Display medium, display product, and display set

A display medium comprising a substrate, and a reflective layer provided on the substrate, wherein:

• the substrate includes a polarized light separation layer capable of reflecting circularly polarized light having one rotation direction DA and transmitting circularly polarized light having an opposite rotation direction to the rotation direction DA therethrough;
• the reflective layer contains a first reflective pigment capable of reflecting circularly polarized light having one rotation direction DBR and transmitting circularly polarized light having an opposite rotation direction to the rotation direction DBR therethrough, and a second reflective pigment capable of reflecting circularly polarized light having one rotation direction DBL and transmitting circularly polarized light having an opposite rotation direction to the rotation direction DBL therethrough;
• the rotation direction DBR of the circularly polarized light that the first reflective pigment can reflect is opposite to the rotation direction DBL of the circularly polarized light that the second reflective pigment can reflect;
• a hue of the circularly polarized light that the first reflective pigment can reflect and a hue of the circularly polarized light that the second reflective pigment can reflect differ from each other;
• the substrate includes a phase difference layer;
• and
• an in-plane retardation of the phase difference layer at a measurement wavelength of 590 nm is equal to or more than “{(2n+1)/2}×590 nm−30 nm” and equal to or less than “{(2n+1)/2}×590 nm+30 nm”, wherein
• n is an integer of 0 or larger.