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The global Costume Jewelry Market Size is expected to reach a market size of $39.2 billion by 2022, rising at a CAGR of 7% during the forecast period.
Costume Jewelry also known as fashion jewelry, manufactured as ornamentation to compliment fashion or general outfits. Costume jewelry provides an inexpensive way to add glamour and fashion, as it is made of cheap materials, like plastic, glass, plain steel, copper and others. Earlier, costume jewelry was made of sterling silver or gemstones; however, Modernization has taken it to another level. Modern costume jewelry comes in a wide range of materials. Material like cubic zirconia, high end crystals, and semi- precious stones are now being used in place of diamond or precious stones. Some jewelry also comes with silver or gold plated colors, and some incorporate with wood, plastics and others. Costume jewelry is very popular among population, globally. It plays a very vital role in fashion industry.
A major factor driving the demand of costume jewelry has been the emerging trend of buying costume jewelry primarily by women. Research states that women buy more jewelry than men. Additionally, Companies dealing in the manufacturing of costume jewelry are located in almost every part of the world. Import and export of costume jewelry has been rapidly increasing across the nation. Many export and import have been linked with the wholesalers, merchandisers and also individual women. The factors driving the growth of costume jewelry market are fastest growing online sales, rapid urbanization, and growing fashion customers. Additionally, changing jewelry styles and high prices of good & silvers jewelries are also contributing in the growth of costume jewelry market.
However, lack of durability and import & export duty charges are some of the factors affecting the demand of costume jewelry market. The Costume Jewelry Market has been segmented on the basis of product type, gender, mode of sale, and region. Based on Product Type, the market is segmented into Bracelets, Necklaces & Chains, Earrings, Rings, Cufflinks & studs, and Others (Brooches, pendants, anklets, pins). Based on Gender, the market is segmented into Male and Female. Based on Mode of Sole, the market is segmented into retail and online. Based on Region, the costume jewelry market is segmented into North America, Europe, Asia-Pacific, and LAMEA (Latin America, Middle East and Africa).
The key players operating in Costume Jewelry market are Avon Product Inc., Buckley London, Swank, Inc., Cartier, Louis Vuitton, Giorgio Armani S.p.a, and Billig Jewelers, Inc.