Costume Jewelry Market Size, Share & Trends Analysis Report By Product (Necklace/Chain, Ring, Bracelet), By Distribution Channel (Online, Offline), By End-use (Men, Women), By Region, And Segment Forecasts, 2024 - 2030

Costume Jewelry Market Size & Trends

The global costume jewelry market size was valued at USD 29.13 billion in 2023 and is projected to grow at a CAGR of 7.4% from 2024 to 2030. The industry is fueled by factors such as rising disposable income, increasing fashion awareness, and the growth of fast fashion. Products are crafted from affordable materials such as beads, non-precious metals, and synthetic stones, making them accessible and appealing as fashion accessories or decorative items. Higher-end options feature pearls and semi-precious metals such as silver, aluminum, and brass.

Market growth worldwide is driven by several key factors that have contributed to its rapid growth. Firstly, the affordability of costume jewelry has made it accessible to a wide range of consumers, particularly among younger women who are conscious of fashion trends. This has led to an increased demand for fashionable and affordable jewelry options, driving the market forward. Furthermore, the fluctuations in precious metal prices have also had a significant impact, as consumers opt for more affordable alternatives.

Another key driver of the market is the changing lifestyles and disposable income of consumers. As people’s lifestyles become more dynamic, they are seeking affordable and stylish accessories that can keep pace with their busy lives. This has led to a surge in demand for costume jewelry in emerging markets such as China, Brazil, and India, where disposable income is increasing. Moreover, the growing working population, particularly among women, has also driven the demand for costume jewelry as they seek to accessorize their professional attire.

The convenience offered by online retailing platforms has also been a significant driver of the market. With the rise of e-commerce, consumers can now easily browse and purchase costume jewelry from the comfort of their own homes. This has encouraged new market entrants to launch their e-commerce sites, offering a wider range of products and designs to cater to diverse consumer preferences. The increasing awareness of personal appearance and changing fashion trends have also led to a growing demand for unique and customized costume jewelry options, such as engraved semi-precious stones necklaces.

Product Insights

Rings accounted for the largest market revenue share of 34.9% in 2023 due to increasing trends and the widespread appeal of spinners and customized rings among women worldwide. The increasing trend of using lab-grown gemstones, such as lab-created diamonds and gem simulants, for rings is significant. In addition, increasing desire for cost-effective and ethical alternatives is causing this movement as consumers seek options other than traditional gemstones.

The necklace/chain segment is expected to register the fastest CAGR of 8.1% during the forecast period. The demand for necklaces and chains is driven by their popularity as gift options for various celebrations, including birthdays, engagements, and weddings. The trend of layering and stacking necklaces has also gained worldwide appeal, leading to a surge in demand for these products.

Distribution Channel Insights

Offline stores dominated the market with a revenue share of 73.9% in 2023, driven by the enduring appeal of physical product assessment and personalized customer service. New brands entering the market cater to this demand, while retail outlets provide a tactile experience, enabling sales associates to engage with customers, offer expert recommendations, and facilitate direct sales. This human touch remains a crucial factor in driving offline sales.

Online distribution channels are projected to exhibit the fastest growth rate of 7.9% over the forecast period, driven by the increasing adoption of e-commerce among consumers. Online platforms offer numerous benefits, including access to a wide range of products, customer reviews, and convenient 24/7 shopping from home. These advantages will continue to attract busy consumers and drive growth in the online sale of costume jewelry.

End-use Insights

The women’s segment dominated the market in 2023, accounting for a significant 59.6% share, driven by the occasion-specific wearing of jewelry. As jewelry is traditionally seen as an essential accessory for women, enhancing their beauty, the demand for costume jewelry has increased, particularly among those seeking affordable alternatives to expensive metals such as gold and diamonds. The growing need for luxury ornaments to match formal business attire is also expected to fuel market growth, driven by executives’ desire to make a stylish impression.

The male segment is anticipated to experience significant growth, with a CAGR of 7.2% during the forecast period, driven by the increasing fashion consciousness among male celebrities and their adoption of jewelry trends. Global demand for male jewelry is expected to thrive, potentially surpassing the women’s segment, as men seek to express their individuality and personal style through costume jewelry. This trend is expected to drive market expansion, fueled by men’s growing desire for distinctive and fashionable accessories.

Regional Insights

North America costume jewelry market emerged as a lucrative region in 2023, driven by growing consumer awareness of appearance and increased availability of unique, stylish options. The fusion of Western and Eastern styles, advancements in artificial gemstones, and lab-created diamonds has fueled demand. Moreover, trendy jewelry inspired by celebrities, fashion icons, and popular culture is driving market growth.

U.S. Costume Jewelry Market Trends

Costume jewelry market in the U.S. is expected to grow rapidly in the coming years,driven by the fluctuating price of gold and increasing costs of precious materials. The market is also fueled by growing fashion awareness, western cultural adoption, and rising disposable income, creating a favorable environment for growth during the forecast period.

Asia Pacific Costume Jewelry Market Trends

Asia Pacific costume jewelry market dominated the global costume jewelry market with a revenue share of 30.8% in 2023 due to urbanization, middle-class expansion, shifting consumer preferences, and e-commerce growth. The region’s nations are embracing the trend of affordable, design-driven costume jewelry, while cultural traditions also contribute to its popularity, making it a significant market driver.

Costume jewelry market in India held a substantial share of the Asia Pacific market in 2023. The country offers a vast array of choices, including imitation and high-end pieces made from luxurious materials such as diamonds and pearls. This segment caters to the grooming needs of women, particularly working professionals and TV celebrities, with a range of accessories such as cufflinks and studs. The popularity of gallery and junk jewelry has surged among young people and working professionals, driven by a demand for affordable, stylish options.

Europe Costume Jewelry Market Trends

Europe costume jewelry is expected to experience substantial growth, driven by rising demand for bespoke jewelry and combination pieces featuring brass, silver, Alum, and copper. The region’s popularity among international tourists also contributes to growth, as visitors often purchase fashion jewelry with European designs, increasing demand for these products. The increase in tourist traffic to countries such as France, Switzerland, Italy, and Greece is further boosting the regional market’s growth.

UK Costume jewelry market is poised for rapid growth, driven by a diverse range of styles and designs catering to various consumer preferences. The market offers a strong selection of classic and trendy pieces, enabling consumers to find matching accessories that complement their existing wardrobe, fueling demand and driving growth.

Key Costume jewelry Company Insights

Some key companies in costume jewelry market include Louis Vuitton Malletier SAS; CARTIER; Sabika; Yanbal; Richline Group, Inc.; and STELLA & DOT, among others. Companies are competing on innovation, design, pricing, and distribution, with collaborations, mergers, and acquisitions driving market presence. Brands focus on sustainability and ethical sourcing to appeal to eco-conscious consumers, enhancing their competitive edge.

• Cartier a luxury brand that designs, manufactures, and markets high-end jewelry, watches, fragrances, writing instruments, lighters, silver, and crystal products. Renowned for its use of rare materials and unique designs, Cartier creates timeless pieces that embody prestige and mystique, synonymous with exceptional quality and exclusivity.

• Sabika Jewelry is an online-focused brand offering a trendy collection of women’s accessories, including necklaces, bracelets, earrings, pendants, and more. Leveraging a variety of materials such as silver, copper, crystal, pearl, lace, and others, the company crafts unique pieces. Sabika also provides monthly curated box subscriptions featuring a selection of its products.

Recent Developments

• In March 2024, Berkshire Hathaway, parent company of Richline Group and BOSS Logics, launched a collaborative effort. The partnership leveraged Richline’s expertise in karat gold and diamond jewelry and BOSS Logics’ innovative technology to introduce targeted fine jewelry lines, combining both companies’ strengths.

• In September 2023, American Exchange Group acquired Danecraft, a distinguished jewelry company. The acquisition strengthens American Exchange Group’s portfolio of watch and jewelry brands, leveraging Danecraft’s quality and expertise in fine and fashion jewelry.

Costume Jewelry Market Report Scope

Global Costume Jewelry Market Report Segmentation

This report forecasts revenue growth at global, regional, and country levels and provides an analysis of the latest industry trends in each of the sub-segments from 2018 to 2030. For this study, Grand View Research has segmented the global costume jewelry market report based on product, distribution channel, end-use, and region:

• Product Outlook (Revenue, USD Million, 2018 - 2030)

  • Necklace/Chain

  • Ring

  • Bracelet

  • Earing

  • Others

• Distribution Channel Outlook (Revenue, USD Million, 2018 - 2030)

  • Offline

  • Online

• End-use Outlook (Revenue, USD Million, 2018 - 2030)

  • Men

  • Women

• Regional Outlook (Revenue, USD Million, 2018 - 2030)

  • North America

    • U.S.

    • Canada

    • Mexico

  • Europe

    • UK

    • Germany

    • France

    • Italy

    • Spain

  • Asia Pacific

    • Japan

    • China

    • India

    • Australia

    • South Korea

  • Latin America

    • Brazil

  • Middle East and Africa (MEA)

    • UAE