The European imitation jewellery market is predicted to grow at a CAGR of 6.87% CAGR from 2024 to 2029.
Imitation jewellery comprises low-cost metals like gold-plated brass, nickel, silver, and others. In addition, Lucite and rhinestones are some gemstones included in making up imitation jewellery. Gemstones, Diamonds, and Solid gold are the most expensive these days, and customers are inclined to buy imitation jewellery to match different outfits for various events. Nowadays, customers are giving importance to looking fashionable at affordable prices. Therefore, the companies are making beautiful imitation jewellery that attracts customers and costs a fraction of the price.
With growing customer demand, the Europe imitation jewellery market is esteemed to have sustainable growth opportunities during the forecast period. Rising costs of diamonds, solid gold, and other metals are majorly driving the demand in the Europe imitation jewellery market. Manufacturing beautiful designs in imitation jewellery where customers are showing interest in buying this jewellery also promotes market growth. Globalization of brands across the European region also fuels the market's demand. Growing e-commerce platforms in urban areas and increasing disposable income in developing countries are attributed to the level of demand in the market. The launch of strategic developments by the key players is tremendously surging the demand of this market. Rising demand for low-cost jewellery is anticipated to propel the Europe imitation jewellery market. Teenagers are showing interest in fashion jewellery with the increasing fashion consciousness; this is also an attribute bolstering the market's growth rate. The launch of various products with different styles at low cost is attracting customers that are accelerating the Europe imitation jewellery market. In some countries, there is rising demand for male costume jewellery, which also prompts the market growth rate in Europe. Increasing awareness of the availability of global brands is anticipated to provide growth opportunities for the Europe imitation jewellery market in the coming years.
However, the growing cost of raw materials is a primary challenge for the European imitation jewellery market growth. Disruptions in the supply chain due to less awareness also restrain the market's growth rate. Lack of technical knowledge in online shopping will likely inhibit the demand for the imitation jewellery market in Europe.
Impact of COVID-19 on the Europe imitation jewellery market:
COVID-19 disruption showed a negative impact on the growth rate of the Europe imitation jewellery market. With the rising cases of COVID-19, every sector has been affected. Lockdown and stringent restrictions to curb the spread of the pandemic caused enormous losses for the key players. However, with the development of vaccines and creating awareness, the world is slowly returning to normal. This will likely promote the demand for the European imitation jewellery market during the forecast period. In addition, online jewellery shops gained traction during this period in developed and developing countries. Therefore, it is expected that the market will have prominent growth opportunities in the coming years.
This report includes the segmentation below.
Europe Imitation Jewellery Market - By Product Type:
The earring segment is likely to have prominent shares during 2022-2027, whereas the rings segment is next in leading the shares of the Europe imitation jewellery market. The growing trend for fashion jewellery to match outfits among teenagers is mainly leveraging the market's growth rate in Europe. The necklaces and chains segment is accounted for having the highest growth rate. The bracelets segment is expected to have significant growth opportunities in the coming years.
Europe Imitation Jewellery Market - By Sales Channel:
The online segment is leading with the dominant share of the European market. Rising demand for online shopping and the increasing availability of the internet is primarily escalating the market's demand. As a result, the offline segment will have significant growth opportunities in the coming years.
Europe Imitation Jewellery Market - By Gender:
Based on gender, the female sector is ruling with the prominent shares of the Europe imitation jewellery market. However, the male segment will likely hit the highest CAGR by the end of 2027. The rising prevalence of the male costume is elevating the growth rate of this segment.
Europe Imitation Jewellery Market - By Country:
The imitation jewellery market in Germany had the largest share of the European market during the forecast period owing to the rising prevalence of low-cost jewellery. The growing cost of gold and diamonds is also leveraging the market demand in Germany. Following Germany, the UK imitation jewellery market is estimated to have a significant growth rate. An increasing number of working women and a rise in demand for imitation jewellery for various outfits for working women are majorly bolstering the growth rate of the market in this country. Innovative launches by key players are also gearing up the demand in the Europe imitation jewellery market. Italy's imitation jewellery market is next in leading the shares with the rising population. Manufacturers are focusing on launching innovative products that are likely to gain traction over the market shares. Spain's imitation jewellery market is expected to excel in its trend during the forecast period. Rapid westernization and modernization are driving the market's growth rate in Spain. The growing trend towards the latest fashion jewellery for low cost is anticipated to fuel the market demand in the future.
KEY MARKET PLAYERS:
Chopard International SA, Harry Winston, Inc., CARTIER, Guccio Gucci S.p.A., T&CO., Buccellati Holding SPA, Bulgari S.p.A., Piaget, VAN CLEEF & ARPELS, MIKIMOTO, Compagnie Financière Richemont SA, GRAFF, Pandora Jewelry, LLC., Chow Tai Fook Jewellery Company Limited., Rajesh Exports Ltd., Signet Jewelers., CHANEL, LVMH Moët Hennessy - Louis Vuitton and STORNOWAY DIAMOND and MOUNTAIN DIAMONDS are some of the prominent companies in the Europe imitation jewellery market.
Frequently Asked Questions
The growing population and trend towards fashionable jewelry are major driving factors for the market growth.
Chopard International SA, Harry Winston, Inc., CARTIER, Guccio Gucci S.p.A., T&CO., Buccellati Holding SPA, Bulgari S.p.A., Piaget and VAN CLEEF & ARPELS.
COVID-19 disruption showed a negative impact on the growth rate of the Europe imitation jewelry market. However, Online jewelry shops gained traction in developed and developing countries during this period. Therefore, the market is expected to have prominent growth opportunities in the coming years.
Germany is leading with the dominant shares of the market.
Based on the sales channel, the online segment is registering with the highest shares of the market.
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