The Rise of Joy-Economy in Jewellery: How Consumers are Embracing Joy and Wellness in Challenging Times

Credits: MARIA KOTSONI @mariakotsonijewellery

As the global polycrisis entangles and entrenches into ecosystems, lives and lifestyles, people are pushing back with a deep craving for intense joy, playful fervour and fun-filled escapes into wellness and decompression. VML’s research based on 3,000 consumers across China, the UK and US found that 83% are actively seeking joy and happiness.

The luxury and jewellery market are responding to the consumers’ urge to have fun, and reconnect with their rawer emotional terrains. GQ called 2023 the “era of fun watches” with formal luxury watchmakers donning their fun and experimental hats to generate a slew of playful watches, such as ‘an emoji Rolex, a neon-faced Blancpain, a Spiderman-themed Audemars Piguet’.

Credits: Rolex @rolex & Naimah @naimah.jewels

Tiffany and Co. has collaborated with Daniel Arsham Studios to unveil a limited edition fine-jewellery collection of Pokémon; and collaborated with Snap to provide a one-of-a-kind AR-led gamified experience at the US Open. On one side consumers are exhausted by a hyper-rational world that prioritises productivity over feelings, and on another a consistent stream of ‘doom-and-gloom’ content is making them ‘compassion fatigued’.

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Credits: Panconesi @panconesi by Ilya Lipkin @ilya_lipkin & Tiffany and Co. @tiffanyandco

Driven by thrill-seeking attitudes and theatrical extravaganza inspired by the opulence of better times in history, they crave sanctuaries of whimsy and emotion-filled experiences to not only enthral and move them but reconnect with their desensitised feelings.

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Credits: Francesca Villa @francescavillajewelry

Daybreaker’s CEO Radha Agrawal believes that in order to offer deep ‘emotioneered’ experiences, change must start within organisations to reflect joy in their DNA - stating “tears of joy” is the core KPI of their company.