New York, United States, Feb. 08, 2024 (GLOBE NEWSWIRE) -- Costume jewelry is made from less expensive materials than more expensive materials, such as diamond, gold, and platinum, as well as stones and pearls. Costume jewelry is also referred to as imitation, rubbish, trinkets, counterfeit, and fashion jewelry. It is available in various forms, such as bangles, finger rings, earrings, and neckpieces, providing buyers with numerous options for the desired accessories. Personalized jewelry consists of fashion accessories worn to complement an ensemble. Metals, glass, beads, plastic, synthetic stones, ivory, and semiprecious stones are basic materials used to create costume jewelry. Produced pins, backings, and metal are additional raw materials utilized in costume jewelry production.
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Changes in Jewelry Styles and Attractive Marketing Strategies Drive the Global Market
According to Straits Research, “The global costume jewelry market revenue was valued at USD 40.98 billion in 2022. It is estimated to reach USD 79.22 billion by 2031, growing at a CAGR of 7.6% during the forecast period (2023–2031).” Manufacturers are altering their product marketing and branding strategies to increase sales in various countries. The manufacturing companies have utilized innovative strategies to increase sales of costume jewelry, such as introducing new products with semiprecious stones that appear natural, creating daring jewelry designs, and the inlay of beautiful stones in chains that are densely strung. Customers, particularly women, choose costume jewelry because it is handy, affordable, and easy to use while traveling or to attend social functions. Also, costume jewelry is becoming an increasingly significant component of personal style. Copper and brass, which have no adverse effects on the skin, are frequently used as the primary components in producing skin-safe products. This has contributed further to the revenue growth of businesses in this industry.
Increasing Demand for Artificial Jewelry Products Creates Tremendous Opportunities
In the coming years, the market for artificial and imitation jewelry will increase rapidly. In terms of overall sales are projected to remain a minor portion of mainstream products such as gold or silver jewelry (during the forecast period). Earrings, bracelets, and rings have the most sales potential in the global costume jewelry market. Consumers choose to utilize fake jewelry that is less hazardous and has fewer adverse effects. In addition, manufacturers will likely use semiprecious metals such as brass and copper to meet consumers' expectations. Many market leaders, like Buckley London, Yurman Design, Inc., and Avon Products, Inc., intend to invest in marketing techniques to showcase the advantages of their costume jewelry items. Hence, the efforts of leading industry participants and the rising demand for fake jewelry present enormous potential opportunities for the market.
Regional Analysis
North American costume jewelry market share is anticipated to exhibit a CAGR of 6.9% during the forecast period. North America, one of the most developed regions, has witnessed a considerable increase in revenue due to the demand for designer and fashion jewelry. Global companies operating in the North American market, notably in the United States, face fierce competition due to growing concerns about the standards and quality of jewelry. In addition, costume jewelry in the North American market is primarily propelled by affordability, awareness of personal appearance, and a desire for stylish and distinctive pieces. The growth in costume jewelry sector revenue in the United States is attributable to a boost in volume sales. This is due to the steady growth in gold and silver jewelry prices. Due to the expansion in e-commerce and social media penetration in the region, it is anticipated that the popularity of bracelets, rings, and necklaces and chains will continue to increase.
Asia-Pacific is predicted to grow at a CAGR of 8.4% over the forecast period. The market is expanding rapidly in Asia-Pacific due to rising disposable income and higher living standards. Customers are expected to maintain their image consciousness due to the influence of beauty shows, television programs, and publications in numerous Asia-Pacific nations. In addition, growing awareness of affordable jewelry designs, a preference for western culture, and the expansion of the imitation jewelry segment in tier 2 cities have led to widespread acceptance of costume jewelry, fueling market expansion. Further, manufacturers of semi-precious jewelry have focused on expanding their presence in the region due to Asia-high Pacific's growth potential resulting from improved economic conditions in most countries, a rise in living standards, and an increase in the desire to enhance physical appearance.
Key Highlights
- Based on product type, the global costume jewelry market is bifurcated into necklaces and chains, earrings, rings, cufflinks and studs, bracelets, and others. The necklaces and chains segment owns the highest market share and is projected to exhibit a CAGR of 6.8% over the forecast period.
- Based on gender, the global costume jewelry market is divided into males and females. The female segment is responsible for the largest market share and is anticipated to exhibit a CAGR of 7.4% over the forecast period.
- Based on the mode of sale, the global costume jewelry market is segmented into retail sales and online sales. The retail sale segment owns the highest market share and is predicted to grow at a CAGR of 7.2% during the forecast period.
- North America is the most significant global costume jewelry market shareholder and is anticipated to exhibit a CAGR of 6.9% during the forecast period.
Competitive Players
The key players in the global costume jewelry market are Avon Products, Inc., Randa Accessories, Stuller, Inc., Buckley London, DCK Group, Giorgio Armani S.p.A., Compagnie Financière Richemont SA, H.Stern Jewelers, Inc., LVMH Group, and Yurman Design Inc.
Market News
- In December 2022, Melorra, a leading direct-to-consumer (D2C) business that offers lightweight and reasonably priced trendy gold jewelry, introduced the first-of-its-kind The Avatar-Inspired jewelry line to celebrate modernity and demonstrate a trend in different dimensions in the jewelry industry.
- In March 2023, Sotheby's stated it would debut its inaugural jewelry series this month, with Brazilian-Lebanese designer Nadine Ghosn exhibiting her works as the first guest designer.
Global Costume Jewelry Market: Segmentation
By Product Type
- Necklaces and Chains
- Earrings
- Rings
- Cufflinks and Studs
- Bracelets
- Others
By Gender
- Male
- Female
By Mode of Sale
- Retail Sale
- Online Sale
By Regions
- North America
- Europe
- Asia-Pacific
- LAMEA
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