by The U.S. costume jewelry market has been gaining significant traction over the past few years owing to rising demand for affordable yet fashionable accessories among consumers in the country. costume jewelry, also known as fashion jewelry, refers to jewelry made from non-precious materials such as glass, plastic, ceramic, wood, etc. and is much more affordable compared to fine or precious jewelry made of gold, silver, and diamonds. The growing fashion industry and rising disposable incomes have boosted the sales of costume or fashion jewelry in the United States. The market provides consumers a wide variety of jewelry options at an affordable price point to complement their costumes, dresses, and outfits.
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.
Costume jewelry offers consumers functional as well as decorative accessories for daily wear, events, parties at lower costs compared to fine jewelry. The versatility, affordability, and increasing fashion-consciousness among American consumers are some of the major factors propelling the demand for costume jewelry in the country.
Key Takeaways
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, and KilianFirmenichSymrise. These companies collectively hold a significant market share in the U.S.
Some of the key opportunities in the U.S. Costume Jewelry Market Demand include growing demand for sustainable and eco-friendly accessories, expansion in lower-tier cities and towns, and increasing demand through online retail platforms.
The market is witnessing growing expansion opportunities across major cities as well as lower-tier towns in the U.S. Leading players are investing in new product lines, innovative designs, and multi-brand retail stores to strengthen their presence nationwide. E-commerce is also emerging as an important sales channel for costume jewelry sellers.
Market drivers
One of the key drivers for the U.S. costume jewelry market Size And Trends is the increasing affordability and rise in disposable incomes of American consumers. While consumer sentiments were hit initially during the pandemic and recessionary pressures, demand has rebounded supported by financial aid by the government and rapid economic recovery. This has boosted spending on non-essential luxury items like fashion accessories. The growing trend of work-from-home is further positively impacting the demand as well through increased spending on comfortable clothing and jewelry for virtual/video meetings.
PEST Analysis
Political: The costume jewelry market in the US is regulated by various standards and compliance policies set by regulatory bodies like the FDA to ensure product quality and safety.
Economic: Economic growth and rising disposable incomes are major drivers of consumer spending. Higher spending power is fueling demand for affordable luxury fashion accessories like costume jewelry.
Social: Changing fashion trends and social media influence are encouraging consumers to experiment with distinctive jewelry styles. Costume jewelry allows consumers to stay in line with trends at affordable price points.
Technological: Development of new metals, setting techniques and innovative designs supported by CAD/CAM technologies are expanding product lines. Online retailing is also fueling market growth by offering convenience and variety to consumers.
The North American region holds the largest share of the U.S. costume jewelry market in terms of value. This can be attributed to the widespread popularity and high penetration of fashion accessories in countries like the US and Canada. Developed infrastructure, high living standards and strong retail networks provide strong demand environments.
The Western European region is also a prominent market for costume jewelry and is projected to witness the fastest growth during the forecast period. Increased disposable incomes, strong fashion consciousness and variety seeking tendencies among consumers particularly in countries like Italy, France and Germany are fuelling the demand. Online distribution is also facilitating market expansion in the region.
*Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it.
