The Growing U.S. Costume Jewelry Market Expands Rapidly Due To Increasing Fashion Consciousness

Costume jewelry, also known as fashion jewelry or fake jewelry, refers to ornamental jewelry made from raw materials such as glass, plastic, precious or semi-precious stones, and base metals like brass, nickel silver, or sterling silver. These affordable jewelry pieces are generally worn as fashion accessories instead of everyday pieces. The U.S. costume jewelry market has experienced significant growth in recent years driven by increasing fashion consciousness among consumers and affordable pricing of costume jewelry products.

The U.S. Costume Jewelry Market is estimated to be valued at US$ 20.89 Mn in 2024 and is expected to exhibit a CAGR of 5.9% over the forecast period 2024 To 2031.

Key Takeaways

Key players operating in the U.S. costume jewelry market are Coty, Procter & Gamble Prestige Beaut, L’Oreal, LVMH, Givaudan, International Flavors & Fragrances, Estee Lauder Beautiful, and KilianFirmenich. Costume jewelry is finding widespread acceptance among young consumers who prefer trendy affordable pieces over genuine expensive jewelry. Rising disposable incomes and spending on fashion accessories have fueled the demand for costume jewelry in recent years. Manufacturers are launching innovative jewelry lines incorporating newer materials and advanced production technologies.

Market Trends

Customization and personalization are emerging as two key trends in the U.S. Costume Jewelry Market Demand Leading players are offering a wide variety of jewelry pieces that can be customized based on consumer preferences and designs. 3D printing technologies are enabling quick and on-demand production of personalized jewelry. Another major trend is the increasing popularity of costume jewelry among celebrities and influencers. High profile endorsements and stylist collaborations have enhanced the fashion appeal of costume jewelry brands.

Market Opportunities

The growing online sales channel presents significant growth opportunities for costume jewelry brands. E-commerce platforms allow customers to browse an extensive collection and buy jewelry pieces conveniently. Livestreaming and social selling are encouraging online jewelry shopping. Furthermore, the increasing focus on sustainability and eco-friendly raw materials like wood, seeds, and natural gemstones is opening up new avenues for costume jewelry makers.

Impact of COVID-19 on U.S. Costume Jewelry market

The COVID-19 pandemic has significantly impacted the U.S. costume jewelry market. During the initial phase of lockdowns, the market experienced a dip in demand and sales due to closure of malls, jewelry stores and fashion houses. Social distancing norms further reduced outdoor events and office gatherings where costume jewelry is commonly worn. However, with shifting consumer focus towards home wear, the demand for affordable accessories started rising again for video call meetings and indoor parties. Manufacturers responded by expanding their online presence and promotional offers. They also brought innovative designs catering to new clothing styles and themes emerging due to work from home culture. It is expected that pent up demand and festive season sales in late 2020 helped the market to recover and start reporting growth from early 2021 onwards. However, supply chain disruptions and raw material price fluctuations continue to pose challenges. Sustained demand, new product innovations and increased omni channel distribution are expected to drive higher growth in the forecast period.

The Northeast region accounts for the largest share in terms of value contribution to the U.S. costume jewelry market currently. States like New York and New Jersey have maximum concentrated consumer base that prefers latest costume jewelry trends. The region also hosts prominent fashion weeks that set trends for global apparel and accessory industry.However, west coast region is witnessing fastest growth led by states like California and Washington. High purchasing power, rising health and fashion consciousness and experimental millennial population is driving the costume jewelry market here. Growing Hispanic population and their unique cultural flair for styling also contributes to market growth in western states.
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