U.S. Costume Jewelry Market 2017–2027
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. Moreover, pearls and semi-precious metals are also used to make costume jewelry. These products give an extremely impressive look and appearance to the person and are also cheaper than jewelry made from expensive materials such as gold and diamond.
The U.S costume jewelry market is projected to reach around US$ 22.3 billion by the end of 2027, in terms of revenue, growing at CAGR of 5.3% during the forecast period (2019-2027).
A rising sense of fashion among the population of the U.S. is primarily fueling the market growth of costume jewelry. Changing dressing sense coupled with the evolving fashion trend is another major factor expected to foster the market growth of costume jewelry. Growing consumer preferences of costume jewelry as they are an inexpensive and available wide variety that easily get a match with the costume is further projected to propel the market growth.
An emerging online platform that offers a wide variety of costume jewelry and also covers international patterns is expected to augment the market growth of costume jewelry. Moreover, online stores offer jewelry at affordable price along with the other attractive offers and discounts is further anticipated to fuel market growth. All these factors are expected to fuel the market growth of the costume jewelry over the forecast period.
Figure 1. U.S Costume Jewelry Market, Revenue Share (%), By Product Type, in 2018
On the basis of product type in 2018, 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.
Increasing prices of raw materials such as silver, gold, and platinum, which are mainly used for plating purposes is projected to negatively impact the growth of the U.S. costume jewelry market over the forecast period. Moreover, lack of supply chain of raw materials infrastructure which leads to steep hikes in raw material prices is further expected to hamper the market growth of U.S. costume jewelry.
The U.S. costume jewelry market is highly competitive due to the presence of a high number of global and local producers. Additionally, various luxury and clothing brands are also penetrating into this market in order to utilize potential benefits such as high profits, and quick return on investment which is increasing competition in the market. This is expected to hamper the market growth.
Many manufacturers are targeting kids segments for gaining a competitive edge in the market and this will favor the market growth over the forecast period. Zales The Diamond Store unveils exclusive new Enchanted Disney Fine Jewelry designs. The new jewelry collection is an important addition to the existing Zales Enchanted Disney Fine Jewelry collection, and features styles from the film’s Cave of Wonders that are available exclusively at Zales.
Growing middle-class people in the U.S. country is anticipated to fuel the market growth of costume jewelry. Growing middle class people and rising disposable income are increasing the purchasing power of the people. Moreover growing focus of manufacturer to lunch affordable costume jewelry is another major factor propelling the growth of the U.S jewelry costume market.
Figure 2. U.S Costume Jewelry Market– Opportunity Analysis
Growing demand for branded products due to evolving social media platforms is expected to fuel the market growth in the U.S country. Major players such as Hermes and Louis Vuitton are popular for their premium quality costume jewelry because they spend a substantial amount of money on advertisements and brands online as well as other channels for creating high visibility. Therefore, increasing branded product visibility is creating demand for the branded product and this is expected to propel the market growth.
The growing popularity of pop-up stores at locations such as malls or airports etc. is projected to accelerate the market growth. This format is gaining popularity in the U.S., and various companies are also following this trend. For instance, in December 2016, David Yuman opened a pop-up store in Printemps Haussman, France, in order to expand customer base during the Christmas season
Figure 3. U.S Costume Jewelry Market – Value Chain Analysis
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
Few Recent Developments1. Chanel S.A.
- In January 2017, 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 2016, 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