Generally, costume jewellery refers to ornaments designed sans precious or semi-precious metals
600 WordsApr 23, 20193 Pages
Generally, costume jewellery refers to ornaments designed sans precious or semi-precious metals though an uncommon trend of using a combination of junk metals with semi –precious stones and metals is also in existence. Such jewellery does turn out much more expensive than the usual costume jewellery but the price is justified by their exquisite quality and beauty. The mass market, however, still caters to costume jewellery in the range of Rs 500 to Rs 5000. Typical costume ornaments include earrings, bracelets, necklaces, brooches, cuff links and rings. Fashion accessories, on the other hand, include bags, fascinators, scarves and belts. Together costume jewellery and fashion accessories account for over 30% of the overall fashion…show more content…
Cutting out the freight costs and selling directly at the point of origin is a goal most players in the field are eyeing for.
(d) The price of gold and other precious metals is still very high. Gold prices have been on a steady upslope from 2001 till now. Silver is a similar, if not as dramatic a story. This obviously tilts the markets in favour of cheaper and more often than not, more trendy options of fashion accessories and costume jewellery.
However, as in most business stories, all isn’t as rosy and there is more to it than meets the eye. These opportunities aside, there are certain challenges the industry faces in the quest for growth and sustainence:
(a) Fashion Accessory business is boosted by a high percentage of impulse buys. Online accessory and costume jewellery retailers need to face a lot of challenges in this regard as the prospective buyers have instant access to comparative prices and multiple options. Smaller retailers need to also consider how they can innovate to maximize their sales by targeting the impulsiveness of the buyers and the transparency of the internet.
(b) The present is a boon period for Fashion Accessories industry as expected worldwide consumer spending in this sector is likely to grow by 4 to 5 percent. Such prospects lure several new entrants to join the industry, some of which happen to be established names in other industries. The continued growth of online accessories sales is a two edged sword for both, the