Investment Rating - The investment rating for the luxury jewelry industry is "Positive" [2][3] Core Insights - The global personal luxury goods market is projected to reach €364 billion in 2024, showing a slight decline of 1% year-on-year, with the jewelry segment demonstrating strong resilience [3][22] - The luxury jewelry market is increasingly concentrated, with the top five brands holding a market share of 42.6%, indicating a strengthening of the head effect [3][25] - High-net-worth individuals contribute over 20% of sales, showcasing their strong consumption resilience and acting as a stabilizing force in the industry [3][22] - The luxury jewelry sector is characterized by high brand barriers and historical accumulation, with leading brands like Tiffany, Bulgari, Cartier, and Van Cleef & Arpels maintaining significant market influence and premium pricing [3][22] - The rise of the Z generation is driving a shift in consumer preferences towards brand culture, product design, and personalized experiences, providing a solid foundation for the growth of domestic luxury brands in China [3][22] Summary by Sections 1. Evolution of Luxury Goods - Luxury goods emerged as symbols of social stratification, transitioning from exclusive items for the elite to accessible status symbols for a broader audience [13][14] 2. Consumer Motivations for Purchasing Luxury Goods - The primary motivation for purchasing luxury jewelry is the fulfillment of spiritual needs, with social recognition and personal expression being key drivers [32][35] 3. Nature of Luxury Goods - Luxury goods serve as symbols of dreams, with rarity and uniqueness establishing their high-end positioning [3][22] 4. Brand Value Creation in Luxury Jewelry - Leading luxury jewelry brands ensure longevity through deep connections with affluent consumers, continuous innovation, and strict brand management [3][22] 5. Financial Characteristics and Valuation of Luxury Companies - The financial performance of leading luxury brands is significantly higher than that of regional jewelry companies, driven by brand equity and global channel control [3][22] 6. Potential for Domestic Luxury Jewelry Brands in China - China is positioned to nurture its own luxury jewelry brands, supported by economic growth, rising disposable incomes, and cultural confidence [3][22]