From 2013 to 2023, the hours worked in Italy's jewellery and bijouterie sector experienced significant fluctuations. Initial years demonstrated modest growth, with average annual increases until 2019. The COVID-19 pandemic resulted in a notable drop in 2020, but a partial recovery followed in 2021 and 2022, leading to a 4.66% year-on-year increase in 2023, reaching 34.799 million hours. However, the Compound Annual Growth Rate (CAGR) from 2019 to 2023 was -0.6%.
Projected figures from 2024 to 2028 suggest a slight decline, reaching 33.506 million hours by 2028, with an average annual decrease of -0.6% CAGR. This trend indicates a challenging period ahead for the industry.
Future trends to watch for:
- Potential market disruptions due to economic uncertainties.
- The impact of evolving consumer preferences towards sustainable and ethically sourced jewellery.
- Technological advancements in production efficiencies.
- Global market competition influencing local industry dynamics.