According to the global costume jewelry market research report by IMARC Group, the market reached a value of US$ 33.1 Billion in 2022, and it is projected to reach a value of US$ 49.3 Billion by 2028, exhibiting a CAGR of 6.5% during 2023-2028.
Costume jewelry, also known as fashion jewelry, includes accessories or decorative items typically produced with simulated stones and semi-precious base metals such as brass, copper, silver, and aluminum that can easily bend and tarnish. It can also be made from inexpensive materials, including ivory, plastic, terracotta, glass, pearls, beads, non-precious metals, synthetic stones, textiles, leather, and metals plated with precious metals, such as gold. Since it helps the wearer add aesthetics, enhance beauty, and offer versatility cost-effectively, costume jewelry is gaining immense traction across the globe.
The global costume jewelry market is primarily driven by rising fashion trends due to increasing consciousness regarding personal appearances and inflating consumer disposable incomes. Moreover, the escalating demand for affordable accessories such as costume jewelry, owing to the rising working population, is positively influencing the market growth. Additionally, numerous product innovations, such as the launch of customized costume jewelry engraved with specific quotes, names, patterns, and colors to add uniqueness and emotional connection, have catalyzed the market growth.
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Furthermore, the surging adoption of aggressive promotional activities, including celebrity endorsements and numerous discount offers, is contributing to the market growth. Other factors, including the rising internet penetration, easy product availability through online and offline retail channels, and escalating demand for men’s costume jewelry, are also anticipated to propel the market growth.
The competitive landscape of the market has been studied in the report with the detailed profiles of the key players operating in the market.
Avon Products Inc. (Natura & Co), Buckley London, Chanel, Compagnie Financière Richemont SA, David Yurman Enterprises LLC, Gianni Versace S.r.l. (Capri Holdings Limited), Giorgio Armani S.p.A., H & M Hennes & Mauritz AB, H.Stern Jewelers, LVMH Moët Hennessy Louis Vuitton, Pandora A/S, Prada S.p.A., Stuller Inc. and Yanbal.
The report has been segmented the market into following categories:
Breakup by Product Type:
- Necklaces and Chains
- Cufflinks and Studs
Breakup by Gender:
Breakup by Distribution Channel:
- Asia Pacific
- North America
- Middle East and Africa
- Latin America
On the geographical front, Asia Pacific enjoys the leading position in the market. This can be attributed to the rising establishment of international companies in the region, on account of low manufacturing costs and cheap labor.
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