The costume jewellery market - Spain

1.2 The booming global jewelry market

The global jewelry market is in good health, and should continue to be so in the coming years. As shown in the chart below, the global jewelry market will be worth $*** billion in **** , and is expected to grow by **. *% to $*** billion by ****.

Jewelry market value forecast World, ****-****, in billions of dollars Source: ****

The outlook for fashion jewelry is even brighter: in ****, it accounted for $** billion in sales (***).it should reach $** billion in **** and $*** billion in ****, which means annual growth of +*.*% from **** to **** and +*.*% from **** to ****.

The following chart shows forecasts for the value of the global costume jewelry market. The forecasts are highly optimistic, assuming growth of **% between **** and ****.

Costume jewelry market value forecast World, ****-****, in billions of dollars Source: ****

1.3 The Spanish market

According to the DBK Sector Observatory, retail sales of jewelry and watches recorded a strong recovery in ****, supported by improved private consumption behavior and the reactivation of tourism activity, following the more than **% drop in activity in ****. As a result, the market will be worth *.* billion euros in ****, **.*% more than in ****.

Market size trends for jewelry (***) and watches Spain, ****-****, in millions of euros Source: ****

Provisional figures for the end of **** point to continued business growth. Although the rate of growth has been limited to some extent by the loss of momentum in demand due to the worsening economic situation. Sales for the full year **** are thus set at *,*** million euros, *% higher than in ****.

By product type, jewelry and costume jewelry accounted for **% of total sales. Watch products accounted for **%, while other items, mainly silverware and accessories, accounted for *%.

Of particular note is the strong growth in e-commerce revenues in the jewelry and watch sector in recent years, reaching a figure of *** million euros and accounting for *% of the total retail market value in ****.

Estimated market size for costume jewelry :

Evolution of estimated costume jewelry market size Spain, ****-****, in millions of euros Source: ****

As the proportion of costume jewelry within ...

1.4 Spain's trade balance is heavily in deficit

The UN Comtrade database provides access to export and import figures for all categories of manufactured products and raw materials. For the chart below, the selected category is "Articles of jewelry and parts thereof, of precious metal or of metal clad with precious metal"code ****. Spain's trade balance is negative, although the trade deficit has narrowed in recent years.

Evolution of Spain's trade balance in the jewelry market World, ****-****, in billions of dollars Source: ****

The "costume jewelry"code **** on UN Comtrade was selected to obtain the following graph. As with the jewelry market, the trade balance for costume jewelry is negative, but the deficit is narrowing.

Evolution of Spain's trade balance in the costume jewelry market World, ****-****, in millions of dollars Source: ****

Predictably, China is Spain's leading supplier of costume jewelry (***), as this type of jewelry can be likened to manufactured goods, a market in which China is almost always the leading supplier for most countries in the world due to its low production costs. Main countries supplying costume jewelry Spain, ****, in Source: ****

The top four destinations for Spanish costume jewelry exports are European (***). Main destinations for Spanish costume jewelry exports World, ****, in Source: ****

2.1 Spanish consumption of costume jewelry and jewelry accessories

The most successful jewelry in Spain:

According to Google Trends data, the most popular jewelry categories in Spain are in this order: necklaces, earrings, bracelets and rings.

Most popular jewelry Spain, ****, Google trends index Source: ****

Consumption by gender :

Women buy more jewelry than men (***), with **% of purchases being self-gifts.

Jewelry purchases by gender Spain, ****, in Source: ****

Consumer demand for greater transparency in jewelry products:

Consumers are looking for greater transparency and traceability in their jewelry manufacturing processes, as shown in the graph above: for brands, it's no longer enough to say their jewelry is sustainable, they have to prove this sustainability and respect for the environment in the production processes.

How likely are you to choose a product with guaranteed traceability rather than a so-called "sustainable" product? World, ****, % Source: ****

2.2 Seasonality

The graph below shows the frequency of weekly Google searches for the term "costume jewelry". We can see peaks between the end of November and the end of December, corresponding to the run-up to Christmas and the festive season, showing that costume jewelry is a gift option to put under the tree.

Evolution of interest in the search term "bisuteria Spain, ****-****, Google Trends Index Source: ****

2.3 Geographical breakdown of demand

The regions where interest in the search term "bisuteria" is highest are Aragón, Principado de Asturias, País Vasco and Extremadura .

Source: ****

3.1 Costume jewelry value chain

Below is a simplified value chain for the costume jewelry sector:

Jewelry creation/design: this stage generally takes place in the brand's offices. A wide variety of players are involved in this stage: fashion houses, jewelry designers, craftsmen... Jewelry manufacturing / assembly : the designs created and imagined in the previous stage are then sent to factories for production. These factories are often located abroad (***). conversely, independent costume jewelry designers, like artisans, produce their jewellery in workshops in Spain. Distribution: Once the jewels have been produced, they are sold through a variety of distribution channels:

city-center jewelry stores and jewelry chains (***) shopping mall jewelry stores shopping malls ready-to-wear stores (***) direct online sales (***)

3.2 Spanish costume jewelry production

Number of costume jewelry companies in Spain :

Growth in the number of costume jewelry and jewelry manufacturing companies Spain, ****-**** Source: ****

This graph shows the annual evolution of the number of companies dedicated to the manufacture of jewelry, costume jewelry and similar items in Spain between **** and ****. In the latter year, *,*** manufacturers of these items were registered, a figure that has been falling steadily over the decade

Main manufacturers of costume jewelry :

Main Spanish manufacturers of costume jewelry Spain, ****, in millions of euros Source: ****

Greve Invest has taken the lead in the ranking of the most important companies dedicated to the manufacture of costume jewelry in Spain, recording sales of around ten million euros in ****. Industrias Cristian Lay and De Pablos e Hijos Accesorios Metalicos come second and third respectively.

Number of employees :

Trend in number of company employees Spain, ****-****, in number Source: ****

For example, the number of employees at Greve Invest has been rising in recent years (***).

3.3 Distribution channels

The main distribution channels :

Breakdown of sales by distribution channel (***) Spain, ****, in Source: ****

Specialized chains accounted for around **% of the market in ****, with sales value of *** million euros, a share that is tending to increase. Independent stores recorded sales of around *** million euros, representing **% of the market. Department stores and other channels together accounted for **.*% of total business.

at the end of ****, some *,*** jewelry and watch retail outlets were operating in Spain, a figure that shows a downward trend. Just over **% of these were part of chains.

The advance of the major chains over the independent trade has reinforced the trend towards concentration of the main operators in recent years. The top five accounted for **% of the sector's total sales in ****, while the top ten accounted for **%.

The Internet channel:

Although the Internet channel is a fast-growing segment, there are still many obstacles to the share of online sales really dominating the market - no customer advice, inability to try on jewelry, lack of trust. This is why most pure players have had to open boutiques to complement their online platform.

Nevertheless, there is still a long way to go for companies in this sector. Although most offer e-commerce sites, very ...

4.1 A wide range of products

It is difficult to give an exhaustive presentation of costume jewelry due to the diversity of products on offer.

We can, however, segment the products according to the classic categories used to segment a classic jewelry offering:

Jewelry type:

Earrings ; Rings, bracelets ; Charms ; Necklaces ; Pendants ; Piercings ; Brooches ; Others.

Consumer gender:

Male ; Female ; Mixed Mixed; Child.

Raw materials used :

Fabric ; Plastic ; Mother-of-pearl ; Wood Wood ; Feather ; Metal ; Mineral resources (***) ; Other animal or vegetable materials (***).

4.2 Characteristics of costume jewelry prices

Trends in consumer prices for costume jewelry:

In recent years, prices of costume jewelry and jewelry items have risen sharply in Spain, up **.*% in two years, against a backdrop of rising raw material and transport costs and inflation. Compared to other European countries, prices are **% higher than the European average, and higher than in France, Portugal or Germany.

Costume jewelry price trends Spain, ****-****, index base *** in **** Source: ****

An extremely varied offer:

The costume jewelry category, as used in this study, covers a very wide variety of products, both in terms of :

Manufacturing processes (***). Materials (***). The sophistication of the creations.

As a result, products are extremely varied, and cover a very wide price range.

In view of the diversity of ranges and the depth of references on the market, we propose a mapping of the main brands in the sector based on two axes:

The first axis segments market players by price level (***); A second axis dissociates brands specialized in the creation of costume jewelry from integrated brands, which offer other types of jewelry or even accessories and ready-to-wear.

Mapping of costume jewelry brands :

There is a noticeable absence of specialized costume jewelry brands positioned in the low-end segment. Most companies ...

4.3 The arrival of luxury brands on the costume jewelry market

In recent years, luxury brands have been taking an interest in the fashion jewelry market, offering a range of this type of jewelry.

An emblematic example of this trend is the range of costume jewelry sold by Dior. Far more expensive than lesser-known brand equivalents, this jewelry enables Dior to generate substantial profits, since margins are higher than for fine jewelry (***).

As the table below shows, Cluse, a watch and costume jewelry brand aimed at a young clientele on a limited budget, offers jewelry priced at no more than €**. Their equivalents sold by the big luxury brands are almost ten times more expensive.

Costume jewelry sold by luxury brands enables these companies to reach a wider, less affluent clientele than their usual clientele. Indeed, the price of a piece of Dior high jewelry (***), is unaffordable for a more modest clientele, who can nevertheless afford Dior costume jewelry and thus have the impression of consuming luxury at low cost.

Source: ****

4.4 The growing importance of environmental issues

The importance of consuming ecologically and responsibly has been growing in recent years, and the jewelry market is no exception. Over the last few years, a number of brands have emerged, exclusively online, that present themselves as more ethical than their older competitors.

Ana Luisa

Ana Luisa is an American jewelry brand with an online-only presence. It has made a name for itself through partnerships with female influencers. The materials used in this brand's jewelry are recycled, and the crystals/diamonds can be sourced transparently. The jewels are made in China, but the brand prides itself on upholding a code of conduct and regularly checks the factories where its products are made to ensure that they comply with its principles.

The brand has been certified "climate neutral" since ****. The graph below shows the breakdown of carbon footprint factors required to manufacture a piece of jewelry. The company claims that ***% of the carbon footprint, i.e. all the steps shown in the graph below, are offset.

Breakdown of carbon footprint factors for the production of an Ana Luisa jewel World, ****, in Source: ****

5.1 Legislation

In Spain, legislation relating to costume jewelry focuses primarily on consumer protection and product safety. Here are some of the main laws and regulations that apply to costume jewelry:

General Law for the Defense of Consumers and Users: This law applies to all consumer products, including costume jewelry. It defines the rights and obligations of consumers and sellers, including information requirements, warranty obligations and the right to return defective products. Product Safety Law: This law defines the safety requirements that products, including costume jewelry, must meet in order to be marketed. It covers labeling, instructions for use and the use of hazardous materials. REACH regulation: this regulation, which stands for Registration, Evaluation, Authorization and Restriction of Chemicals (***), applies to all substances used in the manufacture of costume jewelry. It sets out requirements for the registration, evaluation and authorization of chemical substances used in products, including costume jewelry. Niquel release regulation : this regulation sets limits on the amount of nickel that can be released from products that come into direct and prolonged contact with the skin, such as costume jewelry. It requires manufacturers to test their products for nickel release, and to comply with the limits set by the regulation. Intellectual property ...

6.1 Player segmentation

• De Pablos e Hijos Accesorios Metalicos SL
• Industrias Cristian Lay SA
• Greve Invest SL (Vidal & Vidal)
• Moa
• Rand Diffusion (Bala Boosté)
• Agatha
• JLN Taratata
• Thom Group (Smizze, Marc Orian, Histoire d'or)
• Bershka
• Promod
• Christian Dior Couture