Costume jewelry market size is anticipated to grow from USD 41.78 Billion to USD 83.34 Billion in 10 years. Throughout the forecast period, a number of variables, including shifting lifestyles, rising fashion consciousness, and rising disposable income, are anticipated to fuel market expansion.
Newark, Nov. 15, 2023 (GLOBE NEWSWIRE) — The Brainy Insights estimates that the USD 41.78 Billion in 2022 costume jewelry market will reach USD 83.34 Billion by 2032. In addition, the increased need for the product driven by an increase in the working population has recently driven market demand. A growing number of manufacturers have launched numerous solutions at affordable prices, resulting in an increase in popularity among young people, professionals in business, and working women. This has raised the product’s demand during past few years. The regular variations in the pricing of gold and silver have also had a significant impact on the expanding demand for the product.
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Key Insight of the Costume Jewelry Market
Europe is anticipated to expand at the highest CAGR of 9.55% over the projection period.
Europe is expected to grow at the highest CAGR of 9.55% over the forecast period. The main reasons influencing the product’s demand are its recognition as traditional jewelry and Europe’s status as the centre of fashion. Numerous international companies, including Bulgari, are active in the European market and are offering new designs to consumers, which is impacting the expansion of the business in that area.
The earrings segment is expected to register the highest CAGR of 10.32% over the projected period in the costume jewelry market.
The earrings segment is anticipated to grow at the highest CAGR of 10.32% in the costume jewelry market. The product’s growing appeal among young people, particularly working women, is driving up demand for the market in the years to come. Some of the key drivers of the market’s expansion are the introduction of a large range of product designs and the daily jewelry changing trend. Women of all ages embrace earrings in nations like India, where there is a strong demand for the product that contributes to the segment’s overall market expansion.
Over the projected period, the online stores segment is expected to register the highest CAGR of 10.73% in the costume jewelry market.
Over the forecasted period, the online stores segment is anticipated to grow at the highest CAGR of 10.73% in the costume jewelry market. The primary driver of the segment’s growth has been the rural market’s increasing internet penetration and usage. The emergence of reliable online retailers and the busy schedules of younger customers are also contributing to the market’s upward trend.
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Driver: Trends in jewelry design and eye-catching promotional techniques
Manufacturers are upgrading their product branding and marketing tactics in order to boost sales in a number of different regions. In order to boost sales of costume jewelry, the makers have used creative approaches, like launching new items with semi-precious stones that look natural, bold jewelry designs, and vibrant stones set in tightly packed chains. Costume jewelry is growing in popularity among customers, particularly women, as it is convenient for travelling and attending social gatherings, easy to wear, and reasonably priced. Using brass and copper as the primary materials to create these products—which have no adverse affects on the skin—is a common tactic employed by producers to draw in more clients. This has also helped companies in this area increase their revenue. The adoption of these strategies by producers as a collective is driving the expansion of the costume Jewelry market globally.
Opportunity: Growing market need for man-made jewelry
The market for fake and counterfeit jewelry will expand quickly in the upcoming years. During the predicted period, popular items like gold or silver jewelry are expected to remain a small share of total sales. The largest potential for sales in the global costume jewelry market is seen in rings, bracelets, and earrings. Customers prefer costume jewelry that has less adverse effects and side effects. Furthermore, in order to satisfy consumer needs, manufacturers would most likely employ semi-precious metals like brass and copper. Several prominent firms in the market, like Avon products, Inc., Buckley London, and Yurman Design, Inc., plan to invest in marketing efforts aimed at showcasing the benefits of their costume jewelry items. Because of the actions taken by big businesses and the rising demand for imitation jewelry, there are several chances for market expansion.
Some of the major players operating in the costume jewelry market are:
• Avon Products, Inc.
• LVMH Group
• Compagnie Financière Richemont SA
• Buckley London
• DCK Group, Stuller, Inc.
• Giorgio Armani S.p.A.
• Yurman Design Inc.
• H.Stern Jewelers, Inc.
• Randa Accessories
Key Segments cover in the market:
By Distribution Channel:
• Offline Stores
• Online Stores
• North America (U.S., Canada, Mexico)
• Europe (Germany, France, U.K., Italy, Spain, Rest of Europe)
• Asia-Pacific (China, Japan, India, Rest of APAC)
• South America (Brazil and the Rest of South America)
• The Middle East and Africa (UAE, South Africa, Rest of MEA)
About the report:
The market is analyzed based on value (USD Billion). All the segments have been analyzed worldwide, regional, and country basis. The study includes the analysis of more than 30 countries for each part. The report analyzes driving factors, opportunities, restraints, and challenges for gaining critical insight into the market. The study includes porter’s five forces model, attractiveness analysis, product analysis, supply, and demand analysis, competitor position grid analysis, distribution, and marketing channels analysis.
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