Amid the global recession, it may seem counterintuitive that luxury jewelry is experiencing such a boom during an economic downturn. But many consumers have become more cost-conscious and have had to make concessions so they are looking for reasons to celebrate again.
As the economy recovers and more people feel secure in their jobs and personal finances, they are once again looking to treat themselves. This sense of optimism is reflected in fashion trends across the board: from bold colors to statement accessories and back-to-the-future silhouettes (think flared trousers and platform shoes).
In particular, jewelry is having its moment in the spotlight as an affordable luxury item that can add an extra dash of glamour to any outfit. Jewelry has always been an important part of our industry because it allows consumers to express themselves through their choices.
Bold, make-you-smile color is a current trend in jewelry. Embellished chains are all the rage, says Libby Page of Net-a-Porter. Brands such as Gigi Clozeau, Pascale Monvoisin, Brent Neale and Sydney Evan are breaking out of the jewelry box with their avant-garde designs that add pops of color and use new materials like ceramics and studding links with diamonds.
The rise of wellness has also been reflected in jewelry design over the last 18 months. Natural materials like turquoise have become prominent, appearing in favorite pieces that feature the stone set within the natural brown leather cord.
Mixing Things Up
The past few years have seen a considerable shift away from traditional jewelry design and toward an emphasis on minimalism and simplicity. As we head into 2022, designers are looking to throw that notion out the window.
Aimee Ejdrup, the co-founder of Finematter, believes that "the trend will be more maximalist jewelry, especially when it comes to layering. I think that’s going to go back to our roots a bit where we have more than one piece on at once." And not only will there be more fun with color and shape, but the focus will be on elements that can be worn with other parts (like necklaces or bracelets) rather than stand-alone items.
Jewelry is a great way to express who you are and what you love. In the 2020s, we’ve seen personalized pieces such as initial necklaces and birthstone bracelets become popular. Now, in 2023, there will be even more personalized pieces available, like zodiac signs and astrological signs. People are looking for ways to express their individuality, so expect to see more customized pieces in the coming year.
We have already started to see jewelry designers move towards eco-friendly materials, and consumers have begun to expect such a commitment. But as this becomes more of a standard, it may start to affect prices as well, so we'll keep an eye on how sustainable materials affect the market over the next few years. As for ethical sourcing practices, this will be a key area in the coming years as awareness grows about how jewelry is made. That said, this is still new territory for both designers and consumers alike, so awareness will be key in getting everyone on the same page by 2023.