Costume Jewellery and Fashion Accessories: Industry Report 2011
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The Jewellery and Fashion industry has remained moderately buoyant for the duration of the final years regardless of the worldwide downturn. I’m going to detail the motives for this and discuss the possibilities for 2011 and beyond.
Costume jewelry (or fashion jewelry, because it additionally acknowledged), can be described as any jewelry crafted from non-precious metals together with gold. Normally it does no longer include any valuable or semi-precious stone or pearls either, despite the fact that in a few excessive quit cases, it would, specifically the designer jewellery marketplace. This is not to mention that it is usually less expensive, Kenneth Jay Lane’s (called the god father of costume jewellery) antique portions, had been known to promote at Christie’s and Sotheby’s for heaps of kilos, even though new portions are tons extra low-cost. Generally but, mass market items can sell for whatever between $1 and $a hundred. Types of Costume Jewellery include rings, necklaces, bracelets, brooches, cuffs and jewelry.
‘Fashion add-ons’ is a broader time period that consists of no longer simplest gown / style jewelry, but additionally includes baggage, hair accessories inclusive of fascinators, scarves and belts. Jewellery is said to account for over 30% of the overall style accent market with purses the opposite big contributor, at around (or just beneath), this level.
After years of steady increase inside the enterprise, the global downturn contributed to a three% fall in retail income for 2009 to $30.7 billion. Projected figures for 2010 are extra positive with sales rebounding to $32.2 billion [Source: Accessories Magazine]. Heavier than expected snowfalls, and decrease temperatures throughout Western Europe in the run up to Christmas, may also lead to a moderate downgrading of this estimate, as retailers lost vital selling days. The well documented troubles with the postal service specially within the UK, may have affected take up rates in the on-line jewellery enterprise, as consumers fretted over delivery dates. Nevertheless, considering that boom within the key costume jewellery markets of North America and Western Europe has been gradual in 2010, any kind of superb boom is an fulfillment.
Companies within this area need to be bullish about the prospects for 2011 onwards; high-quality signs that the industry will grow are as follows:
• As formerly referred to despite gradual boom handmade jewelry Singapore in key US and European markets, the enterprise managed to no longer handiest recover retails income from the 2009 fall, however back to pre credit-crunch boom levels.
• Austerity measures throughout an awful lot of Europe are in all likelihood to preserve purchaser spending in check. However smart outlets can take gain of this, advertising to purchasers who are trading down. Value for money is probably to be the key driver within the age of austerity; inside the UK, ALDI thrived from customers who traded down from Marks and Spencers. Whilst I’m no longer comparing the Costume Jewellery enterprise to ALDI, you can optimistically see my factor.
• Following on from this, manufacturers that could offer low-cost luxurious are probably to prosper. For many Fashion Jewellery manufacturers, less costly luxurious is one of the key selling points. An instance from out of doors the enterprise of low cost luxurious thriving all through tough economic instances, is Costa Coffee, who experienced robust consequences over the previous few years as many customers keep to shop for as a ‘deal with’.
• Emerging markets along with China and India, provide big capability from strong manufacturers. Growth in these economies remained robust in 2010 and is likely to keep, albeit at a slightly decreased fee. As tons of the sector’s mass produced dress jewelry and fashion accessories are manufactured in those new economies, companies want to have a look at their deliver chain and marketing, to satisfactory capitalise in this opportunity. Cutting out the freight prices and selling directly on the factor of beginning is honestly a aim really worth striving for.