Undying Significance of Personal Adornment to Enhance Beauty, Personality & Style Supports Growth in the Global Costume Jewelry Market

Universal importance of personal adornment in virtually all cultures and societies and the ensuing consumer penchant for fashionable, magnificent and affordable jewelry is poised to drive the global market for Costume Jewelry to reach US$42 billion by 2024.

Costume jewelry, also termed fashion jewelry, refers to accessories donned complementing the apparel trend or styles. Growing consumer preference for fashionable, yet affordable jewelry is a major factor driving growth in demand for costume jewelry. Fashion savvy consumers are constantly on the lookout for varied choices and trendy products that are truly reflective of their lifestyles. Demand for costume jewelry is also driven by growing population of fashion conscious teens. High participation of women in the workforce and increasing penchant for highly fashionable, yet unique pieces of jewelry over owning fine jewelry is a major factor promoting the demand for high-end fashion jewelry. Further, with the rise in tech-savvy population, and increasing penetration of smart phones and emergence of e-commerce apps, online shopping is emerging as an important retail channel in the jewelry space. Growing preference among men to stay stylish and trendy is also encouraging sales of men’s fashion accessories.

With purchase of costume jewelry often coinciding with the purchase of apparel, the industry is also witnessing international apparel makers foray the costume jewelry market. For decades, the jewelry industry has been trailing traditional designs and craftsmanship. However, with the young generation of consumers being more vocal in their desires, individuality and expectations, there is a continual trend towards deigning of creative, genuine, and distinct assortments. The jewelry industry is gradually adapting to the emerging technological advancements, which contributed towards revolutionizing many other sectors. Computer-aided design (CAD), 3D printing, and augmented reality are now presenting an entirely new way of designing, creating, and shopping for jewelry. The fashion industry is also witnessing increasing adoption of technology for designing innovative, connected fashion jewelry, clothing and footwear. The use of innovative fabrics and raw materials with connected apps is anticipated to deliver plethora of options and enable brands to deliver customized products and user experiences.

As stated by the new market research report on Costume Jewelry the United States represents the largest market worldwide. Asia-Pacific ranks as the fastest growing market with a CAGR of 7.2% over the review period, led by factors such as increase in discretionary spending by women and younger generation on fashion accessories, rapid growth in the Asian economies, expanding teen populace, and entry of high-end fashion designer brands.

Major players in the market include Avon Products Inc., BaubleBar, Buckley London, Chanel SA, DCK Concessions, Gianni Versace S.p.A, Giorgio Armani S.p.A., Gucci Group NV, GUESS, Inc., Halcyon Days, H & M Hennes & Mauritz AB, H. Stern S.A, K&M Accessories, LVMH Group, Louis Vuitton, PANDORA A/S, PRADA, Roman Research, Inc., Swarovski Group, and Zara among others.

The research report titled “Costume Jewelry – Market Analysis, Trends, and Forecasts” announced by Global Industry Analysts Inc., provides a comprehensive review of market trends, growth drivers, product innovations and strategic industry activities of major companies worldwide. The report provides market estimates and projections for sales of Costume Jewelry in US$ for all major geographic markets- US, Canada, Japan, Europe (France, Germany, Italy, UK, Spain, Russia, and Rest of Europe), Asia-Pacific (China, India, and Rest of Asia-Pacific), Latin America (Brazil and Rest of Latin America), and Rest of World. The global market for Costume Jewelry is also analyzed by the segments Ear Rings, Necklaces, Bracelets, & Chains, Rings, Brooches, Pendants, & Pins, Cuff Links, & Studs, and others.

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