Costume Jewelry Market | Rise of Online Retailing to Boost the Market Growth | Technavio
The costume jewelry market size is poised to grow by USD 13.24 billion during 2020-2024, progressing at a CAGR of almost 7% throughout the forecast period, according to the latest report by Technavio. The report offers an up-to-date analysis regarding the current market scenario, latest trends and drivers, and the overall market environment. The report also provides the market impact and new opportunities created due to the COVID-19 pandemic. Download a Free Sample of REPORT with COVID-19 Crisis and Recovery Analysis.
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Technavio has announced its latest market research report titled Global Costume Jewelry Market 2020-2024 (Graphic: Business Wire)
Online retailing has gained popularity for shopping costume jewelry owing to benefits such as easy returns, discounts, and convenience. Many critical vendors in the market are selling their products through third-party e-commerce websites such as Amazon and Walmart. These online retail stores are helping the vendors in increasing the visibility of products through various digital marketing strategies and the provision of product descriptions, reviews, and comparison. Moreover, vendors are investing in establishing a personalized shopping experience in online shopping. They are focusing on combining brick-and-mortar retail and virtual elements to build a modernized and interactive shopping platform. As a result, sales of costume jewelry through the online distribution channel are expected to increase in the coming years, which will drive the costume jewelry market growth during the forecast period.
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- The major costume jewelry market growth came from the offline distribution channel segment. Costume jewelry available through offline channels, such as hypermarkets, supermarkets, specialty retail stores, and vendors’ proprietary retail stores, has recorded significant sales over the years. This is attributed to many customers’ preference for the traditional method of shopping from brick-and-mortar stores. Brick-and-mortar stores enable personalized shopping experience owing to the touch-and-feel factor. Moreover, most of the premium products are sold …