Latest News- Costume Jewelry Market: Female is expected to lead the End-user segment during 2024-2028

The Costume Jewelry Market is being driven by Rise in number of fashion-conscious consumers

The Costume Jewelry Market is expected to grow at a CAGR of 8.28% during 2023 and 2028. During this period, the market is also expected to show a growth of USD 21.17 billion. The global costume jewelry market is undergoing a transformative trend, with a heightened focus on innovative designs taking precedence, particularly in the premium segment. Consumers are increasingly seeking distinctive and unique accessories, prompting the costume jewelry industry to respond with a surge in creativity and meticulous craftsmanship. Premium costume jewelry, characterized by the use of higher-quality materials and intricate designs, is capturing the attention of discerning customers who value both style and substance. Design innovation has emerged as a critical differentiator for brands, with an emphasis on creating pieces that resonate with individuality and artistic expression. This trend is particularly pronounced as consumers shift towards purchasing narrative, one-of-a-kind products, rather than generic, mass-produced merchandise. 

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Which Factors Are Causing a Surge in Market Growth?

The market is segmented based on

• End-user
  • Female
  • Male
• Distribution Channel
  • Offline
  • Online
• Geography
  • North America
    • US
  • Europe
    • Germany
    • UK
  • APAC
    • China
    • Japan
  • South America
  • Middle East and Africa

According to Technavio, There are several factors that are causing the market to flourish during the forecast period, which are as follows: 

• Rise in number of fashion-conscious consumers
• Affordable pricing of costume jewelry
• Growth in online retailing and number of experience centres globally

However, the market also witnesses some limitations, which are as follows:

• Competition among established vendors and from unorganized sectors
• Lack of durability of costume jewelry
• Presence of counterfeit products for costume jewelry in e-retailing space

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Market Scope in Costume Jewelry Market Research Report

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Research Analysis Overview

The costume jewelry market is experiencing a surge in growth due to several factors, including the trend towards customization and personalization, increased internet consumption, and the young age population's affinity for fashion. Western brands dominate the market, offering a wide range of fashion jewelry through online portals, specialty stores, and retail shops. Distribution channels have expanded to include e-commerce sites, concept stores, and retail sales. Consumer behavior plays a significant role in the market's growth, with fashion-conscious consumers seeking affordable, trendy accessories. The male segment, traditionally underserved, now accounts for a growing share of costume jewelry sales through studs, cufflinks, and other accessories. Gender segmentation is also a key factor, with necklace designs and ring collections popular among females. The global economy's current state has led to increased demand for artificial jewelry products made from metals like lead, cadmium, nickel, and semi-precious stones. Fashion trends continue to influence consumer preferences, with brass and copper emerging as popular materials. The costume jewelry market is expected to continue growing, driven by these factors and the increasing disposable income of consumers worldwide.

Market Research Overview

According to Technavio, the global costume jewelry market is a segment of the broader textiles, apparel, accessories, and luxury goods market. This market encompasses businesses involved in the manufacturing and marketing of textiles, apparel, accessories, and luxury goods, including rental services, excluding footwear manufacturers. The expansion of the global apparel, accessories, and luxury goods market is driven by several factors, most notably the growing working women population. This demographic trend is boosting household disposable income and increasing consumer spending on fashion items and accessories.. Industries are leveraging the products belonging to the market for customer engagement, transactional notifications, and promotional offers.

Technavio Research
Jesse Maida
Media & Marketing Executive
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UK: +44 203 893 3200
Email: media@technavio.com
Website: www.technavio.com/