In view of the increasing commercial trade between China and Italy in recent years. China is Italy’s fourth largest trading partner and Asia’s top trading partner, and Italy is China’s fourth largest trading partner in the European Union.
China is Italy’s fourth largest trading partner in the European Union. According to Chinese customs statistics, in 2020, bilateral trade between China and Italy amounted to US$55.19 billion, up 0.4% year-on-year; of which
China’s exports to Italy were US$32.94 billion, down 1.7% year-on-year; China’s imports from Italy were US$22.25 billion, up 3.8% year-on-year.
At the same time, bilateral exchanges in the goldsmith and jewellery industry are gradually deepening and diversifying their cooperation. Analysis from INTERCHINA on the market to 2019 based on WeChat Survey, Interviews & Anal
•Market Structure:China’s jewellery market is worth >RMB 700 billion, and has been growing at ~6% per annum in recent years. Fine and bridge jewellery, which are the most relevant for Italian jewellery, account for ~80% of the market by value. Jewellery imports have grown at 25% per annum to an import value of USD 2.8 billion in 2019, and will continue to grow as they still only account for 5~8% of the overall market.
•Consumer Insight:According to our survey, most consumers have at least a handful of jewellery. Personal collections are often a mix of local and international brands, but it is common to have a least a few international pieces. ¾ of consumers wear jewellery every day, and in addition to wedding rings, the main motive is to improve appearance or decorate outfits. Just under ½ purchase jewellery more than 3 times a year, with the purchase frequency for Bridge Jewellery the highest. Self-purchasing is most common, followed by gifting for spouses/partners. Design and brand are both key buying factors, with the preference for “fashion” in both cases.
•Route-To-Market:Offline retail generally dominates. Mono-brand and multi-brand jewellery stores account for >90% of offline retail value due to the choice and authenticity they offer consumers. Importer/distributors play an important role in developing both, and the most typical route-to-market (RTM) structure for imported jewellery brands is shown alongside. It’s the multi-brand stores that are generally more feasible for small/medium jewellery brands to enter, and while they are relatively limited in number, this is a growing retail channel. The larger and more centralized multi-brands chains should be the priority.
WISHFUL is a European-based company offering a wide range of e-commerce advertising services, online and offline channel planning, digital payment services and cross-border e-commerce business for all types of clients. A bridge company that also provides planning and matching of B2B, B2C and cross-border e-commerce sales solutions for Chinese and European and American clients, we believe that it will play a key role in facilitating cooperation in the industry cooperation in the future.
