The race of Made in Italy
In the first nine months of 2022, jewelry turnover was up 30% and exports by 27%. As from the latest analysis conducted by Intesa Sanpaolo’s Research Centre
In the first nine months of 2022, Made in Italy jewelry proved all its resilience, however, the beginning of 2023 still promises to be complicated. In a nutshell, this is what emerges from the latest analysis conducted by Intesa San Paolo’s Research Centre, as the economist Stefania Trenti explains. «2022 saw further strong growth in Italian jewelry after the rebound of 2021. Jewelry and costume jewelry turnover grew by 30% in the first nine months of the year, accompanied by a 19% increase in industrial production. These are excellent figures that confirm made in Italy jewelry’s high level of competitivity: Italian exports grew by almost 27% with positive results in almost all receiving countries. A positive trend that has put the United States back in first place among Italian gold jewelry’s destinations, even if forecasts should put the sector on guard. «The scenario sees a significant slowdown in the world economy, which already began in the last few months of 2022 and is bound to continue into the first part of 2023. The impact of inflation on household incomes and the consequent restrictive monetary policies will weigh on the slowdown. However, expectations for high-end jewelry, typical of the Made in Italy offer, maintain a more dynamic pro- file, supported by a growth in high-income consumers on an international scale in a context that sees hard luxury increasingly popular also as a refuge asset».