by Costume jewelry, also known as fashion jewelry, includes imitation jewelry that is made to look similar to real gems and precious metals but uses non-precious materials like glass, plastics and alloy. Costume jewelry products such as necklaces, earrings, rings and bracelets are affordable, trendy and sustainable accessories that complement fashion apparels and personal style. With the ever-evolving fashion trends and rising disposable incomes, costume jewelry has become a fast growing segment in the U.S. jewelry industry. Young consumers in particular are more inclined towards colorful, trendy and budget-friendly costume jewelry options to match their versatile wardrobes and statement looks.
The global U.S. Costume Jewelry Market is estimated to be valued at US$ 18.13 Bn in 2023 and is expected to exhibit a CAGR of 5.9% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.
Market key trends
One of the key trends gaining traction in the U.S. costume jewelry market is the rising popularity of statement jewelry pieces. Bold, colorful and oversized neckpieces, bracelets, earrings and rings are in high demand amongst fashionistas to make a style statement. Sustainable and eco-friendly jewelry utilizing plant-based, recycled or organic materials are also witnessing increased uptake. Moreover, costume jewelry pieces inspired by pop culture icons are a major trend, with brands launching collections themed on popular movies, shows and celebrities. Digital media plays a key role in promoting new collections and trends. Live shopping events on social commerce platforms allow consumers to purchase directly from livestreams featuring new products and trends. Advancing technology is another driver, with 3D printing enabling complex, detailed designs at affordable prices.
Porter’s Analysis
Threat of new entrants: The threat of new entrants into the costum jewelry market is moderate. While being a niche market provides opportunities, the market is already dominated by large established brands with strong brand recognition and distribution channels.
Bargaining power of buyers: The bargaining power of buyers is high as there are many options available to choose from. Buyers can easily switch between brands based on price, quality, and design.
Bargaining power of suppliers: Suppliers have moderate bargaining power as raw materials required for costume jewelry are commodity items and abundantly available. However, established suppliers have contractual agreements with major brands.
Threat of new substitutes: The threat of substitutes is moderate as real gold and diamond jewelry still remain aspirational for many. However, lab-grown diamonds and moissanite stones offer cheaper alternatives.
Competitive rivalry: The market is highly competitive with major brands fighting for market share. Price wars and new product launches are common practices.
Key Takeaways
The Global U.S. Costume Jewelry Market Demand is expected to witness high growth. The global U.S. Costume Jewelry Market is estimated to be valued at US$ 18.13 Bn in 2023 and is expected to exhibit a CAGR of 5.9% over the forecast period 2023 to 2030.
Regional analysis: North America currently holds the major market share primarily due to high disposable income. However, Asia Pacific region is expected show fastest growth during the forecast period with countries like China and India emerging as high potential markets. This is attributed to rising middle class population and increasing spending on fashion accessories in the region.
Key players operating in the U.S. Costume Jewelry market are Coty UK, Procter & Gamble Prestige Beaut, L’Oreal, LVMH, Givaudan, International Flavors & Fragrances, Estee Lauder, Beautiful, Kilian, Firmenich, Symrise. Major players are focusing on new product launches and innovations to cater to evolving consumer tastes. They are also adopting strategies like mergers, acquisitions and partnerships for business expansion.
*Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it
