Costume jewelry, also known as fashion jewelry or fake jewelry refers to ornaments such as necklaces, bracelets, rings, and earrings that are made from less valuable materials when compared to precious metals like gold and silver. Costume jewelry provides fashionable and affordable alternatives to people who cannot afford genuine fine jewelry. The United States represents one of the largest markets for costume jewelry globally driven by factors such as rising disposable incomes, increasing consumer preference for seasonal fashion trends and latest designs.
The U.S. Costume Jewelry Market is estimated to be valued at US$ 19.3 Bn in 2024 and is expected to exhibit a CAGR of 6.4% over the forecast period 2024 to 2031.
Key Takeaways
Key players operating in the U.S. Costume Jewelry market includes Chanel S.A, Guess Inc., Gianni Versace S.p.A, Alex and Ani, LLC, Pandora A/S, LVMH Mo&et Hennessy Louis Vuitton SE, Hermes International SA, Hennes and Mauritz Ab, ZARA ESPANA SA, and Gucci. Chanel S.A is one of the leading player with over 10% market share in U.S Costume Jewelry Market.
The UU.S Costume Jewelry Market Demand offers significant growth opportunities owing to increasing demand for affordable fashion accessories and evolving fashion trends among millennial. The key opportunities in U.S costume jewelry market includes new product launches in line with seasonal trends, celebrity endorsements, expansion across multi-brand retail stores and e-commerce platforms.
Global players like Pandora and Claire's are expanding their presence in the U.S. through collaborations with popular brands and influencers. Domestic U.S Costume Jewelry Market Companies are focusing on enhancing their omni-channel strategy and leveraging social media marketing to increase brand awareness. Evolving consumer preference towards customizable and personalized jewelry also presents new expansion opportunities.
Market Drivers
Increasing disposable income: Rising disposable income has increased consumer spending on affordable luxury fashion accessories. Costume jewelry allows consumers to be a part of latest jewelry trends at lower prices.
Evolving fashion trends: Frequent launch of new collections, designs and collaborations in line with changing seasonal trends drives repeat purchases of costume jewelry. This remains a key growth driver.
Market Restraints
Preference for authentic gold and diamonds: Despite lower prices, some consumers still prefer small pieces of high-end or fine jewelry containing precious metals and stones for special occasions.
Economic downturn: Declining economic conditions may negatively impact consumer spending on affordable luxury and fashion accessories. This remains a potential challenge.
Segment Analysis
The U.S. Costume Jewelry Market is dominated by the Fashion Jewelry segment accounting for over 40% share. This segment is dominating as costume jewelry products under fashion category such as necklaces, rings and earrings are highly popular among millennials and generation Z consumers in the country. These products are affordable yet trendy fashion statements worn by consumers on daily basis as well as occasion wear.
The diffusion lines segment is the second largest segment in the market, driven by the widespread popularity of affordable fashion jewelry lines of premium brands. Luxury brands likeGuess, Chanel, and Versace offer diffusion or affordable sister lines catering to middle income consumers looking for branded fashion jewelry at lower price points.
Global Analysis
North America currently holds the major share in the global costume jewelry market backed by strong consumption rates in the United States. Growth rates in the region are projected to remain above global average during the forecast period led by rising fashion consciousness. Europe holds the second largest share and the region is expected to witness growth at a CAGR above 5% through 2031 supported by increasing costume jewelry trend in countries like Germany, Italy and UK. The Asia Pacific region excluding Japan is poised to emerge as the fastest growing market for costume jewelry brands attributed to burgeoning middle class population and rising disposable incomes in China and India.
Get More Insights on U.S. costume jewelry market
Choose preferred language for better understanding-
About Author-
Alice Mutum is a seasoned senior content editor at Coherent Market Insights, leveraging extensive expertise gained from her previous role as a content writer. With seven years in content development, Alice masterfully employs SEO best practices and cutting-edge digital marketing strategies to craft high-ranking, impactful content. As an editor, she meticulously ensures flawless grammar and punctuation, precise data accuracy, and perfect alignment with audience needs in every research report. Alice's dedication to excellence and her strategic approach to content make her an invaluable asset in the world of market insights.
(LinkedIn: www.linkedin.com/in/alice-mutum-3b247b137 )