LONDON--(BUSINESS WIRE)--The global cufflinks market size is expected to grow by USD 1.28 billion during 2020-2024. The report also provides the market impact and new opportunities created due to the COVID-19 pandemic. We expect the impact to be significant in the first quarter but gradually lessen in subsequent quarters – with a limited impact on the full-year economic growth.
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The growth in online retailing is expected to drive the cufflinks market growth during the forecast period. The rapid growth of online retailing can be attributed to the rising Internet penetration rate in various countries and consumer awareness about the online availability of various types of jewelry products. Online retailing provides benefits such as convenience, easy returns, and discounts, and it offers a diverse range of products to choose from. The e-commerce market for cufflinks is flourishing because of the emergence of off-price online retailing. CuffLinks.com and cufflinksdepot.com are some of the popular online sites for buying cufflinks. Vendors also sell products online through various third-party platforms and proprietary websites. Swarovski is one of the major vendors that sell cufflinks through various third-party online retailers, such as Amazon.
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As per Technavio, the high influence of celebrity endorsements on purchase decisions 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.
Cufflinks Market: High Influence of Celebrity Endorsements on Purchase Decision
The fashion industry has been experiencing rapid changes and advances over the last two decades, mostly due to the growth in the number of fashion-conscious consumers, especially in developing regions. Endorsements and the use of fashion products such as cufflinks by celebrities serve as catalysts in building brand image and propelling purchase decisions. For instance, British entrepreneur and businessman, Peter Jones is a well-known cufflink aficionado. In addition, Cufflink models such as Dove Cufflinks and Tom Ford JB Cufflinks, which are inspired by James Bond movies are also available in the market. Moreover, online advertising is also an essential part of marketing strategies. Vendors often sign multi-year endorsement agreements with high-profile celebrities to enhance their brand value.
“Factors such as the rise in demand for French cuff shirts and the easy availability of products will further boost cufflinks market growth during the forecast period”, says a senior analyst at Technavio.
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Cufflinks Market: Segmentation Analysis
This market research report segments the cufflinks market by product (premium cufflinks and mass cufflinks), distribution channel (monobrand stores, DHS, online retail, and others), and geography (Europe, North America, APAC, South America, and MEA).
The European region led the cufflinks market in 2019, followed by North America, APAC, South America, and MEA respectively. During the forecast period, the European region is expected to register the highest incremental growth due to factors such as the adoption of cufflinks as part of formal wear, the high penetration of cufflinks vendors, and easy product availability.
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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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