U.S. Costume Jewelry Market Projected To Witness High Growth Owing To Rising Fashion Consciousness

U.S. Costume Jewelry Market

The U.S. costume jewelry market involves accessories, ornaments or jewelry imitating fine jewelry made with precious metals and gemstones. Costume jewelry comprises fashion jewelry made of non-precious materials like glass, plastics, silver-plated metals, pearls or base metal alloys. It is a much more affordable alternative to precious jewelry. The market is driven by rising fashion consciousness among consumers along with increasing spending on personal accessories. Costume jewelry allows consumers to experiment with different styles and designs at pocket-friendly prices.

The U.S. costume jewelry market is estimated to be valued at US$ 20.89 Mn in 2024 and is expected to exhibit a CAGR of 5.9% over the forecast period 2024 to 2031.

Key Takeaways

Key players operating in the U.S. costume jewelry are Coty UK, Procter & Gamble Prestige Beaute, L'Oreal, LVMH, Givaudan, International Flavors & Fragrances, Estee Lauder Beautiful, and KilianFirmenichSymrise. These players are focusing on new product launches catering to the changing fashion trends.

The key opportunities in the market include expanding existing product lines, entering U.S. Costume Jewelry Market Demand and adopting celebrity endorsements and influencer marketing strategies to increase brand visibility. There is high growth potential in tier 2 and 3 cities driven by growing fashion awareness.

Globally, companies are focusing on market expansion opportunities in emerging markets through strategic partnerships and acquisitions. Rising international tourism is also driving the sale of costume jewelry as travel retail products.

Market Drivers

Changing fashion trends and rising fashion consciousness among millennials and Gen Z are driving the purchase of affordable yet trendy costume jewelry pieces. Social media further fuels fashion trends and influences consumers’ jewelry preferences.

Market Restraints

Presence of counterfeit products offered at lower prices impacts the sales of established brands. Stringent regulations regarding the use of harmful chemicals in jewelry production also increases compliance costs for manufacturers.

Segment Analysis

In U.S. Costume Jewelry Market, the bracelets and necklaces segments are dominating due to their wide popularity and usability. Bracelets accounts for the highest share as they are affordable, trendy and give a complete look to outfits. With increasing influence of fashion trends and celebrity culture, bracelets segment is witnessing massive growth in sales. The necklaces comes second with attractive designs, elegant looks and available in all price range which makes them a preferred choice across all age groups and occasions. Earrings and rings follow next due to rising trend of multiple ear piercing and stacks rings look respectively. Anklets are the emerging segment due to hot weather trends and influence of beach fashion.

Global Analysis

Regionally, North America holds the largest share in the market and is expected to maintain dominance over the forecast period. Rise in fashion consciousness coupled with presence of key players in the region drives market growth. Mexico and United States are the major contributors being early adopters of fashion trends. Europe holds the second largest share with Italy, UK and France emerging as major costume jewelry hubs. Presence of large number of designers and affordable luxury in jewelry drives the market. Asia Pacific is the fastest growing region on back of increasing disposable income, western influence and influence of social media. China and India are expected to emerge as lucrative markets whereinJapan dominates the high-end costume jewelry segment. Latin America and Middle East & Africa offer substantial growth opportunities attributable to hot climate, festivals and ceremonies demanding fashion jewelry.

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