Development status and prospect of jewelry industry in China

Abstract

Chinese economy is developing rapidly in this 21st century. Especially upon the registration of WTO in 2001, Chinese economy has been marketized and globalized and the scale of its economy reached 12.3% of world economy in 2013. After the economic crisis, world economy showed decline but it didn’t affect Chinese market. Consumption of luxurious goods in Chinese emerging market showed dramatic increased and attracted attentions from domestic and international companies.BR Upon the establishment of relations with China, China has been a primary export market for Korea and Korean jewelry companies have been actively entering into Chinese market. Therefore, the objective of this study is to minimize the failure by deeply understanding the status of Chinese jewelry industry and being flexible in responding to rapidly changing Chinese market. The prospect of Chinese jewelry industry will be projected through analyzing the status of jewelry industry and interest level of jewelry industry will be addressed by checking the agendas of jewelry exhibitions or conventions. Overall trend of Chinese consumers will be anticipated through analyzing brand preference, brand product line and positioning map. Furthermore, development tendency of Chinese jewelry industry can be anticipated through analyzing consumption potential and consumption competency of jewelry. The results of this study are as follow. Firstly, China jewelry industry will be expanded from big city to small city, urban area to rural and coast area to inland area. Second, China jewelry market has been developed into a diversified market, however, demand for gold products is still account for a large proportion . Third, with having fast economic growth and large population as a background, jewelry consumption in China is growing rapidly into a superpower. Its potential spending power from current female population will continuously form a consumer market for the next 10 years. BR Importance of this study can be summarized as following.. Accurate calculation was done on Chinese jewelry market which is a subject of many companies entering into China. accurate statistic research on Chinese jewelry market and introduction of Chinese jewelry industry for those companies which are interested in entering Chinese market. This study can be fundamental information for referring upon the consideration of entering Chinese market and systematic introduction of market status of China was made. This research will serve as a foundation of product development for local companies considering entering into Chinese jewelry market as it performed analysis and segmentation on current brand status in China.