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Ai-driven growth in india’s affordable costume jewelry market (2024-2028) .

Market Overview

The Indian costume jewelry market is a rapidly growing industry, driven by increasing demand for affordable and fashionable accessories. The market size is estimated to reach USD 904.34 million by 2028, growing at a compound annual growth rate (CAGR) of 10.02% during the forecast period.

Key Drivers

  • Affordable pricing: Costume jewelry is becoming increasingly popular due to its affordability, making it accessible to a wider audience.

    Online Custom Jewelry Sales Boom in India as Millennials Drive Growth.

    The rise of social media has also contributed to the growth of online custom jewelry sales.

    The Rise of Online Custom Jewelry Sales in India

    A Growing Market

    The Indian costume jewelry market has experienced significant growth in recent years, with online custom jewelry sales being a major contributor to this growth. Millennials, aged 26-41, are a key demographic driving this trend.

    Affordable luxury drives the Indian costume jewelry market.

    The market is driven by the growing demand for affordable luxury, with many consumers seeking high-quality products at budget-friendly prices.

    The Rise of Costume Jewelry in India

    The Indian costume jewelry market has experienced significant growth in recent years, driven by the increasing demand for affordable luxury. This trend has been fueled by the growing middle class, which is seeking high-quality products at budget-friendly prices.

    However, the market is dominated by unorganized and unregulated sectors, making it difficult for fine-quality brands to compete.

    The Challenges Facing the Indian Costume Jewelry Market

    The Indian costume jewelry market is plagued by several challenges that hinder its growth and development.

    Traditional designs meet modern sensibilities in India’s costume jewelry market.

    The growth in the segment is attributed to the increasing popularity of traditional Indian designs, such as the Kundan and Meenakari, which are now being reimagined in modern settings.

    The Rise of Necklace and Chains in India’s Costume Jewelry Market

    A Growing Segment

    The necklaces and chains segment in India’s costume jewelry market is witnessing a significant surge in revenue. This growth can be attributed to the increasing popularity of traditional Indian designs, such as Kundan and Meenakari, which are now being reimagined in modern settings. The segment is experiencing substantial growth, driven by the innovation in necklace designs and the rising demand among females due to personal grooming, fashion consciousness, and higher living standards.

    Key Drivers of Growth

  • Increasing demand among females for costume jewelry due to personal grooming and fashion consciousness
  • Rising living standards and higher disposable incomes among Indian consumers
  • Growing popularity of traditional Indian designs, such as Kundan and Meenakari, in modern settings
  • Expansion of the male consumer base for necklace and chains due to general designs
  • Modern Twists on Traditional Designs

    The growth in the necklaces and chains segment is also attributed to the innovation in necklace designs.

    The market is driven by the growing demand for affordable and fashionable accessories, which is further fueled by the increasing popularity of social media platforms.

    The Rise of Costume Jewelry in India

    The Indian costume jewelry market has experienced significant growth in recent years, driven by the increasing demand for affordable and fashionable accessories. This growth can be attributed to the rising popularity of social media platforms, which has created a culture of self-expression and individuality. As a result, people are looking for ways to express themselves through fashion, and costume jewelry has become an attractive option.

    Key Drivers of the Market

  • Increasing demand for affordable and fashionable accessories
  • Growing popularity of social media platforms
  • Rising disposable income among the working population
  • Increasing awareness about the importance of self-expression and individuality
  • The Segments of the Market

    The Indian costume jewelry market is segmented into three main categories: Trinkets, Fake Jewelry, and Fashion Jewelry.

    India’s Costume Jewelry Market Booms with Growing Demand for Affordable Fashion Accessories.

    Here are some key points about the costume jewelry market in India:

    Market Overview

    The costume jewelry market in India is a significant contributor to the country’s overall jewelry market. According to a report by the Indian Jewelry Association, the market size was estimated to be around ₹ 1,500 crores (approximately $200 million USD) in 2020. The market is expected to grow at a compound annual growth rate (CAGR) of 10% from 2020 to 2025.

    Key Drivers

  • Increasing disposable income: As the Indian economy grows, more people have the means to purchase luxury items, including costume jewelry. Growing urbanization: Urbanization has led to an increase in the number of people living in cities, where they are more likely to purchase fashion items, including costume jewelry. Changing fashion trends: The rise of fast fashion and social media has led to a shift in fashion trends, with people increasingly looking for affordable and trendy accessories.

    Technavio’s research methodology is based on a combination of primary and secondary research, ensuring that their findings are accurate and reliable.

    Technavio’s Research Methodology

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    Primary Research

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    Secondary Research

    Technavio’s secondary research involves analyzing existing data and research reports. This can include industry publications, academic journals, and online databases, which provide a wealth of information about the market trends and emerging technologies.

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