Market Revenues for the Period 2020-2030.
- Market Drivers and Restraints
- Southeast Asia Jewellery Market Price Trends
- Southeast Asia Jewellery Market Trends and Industry Life Cycle
- Porter's Five Force Analysis
- Market Opportunity Assessment
- Southeast Asia Jewellery Market Share, By Players
- Southeast Asia Jewellery Market Overview on Competitive Benchmarking
- Company Profiles
- Key Strategic Recommendations
South East Asia Jewellery Market - Competitive Landscape
- Jewellery Market Revenue Ranking, By Top 3 Companies (2023), By Countries
- South East Asia Jewellery Market Competitive Benchmarking - By Operating Parameters
South East Asia Jewellery Market - Company Profiles
- Titan Global Retail L.L.C
- Habib Jewels Sdn Bhd
- By Invite Only
- Pearly Lusture
- Malabar Gold & Diamonds
- Swarovski
- Variation
- Aspial-Lee Hwa Jewellery Pte Ltd
- Tiffany & Co.
- Pandora
Market Scope and Segmentation
By Product
- Necklace
- Ring
- Earrings
- Bracelet
- Others
By Material
- Gold
- Platinum
- Diamond
- Others
By Countries
- Singapore
- Thailand
- Philippines
- Indonesia
- Cambodia
- Vietnam
- Malaysia
For more information about this report visit https://www.researchandmarkets.com/r/jifc2w
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