Excessive importance on looks and appearance today has led to an upsurge in demand for costume jewelry from individuals of all classes across age groups. Impressive designs available in a number of materials and affordability are some factors behind increasing demand for costume jewelry.
Costume jewelry is available in a range of materials, including metal, plastic, and glass as base material. Intricate designs and patterns made of these materials are decorated with beads, precious stones, and semi-precious stones to create attractive pieces of jewelry. Expansive product range of costume jewelry, including bangles, neckpieces, earrings, and finger rings provides wide choice to consumers for products they desire to have.
The report on costume jewelry market provides a brilliant analysis of every facet that could impact the said market by the end of 2020. Economic indices and social factors are also considered while gauging factors that are likely to influence demand within this market.
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Costume Jewelry Market –Notable Developments and Competitive Landscape
Top companies operating in the worldwide costume jewelry market include Buckley Jewelry Limited, Avon Products Inc., H. Stern Com & Ind S.A., Channel S.A., Stuller Inc., Billig Jewelers Inc., The Colibri Group, Cartier SA, Swank Inc., Louis Vuitton North America Inc., Yurman Design Inc., and Gianni Versace S.p.A.
Presence of numerous independent costume jewelry labels worldwide amounts to flux of novel designs and patterns in the overall costume jewelry market. Besides independent flagship stores, independent costume jewelry labels retail via e-commerce to expand outreach. Limited-edition pieces created by independent costume jewelry labels that are mostly affordable is spawning demand from middle-class consumers. Designs and patterns created by independent jewelry labels are mostly inspired by real-life objects related to history, nature. Such design innovations that are appealing to discerning modern consumers are providing competition to established brands in the costume jewelry market.
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Costume Jewelry Market – Key Trends
Vast rise in disposable income and excessively increasing spending on fashion accessories that influences looks are some factors fuelling growth of costume jewelry market. Availability of costume jewelry in excessively large number of designs and in different materials to suit individual pockets also accounts for its huge demand.
Large scale manufacture of high quality costume jewelry is a global affair. From sourcing of raw material to design and manufacture to distribution and selling, operations in the costume jewelry industry extends across geographies. Raw material for costume jewelry is mostly sourced from Africa, Australia, and Canada, manufacturing in China and India, and large-scale selling in North America and Europe.
Penetration of cable television among the masses in emerging economies has dramatically influenced dressing up and styling sense of individuals. This, has indirectly spurred sales of costume jewelry. Individuals of all classes, including from weak economic backgrounds tend to spend considerable amount of money on affordable costume jewelry to imitate characters of popular TV soaps.
In India, presence of a large young population with an average age of 29 years is a key factor behind large sales of affordable costume jewelry.
Costume Jewelry Market – Regional Outlook
Asia Pacific holds large share in the global costume jewelry market mainly because China and India are key manufacturing hubs of costume jewelry. In particular, India is a big center globally for designing and manufacture of jewelry of all types. Individuals in India have been traditionally spending excessively large amount of money on jewelry made of expensive materials such as gold and diamond for weddings and festivals. However, with skyrocketing prices of these valuable metals, individuals are increasingly shifting to costume jewelry that are at par in terms of design and craftsmanship.
Europe being the world’s fashion capital is another key market for costume jewelry. The region being home to some of the world’s top-rated jewelry brands validates its large share in the global costume jewelry market.
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