"Not a right time for luxury": the demand for jewelry has fallen sharply in Russia

Analysts attribute a sharp drop in demand for jewelry to the departure of Western jewelry brands, writes Forbes with reference to research data from the SOKOLOV analytical center.

"The decline in market volumes is primarily due to the departure from Russia has global jewelry brands, especially the luxury segment, which accounted for about 20 billion rubles", - explains the head of the analytical center Alina Kolpakova.

At the end of the year, the prices of jewelry in the country jumped by 14.2%, and the average check has increased by 20% since the beginning of the year, to 6,880 rubles. The greatest growth was in the spring, when, against the background of fluctuations in the ruble and rising metal prices, prices for finished products rose to 40%.

In such conditions, the production of gold jewelry in the country by the end of 2022 fell by 16.7% to 18.6 million pieces. At the same time, they began to produce more silver products (+ 7%, up to 49.3 million pieces). Manufacturers explain this trend by changing consumer demand. In conditions of falling incomes, citizens more often make a choice in favor of cheaper silver, the average check for which is about 2000 rubles, while for gold it is kept at the level of 15,000 rubles.

Earlier it was reported that after the start of the military special operation of the Russian Federation on the territory of Ukraine, Russians switched to a "conservative consumption model". They began to spend money mainly on medicines and food. Many do not have enough money for this: according to research, many citizens have started saving on food, including infant nutrition. Among pensioners, every third Russian declares about the forced economy regime.