The expert explained the demand for jewelry with the effect of lipstick

A third of Russians began to buy jewelry more often in 2023, according to a study by Tinkoff Credit Broker (available from Izvestia). Interest in them is growing, despite the fact that the check has grown by about 15%.

More than a third of respondents (39%) note that in 2023, compared to last year, they did not change the frequency of purchases, and 36% of respondents began to purchase jewelry more often.

In January-May 2023, sales volumes grew by 18-20% excluding inflation, real rates (taking into account price growth) – 12-18% adjusted for inflation. Jewelry production in value terms increased by 33.5%, agency partner M.A. Research Anna Sinyavskaya.

In addition to the growth of salaries and incomes of Russians, the expert connects the situation with the expansion of the range of jewelry and marketplaces, with the growth of online sales.

“Separately, I would like to highlight the so-called lipstick effect: buyers cannot, for example, buy a new car or take out a mortgage, but they have a certain amount of money that they can spend on jewelry to cheer themselves up. Investment demand is also preserved: in the conditions of an unstable ruble, Russians are investing in jewelry and gold bars,” Sinyavskaya emphasized.