In 2021, jewellery to be largest discretionary category with 8.2% share, beating apparel and consumer electronics.

E-tail penetration of jewellery to grow to 2% in 2021 from present 0.8%, says Bisen

Mumbai: In the inaugural presentation at IIDGR Retail Jeweller India Forum 2018, senior vice president, Retail & Consumer Product, Technopak has said that working age Group (54% of the total population is in the age group of 20-59 years) role in disproportionate role in consumption, urbanisation,  supply side reforms, rise of the retail led brands  in ethnic wear, footwear, value fashion  and jewellery and e-commerce will act as enabling factors for the organised retail growth.

In his opinion,  higher private consumption, a steady GDP growth and increasing share in consumer discretionary are favouring the retail industry. “Retail in jewellery, watches, apparels and accessories have recorded a growth from 2007 to 2017. We estimate that expenditure on jewellery and watches will reach 8.2% of total expenditure in 2021,” said Bisen.

Bisen further added that the orgnanised retail has a huge opportunity to capture the gold jewellery demand in the rural sector.