by Costume jewelry, also known as fashion jewelry, includes imitation or fake pieces of jewelry made from less expensive materials when compared to precious metals such as gold or silver. It comes in wide varieties of designs, styles and is relatively low priced. Costume jewelry finds extensive applications in weddings, casual events, parties and everyday fashion by men and women. Increasing disposable income coupled with rising fashion consciousness among millennial population have significantly spurred the demand for fashionable yet inexpensive jewelry items.
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 Dynamics:
Rising demand of jewelry items among millennial population as a fashion statement is one of the major growth drivers for the U.S. costume jewelry market. Millennials, especially in the age group of 20-35 years, are adopting new styles and trends very fast. They are more inclined towards cost-effective fashion accessories over expensive luxury items. This has significantly boosted the sales of fashionable yet affordable costume jewelry in the country. Moreover, costume jewelry perfectly complements casual and party wears, making it a popular choice among young adults. Availability of costume jewelry in large collections with different materials, colors and designs further fascinates millennial fashionistas. Increasing penetration of e-commerce platforms has also expanded the market reach and boosted sales of fashion forward costume jewelry.
Segment Analysis
Cocktail rings segment is the dominating sub-segment of the U.S. costume jewelry market accounting for around 25% share in 2023. Cocktail rings are popular due to their affordable prices and trendy designs suitable for day as well as casual evening wear.
PEST Analysis
Political: There are no significant trade restrictions impacting the import of costume jewelry in the United States.
Economic: Rising disposable incomes and increasing spending on fashion accessories are driving the growth of the U.S. costume jewelry market.
Social: Fast changing fashion trends and desire of customers to remain updated with latest designs encourage repeat purchases of costume jewelry pieces.
Technological: Social media marketing helps jewelry brands to reach wider customers and influences purchase decisions. 3D printing and robotics support reducing manufacturing costs.
Key Takeaways
The Global U.S. Costume Jewelry Market Growth is expected to witness high during the forecast period of 2023 to 2030. 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
Western region accounts for around 40% share of the U.S. costume jewelry market in 2023. States like California, Texas and New York show higher demand due to prosperous lifestyle and high fashion consciousness.
Key players
Key players operating in the U.S. costume jewelry market are Coty UK, Procter & Gamble Prestige, L’Oreal, LVMH, Givaudan, International Flavors & Fragrances, Estee Lauder Beautiful, Kilian, and Firmenich. Coty UK leads due to its diversified portfolio and established retail partnerships.
*Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it
Money Singh is a seasoned content writer with over four years of experience in the market research sector. Her expertise spans various industries, including food and beverages, biotechnology, chemical and materials, defense and aerospace, consumer goods, etc.
