The worldwidecostume jewelry market is reflecting a positive trend of expansion all over the world. There are several aspects that are indicating a positive position of the market for a long and medium term. For example, rising need of costume matching jewelry for fashion, increasing fashion consciousness of consumer, internationalization of brands, rising costs of diamond, silver, gold and different valuable gems jewelry, low-maintenance cost, affordability of costume jewelries, increasing requirement for men costume jewelry, accessibility of wide assortment of designs in costume jewelry as well as safest to carry anywhere, in contrast to real jewelry or ornaments owing to fear of burglary, loss etc. The costume jewelry market has remarkably profited by the economic development in the LAMEA and Asia-Pacific regions. Increases in the standard of living along with rising fashion consciousness are considered to support the market expansion. At present, ensemble gems are highly sought after among corporate individuals, teenagers, working women, and the working populace because of the rising need for men costume jewelry and affordability.
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Progressions in online advertising trends and increment in the usage of digital media for product promoting are the prominent factors adding to the expansion of the worldwide costume jewelry industry. An increment in acceptance of technologically propelled techniques as well as colorful stones for artificial jewelry is considered to add to the expansion for imitation jewelry of e-commerce websites. Nevertheless, rising and variable raw material costs, stern trade laws, fashion and fad sensitive market of costume jewelry as well as unorganized raw materials supply chain in the costume jewelry industry are likely to impede the market expansion.
Urbanization is one of the imperative factors which is likely to impact the requirement for costume jewelry. As per the Department of Economic and Social Affairs, Population Division (in the year 2014) of the United Nations, approximately 54% of the globe’s populace dwelled in urban regions during 2014, as well as towards the end of the year 2050, 66% of the globe’s populace is considered to move to urban regions.
The U.S regional market is popularly considered as a trend-setting nation in terms of costume jewelry as well as one which can influence the whole world to follow afterward. The emerging economies, for example, Brazil, Russia, India and China (BRIC) are the fasted developing business sector with twofold digit expansion rates in the costume jewelry market. Also, the Asia Pacific regional market is believed to be the biggest maker of costume jewelry and is anticipated that would assume control over North America as far as utilization in the approaching years. High development pace in Asia Pacific region is credited to the increasing income of the buyers in these nations.Further, with the huge westernization and urbanization occurring, the buyers are presently ending up more trendy and fashionable products. In addition, a large populace of young buyers (average age is 29 to 37 years respectively for India as well as China) is likewise a major contributor in the overall development of costume jewelry in these nations.
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A few of the prominent market players functioning in the industry are, The Colibri Group, Buckley Jewellery Limited, Avon Products Inc, H. Stern Com. & Ind. S.A., Swank Inc, Cartier SA, Louis Vuitton North America, Inc., Channel S.A., Stuller, Inc., Billig Jewelers, Inc. Yurman Design, Inc., Gianni Versace S.p.A and others. The leading retailers and makers are expected to put forward better value but more usual price promotions, particularly as limitations on approach to credit possible to hold back sales.
The competitive backdrop in costume jewelry remains fairly segmented and the class contains very few of foremost retailers and several smaller, family-owned businesses. These smaller companies provide primarily to lower-income customers and engage from locations outside of shopping centers, with lower commercial rents.
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