Signals

Global – French luxury fashion house Saint Laurent has launched its first fine jewellery collection, Saint Laurent Haute Joaillerie. The line consists of bracelets, necklaces, earrings, rings and cuffs in gold and diamond. The entire collection is already available on the brand’s website and was introduced in selected flagship stores on 2 May 2023.

The series includes several timeless accessories crafted in precious metals and diamonds, all carefully selected by creative director Anthony Vaccarello, while the campaign images were shot by the German photographer Juergen Teller. The brand’s iconic motif, including the vertical Cassandre ‘YSL’, are incorporated into the line without compromising on the functionality of the pieces. Notably, every piece is made with recycled gold in line with Saint Laurent’s commitment to exploring eco-friendly alternatives to conventional materials.

Saint Laurent’s new line follows similar moves made by Prada, Gucci and Balmain in the past few years, indicating a growing appetite for the luxury jewellery market. It also reinforces the importance of developing sustainable jewellery as consumer demand for alternatives is growing, as discussed in our Regenerative Luxury Jewels microtrend report.

China – Although luxury Chinese consumers are starting to travel abroad again, they are doing more of their spending at home. According to sales data compiled by Sandalwood Advisors, 62% of luxury spending by Chinese consumers took place in China in April 2023, compared with 41% in the same month in 2019.

Pre-pandemic, China was the world’s fastest-growing source of tourists, with about 70% of their luxury spending taking place abroad. But the sophistication of domestic luxury offerings, the rising price of goods globally, and improvements to local shopping venues and customer service during the pandemic are all fuelling Chinese shoppers’ desire to stay at home.

‘They no longer want to spend three hours queuing outside a store in Paris,’ said Jonathan Siboni of Paris-based data intelligence firm Luxurynsight, ‘but [would] rather connect with a local sales associate who knows them and can advise them better.’

In our State of Luxury: Post-lockdown China report we revealed how Chinese consumers’ tastes have turned inwards. They are looking at luxury through an expanded lens that includes celebrating local artisans and seeking out local luxury experiences.