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Costume jewellery is widely used by the people for completing their particular fashionable outfit. Growing awareness regarding personal adornment and grooming among the global population is primarily driving the growth of the market. Manufacturers largely provide a variety of artificial jewellery products such as bracelets, rings, necklace, and others under different categories that are suitable to be worn at the workplace, for festivals, over casual outfits, etc.
Companies widely introduce metal-plated costume jewellery items to attract people towards buying them. This is likely to drive the demand for such products. For instance, in February 2020, Rhuigi Villasenor, a Los-Angeles based design venture launched ‘Rhod’, a costume jewellery brand that consists of various sets of gold plated jewellery made up of brass material.
Shifting consumer preferences towards buying cost-effective jewellery items over expensive jewellery is expected to drive the demand for the different types of such products. Additionally, the wide availability of artificial jewellery made up of different colours & shapes is likely to attract consumers. Besides this, the rising consciousness of the people regarding changing fashion trends is likely to drive the market growth.
Increasing demand for personal adornment products such as clothing, accessory, jewellery, cosmetics, etc. by the people is likely to boost the growth of the market. According to the data presented by the Department of Statistics Singapore, in 2019, retail sales of the clothing accessory products such as watches and jewellery increased by 8.9% over to that of 2018. Additionally, factors such as growing urbanisation, as well as the standard of living of the global population, are largely providing ease in the demand for such fashionable products.
However, large availability of the unorganised industry players with their counterfeit offerings is anticipated to limit the demand for the costume jewellery items.
Key Market Driver -
Shifting consumer preferences towards cost-effective jewellery items to drive market growth
Key Market Restraint -
Availability of counterfeit product to restrain market growth
The key companies associated with the global costume jewellery market are, CHANEL International B.V., Swarovski International Holding AG, PVH Corp., BJ Acquisition LLC., Lucky Brand Jeans Company, BERRICLE LLC., Chique Fashion Pvt. Ltd., Tapestry Inc., Moet Hennessy Louis Vuitton SE, Premier Designs Inc., and others.
The global costume jewellery market is segmented based on product type, gender, distribution channel, and geography.
By product type, the market is segmented into rings, earrings, necklaces & chains, and others. The necklace & chains segment is expected to hold a major share of the market owing to the wide availability of the different shapes of necklace & chain items at the different fashion stores. Additionally, higher prices of the necklace and chain items compared to that of other types results in the larger segmental revenues.
By end-user, the market is segmented into women and men. The women segment is anticipated to hold a prominent share of the market as women are more conscious of their appearance and personal grooming activities. Additionally, the wide availability of the jewellery items under the women segment over others results in the larger segmental share of the global market.
By distribution channel, the global market is segmented into the offline channel and online channel. Offline channel is expected to hold a major share of the market as users can touch and see the items in person during the buying process. This results in the large consumer demand for buying jewellery items from the physical stores.
By geography, the global costume jewellery market is segmented into North America, Europe, Asia Pacific, South America, and Middle East & Africa.
The largest share of the European region is attributed to the large presence of the prominent players such as CHANEL International B.V., Jewelxy Marketplace Pvt. Ltd., and others that provide a wide variety of the costume jewellery products in the region. Additionally, increasing demand for the clothing and accessory products in the countries such as Italy and France results in the large consumption of the costume jewellery items among the people in the region to complete their fashionable outfit. According to the data presented by the European Union, by the end of May 2020, the sales volume of the footwear, clothing, and textile items in Europe increased by 130.7% compared to that of the previous month of the similar year.
The fastest growth of the Asia Pacific costume jewellery market is attributed to the decline in the consumption of the high-priced fine jewellery items made up of gold in countries such as India, and China which is likely to drive the demand for the low-priced artificial jewellery items in the region. According to the data presented by the World Gold Organisation, in India, demand for gold in India witnessed a decline of 9% in the year of 2019 over to that of 2018. Additionally, the presence of a high number of emerging countries in the region has led to large consumer demand for the low-cost fashion wearable items which in turn is expected to result in the greater consumption of the artificial jewellery in Asia Pacific.
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