Jewelry Market - Slow Growth Expected in the Coming Years
• After a slowdown from 2020 to 2022, the jewelry market has seen a modest recovery in 2023, following the macroeconomic rebound.• We project the jewelry market to grow at an annual rate of 2.4% from 2023 to 2030. Although Vietnamese disposable income is forecasted to rise rapidly at a rate of 7.7% per year, we believe the spending ratio on jewelry/disposable income will decrease from 1.4% in 2023 to 1.0% in 2030. This is due to continued government regulation of the jewelry market, competition from attractive investment channels (such as stocks and real estate), and an aging population prioritizing health and welfare over beauty and social status.
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