Online jewelry shopping has been gaining traction since the COVID-19 pandemic. Furthermore, the rising demand for precious metals amid surging market volatility and rising geopolitical tensions should keep jewelry prices high, benefiting jewelry stocks.
Total spending on jewelry in January 2022 was up 7% versus the same period the prior year. E-commerce sales grew 10% year-over-year, while in-store revenue grew 5% from the prior-year period. This growth in sales is driven by pent-up savings, wage growth, and the reopening of the economy. According to a report by Fortune Business Insights, the global jewelry market size is projected to reach $266.53 billion by 2027, with a 3.7% CAGR.
