Increasing Demand for Fashion Accessories of U.S. Costume Jewelry...

Increasing Demand for Fashion Accessories of U.S. Costume Jewelry Market

Posted 2024-01-10 10:13:54

The global U.S. Costume Jewelry Market is estimated to be valued at US$ 18.13 Bn or Mn in 2023 and is expected to exhibit a CAGR of 5.9% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.

SWOT Analysis

Strength: The U.S. costume jewelry market has a large customer base as costume jewelry pieces are affordable alternatives to precious jewelry. Many young consumers prefer fashionable costume jewelry for daily wear. Established retail distribution channels allow easy accessibility of costume jewelry products.

Weakness: Costume jewelry has limited resale value compared to gold and diamond jewelry. Durable materials and craftsmanship is lacking in low-cost costume pieces. Frequent change in fashion trends makes some costume jewelry designs outdated quickly.

Opportunity: Rising fashion consciousness and changing postmodern lifestyles drive the demand for on-trend costume jewelry among Millennials and Gen Z. Novel designs, themes and materials expand the potential of the market. Online retail platforms enable customization and accessible small batch production.

Threats: An economic downturn can reduce discretionary spending on fashion accessories. Precious metal jewelry regains prominence during financial instability. Stringent regulations on material sourcing impact small players.

Key Takeaways

The Global U.S. Costume Jewelry Market Size is expected to witness high growth driven by the affordable luxury trend and new product innovation. The market size is forecast to reach US$ 18.13 Billion by 2023 growing at a CAGR of 5.9% during the forecast period of 2023 to 2030.

Regional analysis

The Western region currently dominates the U.S. costume jewelry market with the highest market share. States like California, Texas and New York exhibit higher disposable incomes and fashion consciousness stimulating the demand. The Southern region is expected to witness fastest growth due to presence of emerging fashion hubs and a thriving middle class. E-commerce also boosts market access in rural areas complementing regional expansion.

Key players

Key players operating in the U.S. costume jewelry market are Coty, Procter & Gamble Prestige Beaute, L’Oreal, LVMH, Givaudan, International Flavors & Fragrances, Estee Lauder Beautiful, Kilian, Firmenich, Symrise. These companies engage in new product launches, partnerships and marketing initiatives to strengthen their consumer base.

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