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The market trends and analysis report covers an in-depth analysis of market growth factors such as the rise in a number of fashion-conscious consumers, the personalization and customization, and the competition among established vendors and from unorganized sectors.
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Companies are implementing various market growth and forecasting strategies by analyzing factors such as strategic alliances, partnerships, mergers and acquisitions, geographical expansion, and product or service launches, to enhance their presence in the market.
The market report also includes detailed analyses of the competitive landscape of the market and information about 20 market companies, including:
BlueStone Jewellery and Lifestyle Pvt. Ltd., Buckley Jewellery Ltd., Chanel Ltd., David Yurman Enterprises LLC, GBL Altair Pvt. Ltd., Giorgio Armani S.p.A., GlobalBees Brands Pvt. Ltd., Hstern Jewellery Ltd., Isharya, K and M Accessories, Khaiden Bijoux, LVMH Moet Hennessy Louis Vuitton SE, Randa Accessories Leather Goods LLC, Richline Group Inc., Signet Jewelers Ltd., Stella and Dot LLC, Stuller Inc., Sukkhi Online Pvt. Ltd., The Avon Co., Gianni Versace Srl, and Swarovski AG
Qualitative and quantitative analysis of market growth and trends of companies has been conducted to help clients understand the wider business environment as well as the strengths and weaknesses of key market players. Data is qualitatively analyzed to categorize companies as pure play, category-focused, industry-focused, and diversified. Furthermore, market growth and forecasting it is also quantitatively analyzed to categorize companies as dominant, leading, strong, tentative, and weak.
Our researchers analyzed the market research and growth data with 2023 as the base year, along with the key market growth analysis, trends, and challenges. A holistic analysis of drivers, trends, and challenges will help companies refine their marketing strategies to gain a competitive advantage.
The rise in the number of fashion-conscious consumers is the key factor driving the market. The influence of social media plays a pivotal role in young consumers. The surge in individuals placing a premium on personal style and following the latest fashion trends significantly contributes to the market expansion. As fashion consciousness becomes more pervasive, consumers are increasingly seeking versatile and affordable accessories to complement their outfits. The market benefits from its ability to offer a wide range of styles, allowing consumers to express their uniqueness and stay in vogue without a hefty price tag.
Additionally, as consumers strive to emulate the styles showcased by influencers, there is a growing inclination towards regularly updating accessories, providing a continuous boost to the market. E-commerce platforms further facilitate the connection between fashion-conscious consumers and the market, offering a seamless and convenient shopping experience. The global accessibility of online retail enables individuals to explore and purchase the latest trends from various regions, contributing to the market's overall growth during the forecast period.
Personalization and customization are the primary trends shaping the market. The need for unique pieces that express personal style and the growing need for self-expression are the driving forces behind this change.
Personalization enables customers to customize their accessories to fit their own tastes and adds to their sense of individuality. Customers can design pieces that are sentimental and unique to them by adding customizable elements like birthstones, engraved initials, or adjustable features. Also, brands are increasingly using technology to provide personalized experiences, allowing customers to view and customize their jewelry online before purchasing. This trend is consistent with the larger consumer trend of seeking products that reflect their identity and lifestyle.
Moreover, the rise of personalization is also visible in the shift towards sustainable and ethical fashion. Consumers are becoming more conscious of their environmental impact, and they are drawn to personalized jewelry that reflects their values, such as the use of recycled materials or responsibly sourced gemstones. Market players provide personalized services for all kinds of fine and fashionable jewelry like rings, pendants, bracelets, earrings, necklaces, and chains. Thus, such factors will drive the market during the forecast period.
Competition among established companies and from unorganized sectors is the major challenge that affects market expansion. The market is fragmented, owing to the presence of several global and regional companies. The market, however, is dominated by a few global companies that offer differentiated products in terms of quality and innovation. Competition among established vendors is intense. Major market players are Buckley London, The Avon Co., Swarovski, and BaubleBar. These companies offer branded products, such as bracelets, rings, necklaces, pendants, and earrings.
Furthermore, the presence of an unorganized market in emerging economies, such as India and China, is challenging for prominent market players. In various economies, consumers still prefer costume jewelry from brick-and-mortar stores. The growth of unorganized companies is high in this market, as they offer affordable costume jewelry as compared to branded or designer costume jewelry. Thus, such factors may hamper the growth of the market during the forecast period.
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The female segment is estimated to witness significant growth during the forecast period. Costume jewelry for women is usually made of base metals, such as brass, aluminum, or copper. It is commonly favored by women in recent times as it gives them an appealing look when using expensive materials such as semi-precious stones or synthetic stones that imitate precious metal jewelry also known as high-end jewelry. The female segment was the largest segment and was valued at USD 20.18 billion in 2018. Market players such as BaubleBar Inc. (BaubleBar), Buckley Jewellery Ltd. (Buckley Jewellery), Nykaa Fashion Pvt. Ltd. (Nykaa Fashion), Gianni Versace Srl (Gianni Versace), Giorgio Armani S.p.A. (Giorgio Armani), mainly focuses on providing fashion jewelry such as necklaces, rings, bracelets, and other products mainly for women. The contribution of sellers in the market and the interest of the female population will drive the growth of the market during the forecast period.
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The market is segmented by distribution channel into two categories such as offline and online. The offline segment will account for the largest share of this segment.?
North America is estimated to contribute 27% during the forecast period.
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Technavio's analysts have provided extensive insight into the market forecasting, detailing the regional trends and drivers influencing the market's trajectory throughout the forecast period. The US and Canada are among the major countries contributing to the evolution of the market in North America. The increasing demand from millennials and a wide variety of products available through the online distribution channel are expected to drive the growth of the market in North America. Furthermore, the increasing demand as an accessory for various occasions, such as festivals and weddings, is expected to drive the growth of the market.
Furthermore, market players are focusing on expanding their presence in the region through M&A (mergers and acquisitions), which will drive the growth of the regional market. In addition to this, companies are opting for various other expansion tactics, such as launching customized products, focusing on jewelry for men, and launching mixed design (a combination of feminine and masculine styles) costume jewelry. Hence, such factors are expected to drive market growth in this region during the forecast period.
The market continues to evolve, driven by various factors including Western culture, fluctuating income levels, and the pursuit of fashion trends. The latest Global Costume Jewelry Market Report delves into key segments and industry insights, outlining opportunities and restraints. According to VMR's industry report, there's a surge in demand for false jewelry, trinkets, and trash jewelry and imitation jewelry, featuring diamonds, gold, and platinum imitationsand silver.
With a focus on digital media and internet marketing practices, businesses are pitches business plans, presentations, and proposals using technologically advanced methods. Urbanization fuels the demand, particularly among office workers and youngsters, leading to an upsurge in online stores. Despite challenges like disorganized raw materials costs supply chain, the market thrives with vibrant stones and artificial jewelry catering to diverse tastes.
Costume Jewelry Market Scope |
|
Report Coverage |
Details |
Page number |
120 |
Base year |
2023 |
Forecast period |
2024-2028 |
Growth momentum & CAGR |
Accelerate at a CAGR of 8.28% |
Market growth 2024-2028 |
USD 21.17 billion |
Market structure |
Fragmented |
YoY growth (%) |
7.78 |
Regional analysis |
North America, Europe, APAC, South America, and Middle East and Africa |
Performing market contribution |
North America at 27% |
Key consumer countries |
US, China, Japan, Germany, and UK |
Competitive landscape |
Leading companies, Competitive Strategies, Consumer engagement scope |
Key companies profiled |
BaubleBar Inc., BlueStone Jewellery and Lifestyle Pvt. Ltd., Buckley Jewellery Ltd., Chanel Ltd., David Yurman Enterprises LLC, GBL Altair Pvt. Ltd., Giorgio Armani S.p.A., GlobalBees Brands Pvt. Ltd., Hstern Jewellery Ltd., Isharya, K and M Accessories, Khaiden Bijoux, LVMH Moet Hennessy Louis Vuitton SE, Randa Accessories Leather Goods LLC, Richline Group Inc., Signet Jewelers Ltd., Stella and Dot LLC, Stuller Inc., Sukkhi Online Pvt. Ltd., The Avon Co., Gianni Versace Srl, and Swarovski AG |
Market dynamics |
Parent market analysis, Market growth inducers and obstacles, Fast-growing and slow-growing segment analysis, COVID-19 impact and recovery analysis and future consumer dynamics, and market condition analysis for the forecast period. |
Customization purview |
If our report has not included the data that you are looking for, you can reach out to our analysts and get segments customized. |
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