Costume jewelry, also known as fashion jewelry, refers to jewelry made from less expensive materials than precious metals and stones. It includes jewelry made from materials such as plastics, gums, glass and non-precious gemstones. Costume jewelry is affordable and offers trendy designs inspired by high fashion brands. It allows customers to experiment with new styles without burning a hole in their pockets. The growing popularity of social media platforms has boosted the demand for costume jewelry as customers like to flaunt new outfit additions online.
Market Opportunity:
Rising Consumer Demand for Fashion Accessories
The increasing consumer demand for fashion accessories is expected to drive the growth of the U.S. costume jewelry market over the forecast period. Costume jewelry allows customers to refresh their jewelry collection frequently as per changing fashion trends at affordable prices. Additionally, easy availability of a wide variety of designs catering to different tastes and preferences is boosting the popularity of costume jewelry amongst consumers. Rapid urbanization and increasing disposable incomes have empowered customers to spend more on self-gifting and premium fashion products. This rising consumer enthusiasm for new accessories is anticipated to unlock significant opportunities for players in the U.S. costume jewelry market.
Porter's Analysis
Threat of new entrants: Low barrier to entry allows new players to easily enter the market. However, established brands have strong brand loyalty and distribution networks.
Bargaining power of buyers: Buyers have high bargaining power due to the availability of substitutes and retailers promoting private labels.
Bargaining power of suppliers: Suppliers have moderate bargaining power due to availability of alternatives and established relationships between suppliers and manufacturers.
Threat of new substitutes: High threat due to easy availability of fake and counterfeit costume jewelry products that offer similar appearance at lower prices.
Competitive rivalry: Intense competition among existing players to gain market share through product innovation, aggressive marketing and expansion of distribution channels.
SWOT Analysis
Strengths: Growing demand for fashion accessories in the US. Strong brand recognition of major players.
Weaknesses: High dependence on seasonal trends and fashion cycles leads to inventory risks. Rising raw material costs puts pressure on margins.
Opportunities: Online and TV shopping emerging as major sales channels. Growing demand for exotic and antique-inspired designs opens new opportunities.
Threats: Illegal copies and smuggling of fake jewelry impact sales of legitimate brands. Macroeconomic downturns negatively impact discretionary spending.
Key Takeaways
The Global U.S. Costume Jewelry Market Growth is expected to witness high driven by the growing popularity of fashion accessories and cosmetic jewelry items. Increasing disposable incomes coupled with changing fashion preferences especially among millennials and Gen Z consumers will drive the demand. 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.
The western region currently dominates the U.S. market owing to higher fashion consciousness and disposable incomes in states like California, Texas and New York. E-commerce has boosted accessible in rural areas further enhancing region’s contribution.
Key players operating in the U.S. costume jewelry market are Coty UK, Procter & Gamble Prestige BeautL’Oreal, LVMH, Givaudan,International Flavors & Fragrances, Estee Lauder Beautiful, Kilian, and Firmenich. These established brands are investing in celebrity endorsements and influencer marketing to promote their new collections and reach younger audience.
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