The global costume jewelry market size was valued at USD 40.98 billion in 2022. It is estimated to reach USD 79.22 billion by 2031, growing at a CAGR of 7.6% during the forecast period (2023–2031).
Costume jewelry is manufactured from less expensive materials than more expensive ones like diamond, gold, platinum, and other materials like stones and pearls. Costume jewelry is also known as imitation, trash, trinkets, phony, and fashion jewelry. It comes in various styles, including bangles, finger rings, earrings, and neckpieces, giving customers many options for the items they want. Custom jewelry consists of fashion pieces worn to complement an attire.
Costume jewelry is produced using various raw materials, including metals, glass, beads, plastic, synthetic stones, ivory, and semi-precious stones. Pins, backings, and metal produced are additional raw materials used to create costume jewelry. Also used in the creation of costume jewelry include pearls and semi-precious metals, including silver, brass, and aluminum. Costume jewelry is popular among women, office professionals, and youths.
Manufacturers are revising their marketing and branding plans for their goods to boost sales in diverse nations. The manufacturing companies have used creative techniques to boost costume jewelry sales, including new product launches with semi-precious stones that look natural, daring jewelry designs, and brilliant stones etched in nicely packed chains. Since costume jewelry is convenient, inexpensive, and simple to use while traveling or attending social gatherings, customers, particularly women, choose it as it becomes an increasingly important part of personal style. Using copper and brass as primary materials to create these goods, which have no adverse effects on the skin, is a common tactic manufacturers use to attract more clients. This has further helped increase the revenue of companies operating in this industry. Collectively, all the strategies adopted by the manufacturers are driving the growth of the global costume jewelry market.
Increasing consciousness about external beauty among individuals has boosted the adoption of costume jewelry in the market. A rise in fashion consciousness has been observed among younger women. Rapidly changing fashion trends in various regions increase customers' need for affordable and stylish jewelry. In addition, costume jewelry such as rings, bracelets, and chains has gained demand from both men and women. Semi-precious stone engraved necklaces are in high demand among women aged between 45 and 65. Moreover, the trend of using costumes and artificial jewelry among individuals across varied age groups is boosting the growth of the global costume jewelry market.
The EU's common Commercial Policy covers all the essential measures affecting trade in products, goods and services, and all trade-related issues. For health reasons, the EU adopted a directive on the control of the usage of Nickel in jewelry products intended to be in contacts with the skin, such as necklaces, bracelets, and rings. The law has been implemented since January 2007. In addition, the Fashion Jewelry & Accessories Trade Association (FJATA) enforced the ASTM F2923-11 standard for cadmium usage in children's costume jewelry in 2014. As per this law, companies manufacturing costume jewelry have to restrict the use of cadmium. The association has further created standards for adult jewelry to label costume jewelry containing over 200ppm lead by weight in the jewelry. All these laws and standards create a difficult environment for manufacturers to operate globally, restricting market growth.
The market for artificial and imitation jewelry products will expand quickly in the next few years. However, it is expected to remain a small part of mainstream products such as gold or silver ornaments in terms of overall sales (during the forecast period). In terms of sales, the largest potential lies in earrings, bracelets, and rings in the global costume jewelry market. Customers prefer to use costume jewelry products that are less harmful and have minimum side effects. Furthermore, manufacturers will likely use semi-precious metals such as brass and copper to cater to consumer needs. Many key players in the market, such as Buckley London, Yurman Design, Inc., and Avon Products, Inc., are planning to invest in marketing strategies to promote the beneficial aspects of their costume jewelry products. Therefore, such efforts by key players and the rising demand for artificial jewelry create tremendous opportunities for market growth.
The global costume jewelry market is segmented by product type, application, and mode of sale.
Based on product type, the global costume jewelry market is bifurcated into necklaces and chains, earrings, rings, cufflinks and studs, bracelets, and others.
The necklaces and chains segment owns the highest market share and is projected to exhibit a CAGR of 6.8% over the forecast period. A necklace or chain is a simple body chain worn around the neck, wrists, and ankles. These chains are made of metal jewelry chains, primarily copper, plated brass, and nickel silver. Costume necklaces consist of a series of gemstones linked together as a chain. Higher disposable incomes leading to a rise in purchasing power, the emergence of delicate necklace designs, change in style and dressing, and a rise in fashion consciousness among urbanites drive the growth of the necklaces and chains industry. In addition, an increase in night parties, cocktail parties, and corporate events has dramatically influenced the ever-evolving fashion scenario for necklaces worldwide.
A ring is a round band worn around the finger as an ornamental piece of jewelry. However, toe rings, neck rings, and arm rings are not considered under this segment. The costume ring collection ranges from simple classic bands to bold, colorful stone rings. Leather and metal rings are most widely used to compliment the attire. In addition, evolving fashion trends across the globe have encouraged market players to launch trendy products according to the current fashion in the market to cater to consumer demand. Changing fashion trends, such as traditional jewelry, and increased awareness about costume jewelry have expanded the rings segment. Furthermore, growth in the global economy, upgraded designs, and improvements in purchasing parity of consumers are expected to drive market growth significantly.
Based on gender, the global costume jewelry market is divided into males and females.
The female segment is responsible for the largest market share and is anticipated to exhibit a CAGR of 7.4% over the forecast period. Female customers are nominally above male customers in jewelry consumption in the costume jewelry market. Women prefer costume jewelry, as these types are disposable and inexpensive and can be used as an accessory to be worn with some specific outfit. Presently, women of all age groups prefer semi-precious stone jewelry. This has made jewelry manufacturers enter a new costume or artificial jewelry segment. In addition, changes in lifestyle and demographic dividend, a rise in awareness of skin care and allergies, and customization of jewelry designs are expected to boost the costume jewelry market. Superior quality, comfort, and varieties in designs offered by these jewelry manufacturers attract customers to purchase costume fashion accessories and jewelry, thereby augmenting the growth of the global market.
Considering the overall jewelry market, most buyers are females, similar to other fashion accessories markets, and the share of male customers is comparatively lower. However, fashion-conscious men have started wearing bracelets, chains, and rings as a trend. The market for cufflinks and studs has recently gained traction, and male customers are the primary targets for companies. Change in work patterns, lifestyle changes, and increased awareness about personality representation has fueled the demand for costume jewelry among men. Moreover, the rise in metrosexual men, the surge in acceptance of men's jewelry, and the increase of celebrity culture, with influencers such as Bollywood and Hollywood actors, have a notable impact on how men dress, thus fostering market growth.
Based on the mode of sale, the global costume jewelry market is segmented into retail sales and online sales.
The retail sale segment owns the highest market share and is predicted to grow at a CAGR of 7.2% during the forecast period. For costume jewelry manufacturers, retail shops are the primary medium and serve as an ideal platform to reach customers and analyze their needs. By analyzing consumer behavior and buying patterns, manufacturers can improve their existing products and innovate new products. Increased consumer interest in artificial and costume jewelry is the prime factor that fuels the costume jewelry market. Recently, a systematic change has been observed in the pattern of distribution channels, such as specialty stores, which have expanded globally. In addition, operating players in the market are expanding the number of concept stores to increase their market reach.
The convenience offered by online platforms is a primary factor that fuels the growth of online portals in the costume jewelry market. Furthermore, online platforms serve as a popular medium for the purchase of fashion jewelry among consumers. The increase in consumers' preference for purchasing imitation and junk jewelry online has encouraged many new market entrants to launch their e-commerce sites where consumers can buy the required products. The average young age population, attraction toward western brands, and increased internet consumption/usage in developing countries fuel the market growth. In addition, the increase in penetration of various online portals in developing regions has supplemented the market growth for the online market.
North America Dominates the Global Market
Based on region, the global costume jewelry market is bifurcated into North America, Europe, Asia-Pacific, and LAMEA.
North America is the most significant global costume jewelry market shareholder and is anticipated to exhibit a CAGR of 6.9% during the forecast period. The demand for designer and trendy jewelry has significantly increased sales in North America, one of the most developed regions. International companies operating in the North American market, notably in the United States, face fierce competition due to growing concerns about the standards and quality of jewelry. In addition, the North American market for costume jewelry is primarily driven by affordability, awareness of one's look, and a desire for highly fashionable and unusual pieces. Increased volume sales are to blame for the rise in costume jewelry industry revenue in the US. This is a result of jewelry made of gold and silver continuing to increase in price. Further, the popularity of bracelets, rings, and necklaces and chains is estimated to rise due to the expansion of e-commerce and social media penetration in the area.
Asia-Pacific is predicted to grow at a CAGR of 8.4% over the forecast period. Asia-Pacific is experiencing a significant market expansion due to increased disposable income and improved living conditions. Due to the influence of beauty shows, television programs, and publications in several Asia-Pacific countries, customers must keep their image conscious. Likewise, a preference for western culture, a rise in awareness of affordable jewelry designs, and the growth of the imitation jewelry market in tier 2 cities have all contributed to a general acceptance of costume jewelry, which has, in turn, fueled the market expansion. In addition, manufacturers of semi-precious jewelry have focused on expanding their presence in the region due to Asia-Pacific's high growth potential resulting from improved economic conditions in most countries, a rise in living standards, and an increase in the desire to enhance physical appearance.
The growth of the European costume jewelry market is driven by innovation in new colored semi-precious stones and the fusion of Eastern and western delicacies in jewelry designs. In addition, changes in lifestyles of consumers in key countries of Europe, such as Russia, France, and Italy; a rise in consciousness toward personal appearance; and a surge in the female working population are expected to be the key factors fueling the growth of the in Europe. The rise in the trend of customized jewelry and the surge in demand for a combination of materials, like metal and wood or stone, has led to the introduction of new designs in the European market, which is anticipated to offer lucrative opportunities for market growth. Furthermore, many European companies are working on the latest designs to keep themselves updated with the market. For instance, the I AM Jewelry brand of Beeline Group adds new designs and highlights to its collection every two weeks. In addition, along with women, men have started using costume jewelry such as cufflinks and studs, chains, and bracelets, which significantly contributes toward the growth of the market in the region.
The LAMEA witnessed significant adoption and usage of costume jewelry owing to improvements in purchasing parity, enhanced standard of living, and availability of comprehensive jewelry options. The burgeoning population, fast-growing middle-class group, improving business regulations, and rising urbanization are the major factors that drive the growth of the LAMEA costume jewelry market. The expansion of distribution channels by the market players has driven the sales of imitation and artificial jewelry. Men's costume jewelry stores are gaining popularity and are further anticipated to drive the regional costume jewelry market.
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