DUBLIN, Nov. 2, 2023 /PRNewswire/ — The “Costume Jewelry Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2023-2028” report has been added to ResearchAndMarkets.com’s offering.
The global costume jewelry market has displayed its sparkle, achieving a significant market size of US$ 33.1 billion in 2022. Market experts predict a continued shine, with expectations of the market reaching US$ 49.3 billion by 2028. This anticipated growth represents a commendable Compound Annual Growth Rate (CAGR) of 6.9% during the period from 2023 to 2028.
Understanding Costume Jewelry
Costume jewelry, often referred to as fashion jewelry, encompasses fashion accessories and decorative items crafted using a range of economical materials. These materials include beads, non-precious metals, synthetic stones, plastic, terracotta, glass, pearls, and semi-precious metals such as silver, aluminum, and brass.
Costume jewelry is known for its diverse and stylish designs, serving as a means of personal adornment and complementing current fashion trends or specific outfits. This type of jewelry adds aesthetics, enhances beauty, and provides versatility cost-effectively, including earrings, anklets, finger and nose rings, bangles, and necklaces, among other pieces.
Evolving fashion trends driven by rising incomes and heightened awareness of personal appearance are positively influencing the market. Additionally, a growing working population is fueling the demand for affordable accessories like costume jewelry, further driving market growth.
Manufacturers are exploring various semi-precious stones, beads, and metals to create a wide variety of costume jewelry that caters to diverse fashion needs at affordable prices, contributing to market expansion. The introduction of customized costume jewelry, which can be engraved with specific quotes, names, designs, and colors for uniqueness and emotional connection, is another factor boosting the market. Aggressive promotional activities, including celebrity endorsements and various discount offers, are also making a positive impact.
Other contributing factors include