Costume Jewelry Market

Global Costume Jewelry Market Size (2024 to 2029)

The global costume jewelry market is expected to grow at a CAGR of 8.3% from 2024 to 2029 and the market size is predicted to be worth USD 57.88 billion by 2029 from USD 38.85 billion in 2024.

Current Scenario of the Global Costume Jewelry Market

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, and 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 and workers, including many 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.

MARKET DRIVERS

The growing population with high disposable income and the excessive increase in spending on fashion accessories are some of the factors driving the growth of the costume jewelry market.

The availability of costume jewelry in too many models and in different materials to suit individual pockets also explains its high demand. The large-scale manufacture of high-quality costume jewelry is a global business from raw material sourcing, design, manufacturing, distribution, sales and operations in the costume jewelry market span across geographies. The raw material for costume jewelry is mainly sourced from Africa, Australia, and Canada, is made in China and India and is sold on a large scale in North America and Europe. The penetration of cable television among the masses of emerging economies has greatly influenced the clothing and style of the people, and this has indirectly boosted jewelry sales. People of all classes, even those with low financial backgrounds, tend to spend considerable sums on affordable costume jewelry to mimic characters from popular soap operas.

The fluctuation of the price of gold and the increase in the price of gold, diamonds, and other precious materials are propelling the global costume jewelry market.

The 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 worldwide in the coming years. Costume jewelry requires low maintenance costs 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. Nonetheless, costume jewelry, due to its low manufacturing cost, is likely to create significant opportunities for market players in the coming years.

MARKET RESTRAINTS

The major restraining factor for the costume jewelry market is its durability. The costume jewelry is made up of non-precious or semi-precious metals, which have very little durability. This jewelry could not withstand wear and tear when compared with jewelry made with precious metals and also has less life. Stringent rules and regulations by government authorities keep us updated on the launch of new costume jewelry, as there are risks associated with the metals used to make the ornaments. The US government has imposed strict regulations over the use of cadmium in jewelry making that can cause kidney, lung, and bone damage. Growing awareness among people about the selection of prominent costume jewelry that is effective and manufactured with safe metals is ascribed to hindering the growth rate of the market. In addition, stringent rules and regulations over the exports and imports of costume goods worldwide are additionally to impede the market share. Many authorities have imposed strict rules to promote only safer metal usage in the making of jewelry. For instance, the EU is focusing on completely restricting the use of nickel for people's safety as it is intended to cause various side effects when it comes into contact with the skin. Therefore, stringent rules over the exports and imports of any kind of costume jewelry have been hampering the market’s value for the past few years.

Impact of COVID-19 on the global costume jewelry market

The costume jewelry market was negatively impacted due to the emergence of COVID-19 in 2020. COVID-19 was first detected in China in 2019 and spread to almost every country in 2020, which devastated the economy in an unprecedented way. Nations went into complete lockdown restrictions where the movement of people was restricted except for the emergency. Airlines, road transport, and others were completely shut down as the government authorities strictly took measures to curb the spread of COVID-19 and save many lives. Due to these restrictions, costume jewelry was badly affected in terms of market share. However, the market growth rate started to rise quickly once all the restrictions across the world were eased. It is expected that the costume jewelry market will increase substantially during the forecast period 2024-2029.

REPORT COVERAGE

SEGMENTAL ANALYSIS

Global Costume Jewelry Market Analysis By Product

The necklace and chains segment ruled the costume jewelry market in 2023 and is expected to hold domination in the global market throughout the forecast period owing to the increasing number of public gatherings and the rising number of working-class people in developed and developing countries. The penetration of advanced technological developments in manufacturing trendy designs to attract a huge number of customers is greatly influencing the growth rate of the market.  Quick adoption of the corporate lifestyle, where night parties and cocktail parties are becoming more common in today’s world, is ascribed to level up the growth rate of the market. In urban areas, the rising disposable income is increasing the willingness to purchase trendy jewelry, especially in developed and emerging countries, which is likely to surge the market’s growth rate.

Global Costume Jewelry Market Analysis By Gender

The women segment had the major share of the global market in 2023 and the lead of the segment will continue during the forecast period. Women's costume jewelry type is ascribed to have the highest market share, whereas the male segment is likely to have the fastest growth rate during the forecast period. The number of working-class women is rising in urban areas, where their preference for wearing variety and trendy jewelry according to the outfit enhances market value. The entrance of e-commerce platforms in almost every field is adding fuel to the market’s growth rate. People are now more inclined to customize jewelry according to their tastes and preferences. Companies are focusing on promoting jewelry according to their preferences, which is anticipated to accelerate the growth rate of the market in the coming years.

Global Costume Jewelry Market Analysis By Sales Channel

The online segment is leading with the dominant shares, whereas the offline segment is to hit the highest CAGR by the end of 2029. Penetration of various e-commerce platforms and the launch of online shopping applications on smartphones are gearing up the rising demand for the costume jewelry market. Social media influencers are playing the best role in creating awareness among the public, which is set to showcase huge growth opportunities for the market in the coming years.

REGIONAL ANALYSIS

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 PLAYERS IN THE COSTUME JEWELRY MARKET

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 are some of the notable companies in the global costume jewelry market.

DETAILED SEGMENTATION OF THE GLOBAL COSTUME JEWELRY MARKET INCLUDED IN THIS REPORT

This research report on the global costume jewelry market has been segmented and sub-segmented into the following categories.

By Product

• Necklaces and chains
• Earrings
• Rings
• Cufflinks and studs
• Bracelets
• Others

By Gender

• Men
• Women

By Sales Channel

• Offline
• Online

By Region

• North America
• Europe 
• Asia Pacific 
• Latin America
• The Middle East and Africa