COSTUME JEWELRY MARKET ANALYSIS

Costume Jewelry MarketSize and Trends

Market Dynamics  

• Increasing inclination of population towards aesthetic appearance, growing fashion consciousness, and changing standards of living are the key factor driving costume jewelry market growth. Costume jewelry is in high demand among working women, teenagers, and corporate people. Innovation and adoption of new technology in costume jewelry helps to attract the customers. Different type of raw materials are used to make costume jewelry such as synthetic stones, semi-precious stones, glass, plastic, lac, terracotta, pearl and metals, which makes costume jewelry look different than traditional gold and silver jewelries. Owing to such benefits, costume jewelry are extensively adopted by the population. Therefore, increase in upper medium income group across the world is projected to propel demand for costume jewelry over the forecast period. The demand for costume jewelry is not limited to wedding season or specific occasions
• Popularity of costume jewelry among different age group across the globe is creating immense opportunity for growth of the market. According to a report by Gem and Jewelry Export Promotion Council (GJPEC) 2017, total export of costume fashion jewelry in 2016, from India was US$ 67 Million, which grew by 116.1% from the previous year.

Market Trends

• Among product types, necklaces and chains segment accounted for the highest market share in the market in 2017. Necklaces and chains have gained significant traction in the market due to ease of use in carrying and storage. Furthermore, it is inexpensive and doesn’t require much security and attention.
• Among distributional channel, supermarket segment dominated the market in 2017, owing to availability of many different brands of jewelry in the same place, which gives consumer wide variety of costume jewelry. The segment is projected to have dominant position in the market over the forecast period.
• North America held highest market share in the global market in 2017. The region is projected to maintain its dominance over the forecast period, owing to increasing online retail market, increase in prices of gold, silver and diamond and affordable prices of costume jewelry help to boost the costume jewelry market.
• Asia Pacific is projected to be the fastest growing region in the market over the forecast period, owing to factors such as rising disposable income, abundant availability of raw materials, urbanization & westernization, and growth of e-commerce websites. Emerging economies such as China and India are creating immense opportunities for growth of the market.