Global Costume Jewelry Market is expected to foresee significant growth during the forecast period. Asia-Pacific to witness the highest growth
Global Costume Jewelry Market is expected to reach the market valuation of US$ XX million by 2027 expanding at a reasonable CAGR of XX% during the forecast period (2021-2027) from US$ XX million in 2020. Costume Jewelry is also known as fashion jewelry which is used to compliment fashion or general outfits. It also provides an easy-on-the-pocket way to add charm, glamour, and fashion. Fashion jewelry is made of materials such as plastic, glass, plain steel, copper, and others that make it more economical. The costume jewelry market across countries such as United States, China, South Korea has traditionally supported a large and highly competitive domestic costume jewelry industry. In addition, practically every country with a costume jewelry industry does some exporting to the neighboring countries. The Competition in the costume jewelry marketplace is based on a variety of factors. Some of them are price, quality, design, service, availability of the product, and promotional incentives
The emerging prices of precious stones such as diamond, gold, and silver are one of the key factors contributing to the growing demand for costume jewelry. As per the World Gold Council, the gold prices have increased from USD 41.51 per gram on 1 Jan 2018 to USD 60.69 per gram on 1 Jan 2021.
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Also, the demand of the diamond witnessed a rise owing to the growing demand and fewer imports due to COVID-19. between January and June 2019, the Antwerp World Diamond Center (AWDC) imported approximately 39.7 million carats of rough diamonds, and in the same timeframe in 2020, imports were 31.9 million carats. Accordingly, the AWDC’s rough diamond imports dropped by 20% during the same period in 2020 as a result of the COVID-19 pandemic, and the center’s exports of polished diamonds decreased by 46%.
A rise in the number of working women globally coupled with the surging disposable income is also a factor driving the demand for costume jewelry, globally. As per the World Bank, the women labor force, globally stood at 38.83% in 2014 which increased to 38.88% in 2019. However, the COVID-19 pandemic adversely impacted the count of women workforce. As per the Catalyst, six countries which are China, Italy, Japan, South Korea, the United Kingdom, and the United States) found that women are 24% more likely to permanently lose their jobs compared to menWith very few social gatherings and grand wedding events happening due to Covid-related restrictions, the demand for costume Jewelry has dropped significantly, and manufacturers have cut production to almost half compared with pre-pandemic days. Concern about the impact of the coronavirus on the diamond and jewelry trade is growing, not only in China but also in the markets that supply China, like Hong Kong and India. Events have been canceled, retail sales have plummeted and the outbreak of the virus in China has already had a ripple effect on diamond Supply Chains.
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Based on the Product Type, the market is mainly fragmented into Necklaces & Chains, Earrings, Rings, Cufflinks & studs, Bracelets, and Others. The necklace and chains segment dominated the market in 2020 and gathered XX% in 2020. Moreover, the segment is anticipated to maintain its dominance during the analyzed period. The demand for this segment is witnessing an uptick on account of the offering of the best quality products at reasonable prices.
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Additionally, the report provides detailed initiatives that are being taken in the field of Costume Jewelry. The market is classified into distinct regions including North America (the U.S, Canada, Rest of North America), Europe (Germany, France, Spain, Italy, and United Kingdom and Rest of Europe), Asia-Pacific (China, Japan, Australia, India, South Korea, and the Rest of APAC), Rest of World has been conducted. Asia-Pacific region dominated the market with US$ XX million in 2020. However, the Asia-Pacific region is expected to witness the highest CAGR during the forecast period on account of the rising disposable income of end-users in the countries such as China, India, and Japan.
Global Costume Jewelry Market Segmentation
Market Insight, by Product Type
- Necklaces & Chains
- Cufflinks & Studs
Market Insight, by Gender
Market Insight, by Mode of Sale
Market Insight, by Region
- North America
- United States
- Rest of North America
- United Kingdom
- Rest of Europe
- South Korea
- Rest of Asia-Pacific
- Rest of World
Top Company Profiles
- Swarovski Group
- Avon Products, Inc.
- Buckley London
- DCK Group
- Giorgio Armani S.p. A.
- H.Stern Jewelers, Inc.
- LVMH Group
- Randa Accessories
- Stuller, Inc.
- Yurman Design Inc