Costume Jewelry Market was assessed at $32.9 billion in 2021 and is determined to reach $59.7 billion by 2026, developing with a CAGR of 7.80% from 2021 to 2026.
Costume jewelry, a type of jewelry, is made from inexpensive materials as compared to valuable materials like diamonds, gold, platinum, and others like gems and pearls. Costume jewelry is also known as fake jewelry. It is made with raw materials such as pearls, metals, glass, synthetic stones, ivory, plastic, semi-precious stones, among others. Other raw materials used in the manufacture of costume jewelry are brackets, pins, and manufactured metals. Pearls and semi-precious metals such as brass, silver, and aluminum are also used in making costume jewelry. Costume jewelry is particularly popular with women, corporate employees and teenagers.
Currently, the urban population is made up of young people, workers, including a large number of working women. Due to the change in the economic situation, the lifestyle of the people has changed completely. They are influenced by social media, TV shows, fashion bloggers and others which is why wearing clothes with accessories is becoming one of the emerging trends in the market.
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COVID-19 impact on Costume Jewelry Market:
Coronavirus is an unparalleled global public health emergency that has affected nearly all industries, so the projected long-term effects will affect industry growth during the forecast period. Our ongoing research amplifies our research framework to ensure the inclusion of the underlying issues of COVID-19 and possible avenues. The report provides an overview of coronavirus taking into account changes in consumer behavior and demand, purchasing patterns, supply chain redirection, dynamics of current market forces and significant government interventions.
Recent Developments:
In March 2016, Chanel S.A. launched its first e-commerce website to increase its reach and expand its target audience. Similarly, Gianni Versace Spa modified its website and associated it e-commerce platform of this brand.
Market Drivers and Restraints:
The fluctuation of the price of gold and the increase in the price of gold, diamonds and other precious materials are the main drivers of the global costume jewelry market. Increasing adoption of Western culture and the surge in the disposable income of consumers are likely to drive the global costume jewelry business over the envisioned period. In addition, the availability of trendy colored stone jewelry and various types of inexpensive costume jewelry is supposed to drive the demand for business around the world in the coming years. Costume jewelry requires low maintenance cost and can be transported safely, which is not the case with real jewelry.
Furthermore, lifestyle changes and people's inclination towards artistic appearance are expected to drive the growth of the global costume jewelry market over the conjecture period. However, growing security concerns, especially at airports, and rising concerns related to trade laws and imports and exports are estimated to hamper the growth of the global costume jewelry market. Furthermore, rising commodity prices due to disorganized supply chain management are expected to slow market growth during the forecast period. Nonetheless, costume jewelry, due to its low manufacturing cost, is likely to create significant opportunities for market players in the coming years.
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Costume Jewelry Market segmentation:
Based on the product, the market is segmented into necklaces and chains, earrings, rings, cufflinks and studs, bracelets and others. Among these, the ring segment is expected to dominate the market during the foreseen period as rings are cheaper than other jewelries, further driving this business growth.
According to gender, the market is segmented into men and women. Among these, the female segment supposedly leads the market during the estimated period. This is due to the high use of jewelry for various events. Women are more attracted to jewelry because it makes them look beautiful and highlights their outfit. In addition, due to the growing trend of accessories, the demand for costume jewelry is increasing among women and young people.
Depending on the sales channel, the market is mainly bifurcated into offline and online. Among these, the online sales channel is supposed to see a higher CAGR during the envisioned period. This is due to the changing lifestyles of people and the improved shopping experience that e-commerce platforms provide.
Regional Analysis:
Based on the region, the Asia-Pacific is expected to dominate the market during the anticipated period. This is due to the growing population of young people and women working in the area. Also, countries like India prefer to wear jewelry as part of their culture, which will further increase the need for costume jewelry in the local market.
Key Market Players:
The main companies operating in the global costume jewelry market are Buckley Jewelry Limited, Avon Products Inc., H. Stern Com & Ind SA, Channel SA, Stuller Inc., Billig Jewelers Inc., The Colibri Group, Cartier SA, Swank Inc., Louis Vuitton Inc., Yurman Design Inc. and Gianni Versace SpA.