The global costume jewelry market is expected to grow at a CAGR of 8.3% from 2023 to 2028 and the market size is predicted to be worth USD 53.44 billion by 2028 from USD 35.87 billion in 2023.
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.
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 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.
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.
Market Size Available
2022 to 2028
2023 to 2028
By Product, Gender, Sales Channel and Region
Various Analyses Covered
Global, Regional and country Level Analysis, Segment-Level Analysis; DROC, PESTLE Analysis; Porter’s Five Forces Analysis; Competitive Landscape; Analyst Overview of Investment Opportunities
North America, Europe, Asia Pacific, Latin America, Middle East & Africa
Market Leaders Profiled
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.
This research report on the global costume jewelry market has been segmented and sub-segmented into the following categories.
Global Costume Jewelry Market – By Product:
Among these, the ring segment is expected to dominate the market during the foreseen period as rings are cheaper than other jewelry, further driving this business growth.
Global Costume Jewelry Market – By Gender:
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 outfits. In addition, due to the growing trend of accessories, the demand for costume jewelry is increasing among women and young people.
Global Costume Jewelry Market – By Sales Channel:
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.
Global Costume Jewelry Market – By Region:
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:
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.
The global costume jewelry market size was valued at USD 33.12 billion in 2022.
Factors such as affordability, changing fashion trends, and a growing preference for sustainable and eco-friendly jewelry are majorly driving the growth of the costume jewelry market.
Asia-Pacific, led by China and India, holds a significant share in the costume jewelry market.
The market faced a temporary setback due to COVID-19 pandemic-related disruptions in supply chains and decreased consumer spending, but it's recovering with the reopening of economies.
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