The U.S. costume jewelry market comprises imitation jewelry items such as rings, earrings, necklaces, bracelets, and other ornamental accessories made from raw materials including glass, plastic, and non-precious gemstones including cubic zirconia. Costume jewelry is more affordable and trend-focused than precious jewelry. It serves an important role in fashionable self-expression at reasonable prices.
The U.S. costume jewelry market is estimated to be valued at US$ 20.89 Mn in 2024 and is expected to exhibit a CAGR of 5.9% over the forecast period from 2024 to 2031.
Key Takeaways
Key players operating in the U.S. costume jewelry market are Coty UK, Procter & Gamble Prestige, BeautL’Oreal, LVMH, Givaudan, International Flavors & Fragrances, Estee Lauder Beautiful, and Kilian. The growing demand for affordable fashion accessories and increasing adoption of costume jewelry among Millennials and Generation Z is fueling the market growth. Major companies are expanding their business globally to strengthen their market presence.
Market Key Trends
The trend of customized and personalized jewelry according to consumer demand and preferences is gaining traction in the U.S. Costume Jewelry Market Demand Online custom jewelry platforms allow consumers to choose gemstones, metals, designs, and engravings to create unique pieces as per their wish. This trend allows consumers to try new styles and designs and get customized accessories as per their aura and personality. It has also opened opportunities for small businesses to enter the market and fulfill specialized and personalized orders.
Porter’s Analysis
Threat of new entrants: New companies find it difficult to compete with established players who have strong brand loyalty and economies of scale.
Bargaining power of buyers: Buyers have moderate bargaining power due to the availability of substitutes.
Bargaining power of suppliers: A few key suppliers control the raw materials, giving them some bargaining power over costume jewelry makers.
Threat of new substitutes: Substitute products include plain metal jewelry, smartwatches and real gemstone jewelry at affordable rates pose a threat.
Competitive rivalry: Competition is intense as key players continuously invest in branding and marketing to gain market share.
The U.S. costume jewelry market is highly concentrated in the West and East regions where major metropolitan areas are located. The Western region accounts for around 40% of the total market value due to higher prevalence of fashion consciousness.
The South Central region is expected to witness the fastest growth during the forecast period. States such as Texas and Florida are experiencing rapid urbanization and rising disposable incomes which is increasing the demand for affordable fashion accessories including costume jewelry across demographics.
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1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it.