PUBLISHER: Grand View Research | PRODUCT CODE: 1574914
PUBLISHER: Grand View Research | PRODUCT CODE: 1574914
The global fashion accessories market size is expected to reach USD 1,259.44 billion by 2030, registering a CAGR of 7.9% from 2024 to 2030, according to a new report by Grand View Research, Inc. The demand and usage of fashion jewelry among consumers are increasing significantly, driven by several key factors and trends. One of the primary reasons for this growth is the rising awareness of personal appearance and fashion consciousness, particularly among younger demographics. As individuals become more invested in their external looks, they seek affordable, stylish jewelry that complements their outfits. This trend is especially pronounced among younger women, who are increasingly drawn to innovative and trendy designs that allow them to express their individuality without the high costs associated with fine jewelry.
The affordability of fashion jewelry compared to fine jewelry also plays a crucial role in its increasing popularity. With the rising costs of precious metals and gemstones, many consumers are opting for costume jewelry as a budget-friendly alternative. This accessibility allows individuals to experiment with their style and own a variety of pieces without significant financial investment. Additionally, the growing acceptance of costume jewelry as a legitimate fashion statement has encouraged consumers to embrace these affordable options.
Youngsters are particularly fascinated by new and innovative jewelry brands due to the influence of social media and celebrity endorsements. Platforms like Instagram and TikTok have become powerful tools for fashion brands to showcase their products and connect with younger audiences. Influencers and celebrities often wear and promote fashion jewelry, making it highly desirable among their followers. This trend not only increases brand visibility but also creates a sense of urgency and excitement around new product launches. For instance, in April 2023, Sustainable fashion brand Rashki partnered with Atma Leather to launch what it claims are India's first banana leather handbags. Atma has developed a material called Banofi, which consists of 60% banana fibers, 20% natural additives, and 20% non-petroleum synthetic additives.
Moreover, the rise of e-commerce has made it easier for consumers to access a wide range of fashion jewelry options. Online shopping provides convenience and allows consumers to explore various brands and styles from the comfort of their homes. Many brands are leveraging digital marketing strategies and collaborations with influencers to reach their target audience effectively, driving sales and brand loyalty.