Jewellery demand in China slowed its rate of decline in 2025, emerging as one of the most resilient segments in a personal luxury market that is still contracting but beginning to find its footing, according to Bain & Company.
China’s mainland personal luxury goods market contracted 3-5% in 2025, yet jewellery posted a far milder decline of just 0-5%, sharply improving from the 15-20% drop recorded a year earlier. The narrowing fall positions jewellery among the most resilient categories in the sector.
The recovery reflects steady consumer interest even amid cautious spending. Buyers increasingly prioritised enduring value and quality, traits closely associated with jewellery purchases, helping the segment hold ground while discretionary categories weakened.
Domestic buying trends further supported sales. About 65% of luxury purchases took place on the mainland, as overseas shopping softened due to smaller price gaps and reduced travel. This shift channelled spending back to local retailers and brands, benefiting jewellery counters in particular.
Other categories recorded mixed results. Beauty edged up, watches struggled, and second-hand luxury expanded 15-20%, though jewellery’s resale share remained modest.
Bain described the year as a recalibration phase, with jewellery leading the early signs of recovery and setting a steadier tone for the market heading into 2026.
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