LONDON--(BUSINESS WIRE)--The global costume jewelry market is expected to post a CAGR of almost 7% during the period 2020-2024, according to the latest market research report by Technavio. Request a free sample report
The high internet penetration and the convenience offered by online retailing has led to the rapid growth of the global online retailing industry. This is encouraging many costume jewelry manufacturers to sell their products online through various third-party platforms and proprietary websites. Moreover, online retail stores increase the product visibility of costume jewelry by providing descriptions and product reviews. Also, vendors are actively investing in the establishment of costume jewelry experience centers to offer personalized and interactive shopping experience to their customers. For instance, in 2019, Swarovski announced the opening of its first US Crystal Studio retail location in Costa Mesa, California.
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As per Technavio, innovative designs in premium costume jewelry will have a positive impact on the market and contribute to its growth significantly over the forecast period. This research report also analyzes other significant trends and market drivers that will influence market growth over 2020-2024.
Global Costume Jewelry Market: Innovative Designs in Premium Costume Jewelry
Factors such as changing lifestyles, rising disposable incomes, and growing awareness about costume jewelry have led to an increase in consumer demand for premium and designer costume jewelry. To capitalize on this trend, vendors are introducing a wide range of premium costume jewelry with innovative designs. For example, Thea Miller offers designer costume jewelry called the mantra pendants, which are engraved with meaningful words and phrases. Similarly, other vendors are also offering designer jewelry that includes the symmetry of geometric lines, architectural influences, and complementary and contrasting gemstone colors with different cuts. The introduction of such innovative designs by vendors is expected to boost the growth of the global costume jewelry market during the forecast period.
“Rising emphasis on inorganic growth and the increasing demand for costume jewelry from the millennial population will further boost market growth during the forecast period,” says a senior analyst at Technavio.
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Global Costume Jewelry Market: Segmentation Analysis
This market research report segments the global costume jewelry market by geography (APAC, Europe, MEA, North America, and South America) and distribution channel (offline and online).
The North American region led the costume jewelry market in 2019, followed by Europe, APAC, South America, and MEA, respectively. During the forecast period, the North American region is expected to register the highest incremental growth. This is due to the rising demand for male fashion jewelry and increasing promotional activities by vendors in the region.
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Some of the key topics covered in the report include:
- Vendors covered
- Vendor classification
- Market positioning of vendors
- Competitive scenario
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