Thai gems penetrating Germany; the opportunity for Thai Jewelry in Europe markets

Thai gems penetrating Germany; the opportunity for Thai Jewelry in Europe markets

Thai gems penetrating Germany; the opportunity for Thai Jewelry in Europe markets

Mrs. Malee Choklumlerd, Director-General of Department of International Trade Promotion, Ministry of Commerce, Thailand, revealed the report of Office of Commercial Affairs Frankfurt, Germany that there has been a change in Germans’ consumption behaviors. The statistic numbers from many resources and well-known magazine’s interview have been pointing out the obvious increase in Germans’ luxuries consumption trend. High-priced products used to be just automobiles, electronic items and house decorations. However, Germans are now focusing more on travel, food and especially, jewelries. There will be no more luxuries ownership just for people in privileged class; general Germans people can as well do so.

“Working young people or Gen Y are currently the general consumers of luxurious products. Their abilities to afford are getting higher causing the expansion of luxurious product markets especially, wristwatches and jewelries. Gen Y like to buys such products from long well-known brands more than the new brands to convince their social status and enhance their personality” said the Director-General of Department of International Trade Promotion.

Jewelry industry is considered one of the famous industries in Germany as there are skilled craftsmen in cutting, decoration and jewelry design living especially in the area of Pforzheim located in the south of the country. The high-quality and high-priced jewelries are popular among German people who like to wear them just body decorations and consider them as property investment in the time of low-interest rate and Euro devaluation.

From the trend of Germans consumption mentioned above, Thai entrepreneurs should consider the product development in term of design and cutting including maintaining the quality standard and adapting marketing strategy such as online trade to be more modern and suitable for Gen Y’s lifestyle. Moreover, Thai entrepreneurs have to keep an eye on important competitors like Vietnam, China, Hong Kong and Turkish. However, in 2016, Thai gem and jewelries export to Germany was valued 598.5 US Dollars at 13.32% of all luxurious product export.

Credit: www.thaiquote.org

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