The costume jewelry market is expected to grow at a compound annual growth rate (CAGR) of 7.9% during the forecast period from 2021 to 2030.
Costume jewelry is a range of jewelry products made with inexpensive raw materials, such as artificial stones, gems, glass, brass, aluminum, etc. These fashion accessories are used as an addition to compliment the outfit.
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Growing consumer interest in fashionable and affordable jewelry is expected to boost the growth of the market during the forecast period. Moreover, countries like China, Brazil, and India are witnessing high adoption of fashion jewelry that can significantly fuel the growth of the market during the analysis period. Apart from that, increasing fashion consciousness in females and the growing adoption of jewelry such as bracelets, necklaces, and rings would boost the growth of the market.
Changing lifestyles, a rise in disposable income, and expensive precious metal jewelry are also expected to foster the growth of the costume jewelry market.
The market growth is also influenced by the appealing advertisements portraying celebrities to boost the demand among viewers. The innovative packaging adds another factor to surging demand. Apart from that, developing urbanization and the growing trend in men wearing immense pieces of jewelry, such as necklaces, rings, and bracelets, are forecasted to offer potential opportunities to the key players.
On the contrary, rising prices of raw materials can hamper the growth of the overall market.
The Asia-pacific region is expected to hold a maximum share in the global costume jewelry market during the analysis period. Countries like India and China are witnessing a rapid transformation in lifestyles, which can further contribute to the growth of the costume jewelry market. Moreover, the consumer shift to the urban area is expected to pave the market’s way toward growth. Hence, these factors will collectively surge the growth of the global costume jewelry market during the analysis period.
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The COVID-19 spread severely impacted the growth of the global costume jewelry market for several months, owing to the strict rules in various countries that prohibited public gatherings and celebrations.
Moreover, insufficient raw material and pause on travel services further hampered the manufacturing activities. It also reduced the chances of innovation. Hence, COVID-19 had abruptly affected the global costume jewelry market.
Moreover, traditional jewelry stores had to shut their doors due to the strict lockdown restrictions. The shutdown of these stores halted the trade activities. Hence, the global costume jewelry market was severely impacted during the COVID-19 pandemic.
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Middle East & Africa (MEA)
Avon Products Inc., (United Kingdom)
Compagnie Financiere Richemont SA (Europe)
Giorgio Armani S.p.A.(Europe)
H.Stern Jewelers Inc. (United States)
Yurman Design Inc. (United States)
The Colibri Group. (United States)
Channel S.A. (United States)
Gianni Versace S.p.A.(Europe)
H & M Hennes & Mauritz AB(Europe)
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