Costume jewelry is produced from inexpensive materials and is also known as fashion jewelry, trinkets, imitation jewelry, fake jewelry, and junk jewelry. It is primarily produced from inexpensive materials such as metals, beads, synthetic stones, glass, ivory, plastic, and colored stone jewelry. Pins, backings, and fabricated metals are some of the other raw materials used to produce costume jewelry. They are inexpensive compared to jewelry made up of precious materials such as gold and silver. They are mainly worn as a fashion statement as it enhances the appearance of the person. They involve low-maintenance costs and can be carried safely anywhere. Bracelets and bangles, earrings and finger rings, necklaces and pendants, and anklets &toe rings are some of the types of costume jewelry.
The U.S. Costume jewelry market is estimated to account for around US$ 17.04 billion in terms of value in the year 2022 and it predicted to grow at a CAGR of 6.4% during the forecast period (2023-2030)
Drivers
The increasing introduction of major brands is expected to fuel the overall growth of the U.S. costume jewelry market. Leading brands are creating potential opportunities for long-term growth in the organized U.S. costume jewelry market currently. Major brand is introducing a variety of products and designs in order to meet the rising demand is further projected to foster the overall growth of the costume jewelry market in the U.S.
Market Opportunities
Increasing online sale of costume jewelry is expected to hamper the market growth over the forecast period. For instance, in March 2020, Chanel S.A. launched its first e-commerce website in order to extend its reach and to expand customer base. Also, in December 2020, Gianni Versace Spa unveiled its renovated website combined with the brand’s e-commerce platform. This is expected to offer enormous growth opportunities to the market of U.S. cosmetic jewelry.
Market Restraints
The U.S. costume jewelry market has high intensity of brand loyal consumer that prefer well-established brands, due to this they are reluctant to switch to newer brands introducing in the market. Moreover, the U.S. costume jewelry industry is mainly dependent on imports for raw material required to produce finish products. Most of the time the import of raw materials is influenced by currency exchange rates and variation in the exchange rates affect the profit margins of players. This is expected to hamper the growth of the U.S. costume jewelry market.
Key Takeaways:
On the basis of product type in 2022, the earrings & finger rings segment has accounted the largest market share of 34.6% in terms of value, followed by necklaces and pendants and bracelets and bangles.
Market Trends
Evolving fashion trends coupled with the major players are introducing the innovative and trendy design of costume jewelry is expected to foster market growth. Moreover, the rising demand for costume jewelry, which is stylish but not costly, is also expected to augment the market growth. Furthermore growing men accessories market such as bracelets, cufflinks, neckpieces, collar bars, and so on is further expected to boost the market growth.
The rising trend of customized costume jewelry in the region will favor market growth. According to the Coherent Market Insights analysis, Trollbeads, Pandora, and Chamilia have introduced the idea of jewelry customization which allows the consumer to go for different colors, designs, and metals or materials, which is raising demand for customized jewelry. This is expected to fuel the growth of the U.S costume jewelry.
Competitive Section:
Key players operating in U.S. costume jewelry market are Chanel S.A, Guess Inc., Gianni Versace S.p.A, Alex and Ani, LLC, Pandora A/S, LVMH Moët Hennessy Louis Vuitton SE, Hermes International SA, Hennes & Mauritz Ab, ZARA ESPANA SA, and Gucci
Few Recent Developments
Guess Inc.
Key Developments:
- In December 2020, the company opened a retail store in Asunción, Paraguay in order to expand its presence in the market in Latin America.
In February 2021, the company opened its first retail store in Harajuku, Tokyo in order to expand its presence in the market in Japan.
