The Luxury Goods Market | Trend Analysis 2023 

Fran Kellett
By Fran Kellett | Editor in Chief

22 Mar, 2024 | 3 min read

Contents

    Fine jewellery, like all luxury verticals, is undergoing a transformation thanks to the shifting identity codes of the flexible customer. Across search, social and paid media, rich stories are the new capital brands need to
focus on.

    It’s still the same book, just a new chapter for the jewellery industry. Attitudes towards consumption have had a makeover and new rituals are emerging.
    In jewellery, some are breaking with tradition as Gen Z perceived the value of an engagement ring somewhere between $100-$999. Others are spinning a modern twist on established norms — women buying themselves jewellery more than ever before while the percentage of men accessorising has risen steeply.
    Both a contributor and result of these shifts and twists is the power of storytelling and perceived value. Jewellery brands are some of the best at writing vivid narratives for their own names and their clientele.
    From true tales of modern love to stories of pre-loved pieces or accounts of nature’s beauty, the narratives brands weave around campaigns, collections and individual stones give context to brand-to-customer connection.
    These stories begin in branding; in thoughtful positioning and strategy, but they’re strengthened through marketing efforts. To extend that context and connection across every touch point. And when it comes to digital, search, social and paid media are the cornerstones that count.

    The first encounter with a luxury jewellery brand does not happen via search.
    The audiences that will make meaningful transactions and remain life-long supporters of your brand are not typing “luxury diamond watch” into a search engine. Nor are they prepared to sift through pages of products masquerading as “luxury”, in the hopes of finding something that will provide sufficient cache.
    Your audiences are discerning and precise — defining qualities they bring to search.
    It’s highly likely that they’ve already encountered the brand via a relative, a friend, an icon, an influencer. Someone with gravitas.
    We know this because brand-specific searches tend to outnumber generic ones. Brand names are typically paired with the searcher’s item of choice.

    Data research based on brands and interaction

    Other times prospective buyers may be more interested in a specific statement piece, perhaps in response to a resonating trend or a desire for a timeless product with heirloom potential.
    In these cases, your audiences’ search will be more brand agnostic, but they’ll still be highly specific — expecting to find precisely the piece they have in mind.

    3 Actions to Optimise Search for Luxury Jewellery Brands

    1. Embellish Your Place on Browsers

    Make branded search results your shop window. Own your contribution. Track popular agnostic searches and pivot to meet demand. Capitalise on every component of the results and be highly polished across all verticals.

    2. Lean into Trends and Timeless Classics

    Luxury brands are not servants of trends. But they don’t ignore them either. They’re your opportunity to grow brand awareness — especially if you’re a leader of the mode. Create rich, discoverable pages for trends as well as your timeless classics, you’ll captivate far more prospects.

    3. Tell Stories with Expertise

    Solid landing pages — as vital as they are — won’t be enough for ambitious luxury brands when it comes to SEO. You need to tell compelling, authentic stories, backed by context and calibre. Call on your experts to evidence your full experience and why you’re a name to add to their collection.

    When audiences feel connected to brands, more than half of consumers will increase their spending with them specifically and 76% will buy from them over
a competitor.

    The paid media landscape is fast-changing. New social platform heavyweights coming to the fore while Google and Microsoft lean sharply into machine learning and artificial intelligence within ad accounts.

    This article is has been produced by the Navigator marketing team.
We bring brand stories to life in a way that drives results

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