I've generally always been more into fine jewelry than bags and I'm so glad I bought most of my pieces earlier on. Always fine jewelry > bags haha
I can see it happening, especially with the pandemic when there wasn't much to do and places to go. A bag is for bringing out of the house because someone is going somewhere. But jewelry, is something that you can wear literally anywhere, day in, day out.
It's something you can always admire on yourself (especially if they are rings and bracelets).
Jewelry also is never really "in the way" unless you're moving a lot and wearing larger, more statement pieces. It becomes a part of you and, for the most part, is easy and comfortable to wear.
Fine jewelry price increases are generally not as steep as the bag price increases we've seen in the past few years (though I hope that's not going to change). Since fine jewelry is "somewhat" based on the gold and diamond markets, they can't really push their prices up that extravagantly, that quickly.
Though, as people get more knowledgeable about fine jewelry, they will soon see how much the luxury houses overcharge for their fine jewelry pieces and will understand/accept that they are really buying it for the brand (like all other luxury items).
I used to be more "obsessed" about only having luxury fine jewelry because I felt that their craftmanship was exquisite and guaranteed. And, I'm not saying that it isn't, but over time, as I've gotten more experienced with buying fine jewelry in general, I've realized that there are many pieces (especially more basic ones with simpler designs) that can be made just as well by a local jeweler at a significantly lower price point; such as diamond tennis bracelets.
I would be interested to see if people go the more "customizing" way. If they want something more unique and don't want something that everyone sees trending online; and prefer to go to a jewelry to customize their own pieces.
Currently however, the main thing deterring me from buying more jewelry is the increase in crime. I'm not too fond of wearing fine jewelry only to get noticed and then robbed.

I am relatively careful, wear long sleeves, don't wear big stacks, and if I'm showing more bare skin, my husband is out with me on that day. But you know, better to be safe than sorry.
