U.S. COSTUME JEWELRY MARKET ANALYSIS

The U.S. costume jewelry market is projected to reach around US$ 28.02 billion by the end of 2030, in terms of revenue, growing at CAGR of 6.4% during the forecast period (2023-2030).

U.S. Costume Jewelry Market: Growth Drivers

The fluctuating price of gold and the rise in the price of gold, diamonds, and other precious materials

The fluctuating price of gold and the rise in the price of gold, diamonds, and other precious materials are the key driver of the growth of the costume jewelry market. Costume jewelry is less expensive than gold or other precious metal jewelry. Nowadays, trendy colored stone jewelry and numerous varieties of costume jewelry are available on market at affordable prices. These types of imitation jewelry are less expensive to maintain and can be handled safely as compared to real jewelry. Furthermore, a rise in fashion consciousness, acceptance of western culture, and an increase in people's disposable income are also fueling the market growth during the forecast period.

Figure 1. U.S. Costume Jewelry Market, Revenue Share (%), By Distribution Channel, in 2022

Increase in fashion consciousness and a surge in the adoption of jewelry

In addition, the growth of the costume jewelry market is also driven by an increase in fashion consciousness and a surge in the adoption of jewelry such as necklaces, rings, and bracelets among female customers. Furthermore, the expansion of the costume jewelry business is fueled by innovations in jewelry packaging styles, increasing penetration of the internet and smartphone, various discount offers, aggressive advertising and celebrity involvement in promotional activities.

U.S. Costume Jewelry Market: Restraints

Rise in prices of raw materials

The rise in prices of raw materials used for costume jewelry and limited period popularity of the jewelry are some of the factors, which hinders the market growth. On the other side, the increase in urbanization, growing fashion consciousness among youngsters, and surge in demand for costume jewelry for men offer opportunities for manufacturers to develop new innovative products according to customer preferences.

Figure 2. U.S. Costume Jewelry Market, Revenue Share (%), By Product Type, in 2022

U.S. Costume Jewelry Market: Market Segmentation, By Distribution Channel

On the basis of product type in 2022, the Multi brand Boutiques segment has accounted the largest market share of 34.6% in terms of value, followed by Online Retailing and Multi Brand Stores.

U.S. Costume Jewelry Market: Market Segmentation, By Product Type

On the basis of product type in 2022, the earrings and finger rings segment has accounted the largest market share of 34.6% in terms of value, followed by necklace & pendants and bracelets & bangles.

U.S. Costume Jewelry Market: Key Developments

• In May 2021, AKS Jewels, a manufacturer of bangles and necklace expanded its portfolio base with the introduction of the costume jewelry segment in India.
• In February 2021, Mango, a Jewelry manufacturer and seller launched 3D printed costume jewelry capsule collection that consists of the jewelry products made up of 90% sustainable material.
• In January 2021, Chanel SA, the company participated in Spring/Summer 2017 show at Paris, France in order to showcase its costume jewelry and expand its customer base
• In December 2020, Chanel SA, the company opened a new Chanel boutique in the Hotel Camelot de Bisexual at le Marais, Paris in order to expand its presence in the domestic market

U.S. Costume Jewelry Market: Key Companies

Key players operating in U.S. costume jewelry market are Chanel S.A, Guess Inc., Gianni Versace S.p.A, Alex and Ani, LLC, Pandora A/S, LVMH Moët Hennessy Louis Vuitton SE, Hermes International SA, Hennes & Mauritz Ab, ZARA ESPANA SA, and Gucci

Definition: Costume jewelry is also referred to as imitation jewelry and fashion jewelry and is primarily worn as a fashion statement. It is mainly produced with inexpensive materials such as metals, glass, beads, ivory, plastic, synthetic stones, and semi-precious stones. Some of the other materials used to make costume jewelry are glass, semi-precious stones, leather, metal, terracotta, silver, and aluminum. Bangles, necklaces, earrings, rings, and anklets are some of the types of costume jewelry.