2024-02-02 16:05:45
Consulting firm Euromonitor International estimates the value of the men’s jewelry market at US$6.5 billion, according to global data analysis held in 2021, the most recent on this market.
The report provided by the consultancy also indicates a 17% increase in market value compared to 2020. The segment’s annual growth rate between 2015 and 2020 was assessed at 3%.
In Brazil, men’s jewelry already accounts for 10% of the products offered by jewelry stores, according to information released by the Brazilian Institute of Precious Metal Gems (IBGM).
For Franco Carvalho, head of marketing at the jewelry brand Warrior, the growth of the men’s jewelry market is a trend that follows a more liberal male view of fashion. “The segment still has a lot of room to grow, as men are increasingly vain and free to deviate from the traditional.”
EMen’s jewelry consumption expectations for 2024
Franco remembers that, in the past, men only wore traditional accessories such as watches, a wedding ring or a ring with a family crest. “The diversity present in current fashion gives men more freedom to diversify their looks and accessories, which contributes to this growth.”
The head of marketing highlights that the change began in the 70s. “With the hippie movement and Tropicália, Guerreiro started to produce bulkier pieces, which have always been successful among men, such as leather bracelets with silver, a mix of chains and wider rings.”
Franco indicates that, in his analysis of the expectations of the male public in the jewelry market, “colored stones, a mix of several overlapping pieces, a mix of materials, more robust chains and chokers, as well as pendants with and without gems” can win favor. consumer preference.
Growth of online sales
The sale of jewelry in Brazil on e-commerce platforms is growing. That’s what the Mordor Intelligence reporta company specializing in market research.
In 2020, around 43.3 million people purchased jewelry in the country on online sales platforms. This number increased to 46.3 million in 2021, which represents an increase of 6.93% in consumers via e-commerce.
The Brazilian jewelry market is expected to generate US$2.4 billion in 2024, with an annual growth rate of 1.09% until 2028, according to predictions from the German platform Statista.
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