According to one market research, the global jewelry market in 2020 was valued at around $237.65 billion with a growth of 7.7% CAGR. Similarly, the forecast mentions that by 2030 the revenue could be around $459.93 billion, which is exceptional growth. There is a major switch jewelry manufacturing industry wherein modern consumers look for customized items designed to meet their upgraded lifestyles and desires. Customized jewelry manufacturing is created using gems and metals. So, manufacturers can prepare different sizes, shapes, and ornaments produced by the manufacturer. This allows a huge flexibility for modern consumers in buying personalized jewelry products.
The Increasing Demand for Customized Jewelry
As mentioned above, there is a solid demand for customized jewelry in global market, including China which fulfills desires of customers. It allows the consumer to wear as per the event. This benefit has created a huge market opportunity for every customized jewelry manufacturing company, especially in China. If we concentrate on China’s jewelry manufacturing market, young modern consumers are the key drivers of customized jewelry.
The local jewelry sector is transformed by Millennials, who strongly prefer gold jewelry compared to conventional silver and diamond options. Established jewelry brands have been forced by this change in customer behavior to update their product lines and marketing plans to meet the changing tastes of the new generation.
Why Personalization in Jewelry Matters?
What do couples need at their weddings need? The major requirement is to wear personalized and meaningful jewelry items that can last long. Money doesn’t always matter; what matters is how personalized items like jewelry upgrade your look on this important day. When it comes to communicating with their customers, both brick-and-mortar and online retail firms are embracing customization. The advertisements that once cast a wide net are no longer directed to specific people but to modern consumers. Today, each customer receives a catered experience thanks to deep personalization. Luxury brands that cater to this type of clientele have seen retention rates climb by 200% and average order values (AOV) rise.
Personalized Jewelry- A Fashion that is Sustainable
Personalized and customized jewelry manufacturing is high in demand due to the influence of sustainable items among modern consumers. Modern consumers look for environmentally friendly products that bring social responsibility and fulfill their needs. Many of the top jewelry brands working with jewelry manufacturing companies demand to create pieces that would cater to the whole new set of modern consumers, irrespective of their ability. Moreover, the materials used are of top class and can be sustained for a long time.
Quality Materials for Handcrafted Jewelry Items
Jewelry manufacturing companies invest in precious metals, including gold and silver, having the ability to sustain for generation and keep shining without any damage. However, material choice completely depends on the appearance, budget, and event for the use of the product.
Conclusion
The younger generation looks for customized jewelry products that create emotional bonding and sustain for generations. Moreover, customization represents the craftsmanship of the artist.