Table of Content:
I. Introduction
What is Base Metal Jewelry?
The Rise and Development History of the Base Metal Jewelry Market
Objectives of the Blog
II. Current State of the Base Metal Jewelry Market
Current Market Size
Consumer Attitudes and Trends Towards Base Metal Jewelry
III. Predictions for the Base Metal Jewelry Market in 2024
Emerging Markets and Potential Opportunities for Base Metals
Possible Challenges and Risks
Trends in 2024
based metal accessories
I. Introduction
What is Base Metal Jewelry?
Firstly, let’s clarify what base metal is: metals that are very inexpensive and prone to corrosion and oxidation in chemistry, such as iron, steel, copper, nickel, aluminum, and other metals. In simple terms, it refers to all metals except gold, silver, and platinum.
Base metal jewelry is the finished product crafted by polishing and carving these metals into jewelry pieces.
based metal
The Rise and Development History of the Base Metal Jewelry Market
Base metal jewelry, known as “commoner jewelry,” emerged and developed due to its low cost and resemblance to precious metals in appearance. Its origin is said to date back to the 18th to 19th centuries during Napoleon’s invasion of Prussia. Prussian women, in support of the frontline, sent their valuable items like gold coins to the war effort. In return, the state crafted ordinary iron into jewelry as a commemoration, known as Berlin Iron.
With the development of a capitalist economy, different income groups emerged in society. As precious metals became expensive, base metals gained popularity among the general population due to their special sentiment, reasonable pricing, and rapid promotion.
Berlin iron-a beautiful wish
The Purpose of the Blog
This article aims to provide a thorough analysis of the potential development trends of base metals in the coming year. It will also analyze consumer demands and offer a detailed overview of base metal brands in the market. The goal is to enable readers to quickly understand base metals.
II. Current Status of the Base Metal Jewelry Market
Current Market Size
Base metals have become the preferred material for ordinary people’s jewelry. For example, stainless steel, with its durable and hypoallergenic qualities, has become the top choice for affordable accessories. Its appearance closely resembles pure silver but comes at a lower cost. In 2019 alone, the growth rate of stainless steel jewelry in China increased by 30% compared to previous years. As of 2023, the production scale of base metal jewelry in Chang’an, Dongguan, has become the largest globally, with over 5,000 manufacturers as early as 2015. Dongguan’s hardware jewelry exports now rank first globally.
Chang’an Town, Dongguan City
Consumer attitudes towards base metals and future trends
Compared to precious metals, base metals are more favored by both consumers and manufacturers. First and foremost is environmental friendliness – base metals allow for sustainable use, reducing environmental impact. Base metals like stainless steel and copper are more affordable, making them easily accessible to the general public – the majority of the world’s population.
Additionally, base metals offer greater diversity with processes such as stainless steel, gold plating, and silver plating catering to various consumer preferences. It’s a preferable choice for those allergic to precious metals.
Since the economic downturn after the 2020 pandemic, many middle-class individuals have shown a preference for base metal jewelry. As of early 2023, the GDP of Chang’an Town in Dongguan, China – a major producer of stainless steel jewelry – reached a staggering 89.5 billion yuan, reflecting the increasing popularity of base metal jewelry.
Stainless steel accessories
III. Predictions for the Base Metal Jewelry Market in 2024
Emerging Markets and Potential Opportunities for Base Metals
Base metals are not limited to jewelry and have found applications in various industries:
a. Watch Industry: Base metals like stainless steel have gained popularity in the watch industry for their scratch-resistant and durable qualities, attracting many manufacturers and consumers.
b. Technology Product Market: The production of devices like phones and laptops relies on metals, and with the expanding tech market, a wider range of base metals may be utilized in manufacturing.
c. Online Market: As the internet has become a necessity in modern life, a significant portion of the population prefers online shopping, including for accessories. Online platforms represent a major potential market for base metal jewelry as consumers increasingly seek novel items online.
The emerging market for base metals is currently concentrated among the younger generation. They may prioritize practicality, as seen in recent trends where college students, faced with economic challenges, opt for less fashionable but more cost-effective choices like military coats over down jackets. Similarly, traditional Chinese flower-padded cotton jackets have become mainstream. The focus is on achieving warmth in winter rather than adhering to external images.
Likewise, whether precious or base metals, the purpose remains self-decoration. For some young individuals, the material of the metal becomes less important as long as it serves the purpose of personal adornment.
Possible Challenges and Risks
Despite the acceptance of base metals by many young consumers and their considerable potential, challenges persist:
a. Issue of Inferior Quality: China, as the world’s largest exporter of base metal jewelry, faces challenges related to inferior products tarnishing the overall brand image. Some consumers in Africa have reported discoloration issues with alloy jewelry after a certain period. To avoid purchasing inferior products, some customers opt for sourcing agents in China to help procure quality and competitively priced items.
b. Consumer Awareness: While a portion of consumers recognizes the advantages of base metal jewelry, many remain unaware, influenced by the allure of precious metals that may be financially out of reach. To tap into the full potential of the base metal jewelry market, it’s crucial to educate consumers about the benefits of these items.
Chinese sourcing agents are assisting with quality inspection
Trends in 2024
The trends in base metals are closely tied to the current economic situation, with ongoing conflicts like the Russia-Ukraine war and the Palestine conflict impacting the global economy. These events influence worldwide economic conditions, affecting consumer spending power. Despite potential economic challenges, the base metal jewelry market may experience a higher growth rate in 2024, potentially reaching a 40% to 50% increase. Even during economic recovery, the base metal jewelry market is likely to continue growing due to its alignment with current trends of environmental consciousness and diversity.
