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Competitor Strategies in Personal Accessories

March 2023

Personal accessories sales growth slowed in 2022, due to a high inflation environment, continuing COVID-19 restrictions in China, and the impact of the war in Ukraine. Asia Pacific remains the largest contributor to the global spending on personal accessories, while Latin America is the fastest growing region. A challenging macro environment, changing consumer habits, digital transformation, stricter regulations on sustainability and a growing resale segment are expected to shape the industry.

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This report comes in PPT.

Key Findings

Challenging times ahead

A high inflation environment, the war in Ukraine, a slowdown in the Chinese economy, continued supply chain issues and decreasing consumer confidence will make 2023 another challenging year for the personal accessories industry. Pricing discipline and a focus on pivoting towards the high-income consumer segment are some ways brands are beating the slowdown.

Targeting the new generation

Gen Z and Gen Alpha will account for 45% of the global population by 2030 and will be the largest target segment for personal accessories brands. Brands are being challenged to meet them where they are in order to win their emotional loyalty. Unexpected brand collaborations and the use of technology to tailor personalised rewards and incentives can help address this impending demographic shift.

Digitalisation: Opportunities and threats

From AI-driven personalisation tools, to virtual sampling, to the metaverse, brands need to keep pace with the technological transformations that are underway. Digitalisation provides endless ample opportunities, especially in digital wellness, but there are also threats, like intellectual property infringements within the fast-evolving NFT space and the murky ethics of AI.

Next-gen sustainability surge

As a reaction to “greenwashing”, brands are being challenged to provide evidence of their green credentials. Another strategy has been partnering with resale platforms as a way to lower consumers’ footprint. While most popular in the luxury segment, mass brands are also joining the resale bandwagon as personal accessories players prioritise their sustainable commitments.

Executive summary
After a strong recovery in 2021, global growth decelerates in 2022
Personal accessories growth decelerates in 2022 and sales remain below 2019 levels
Personal accessories remains highly fragmented, but the pandemic increases consolidation
Chow Tai Fook Jewellery Group Ltd outperforms the industry and its closest competitors
Tiffany & Co acquisition strengthens LVMH’s position
Although supply chain issues will ease in 2023, pressures will remain
Brands need to be prepared to adjust strategy, as economic uncertainty lies ahead
Luxury brands are more immune to economic slowdown, outperforming the industry
Shifts among global affluent put spotlight on Saudi Arabia as luxury driver
Case study: Prada unveils its first high jewellery collection
Case study: Coach maintains pricing discipline amid economic downturn
Step aside, Millennials, it’s time to focus on Gen Z and yes…Gen Alpha
Case study: Tiffany x Nike surprise collaboration
Case study: Cartier teams up with Snapchat
Digitalisation brings opportunities, as well as threats, for the industry
Case study: Lil Miquela may be “safer” option for brands
Major ruling: Hermès wins US trademark trial over MetaBirkin NFTs
Health-focused smart wearables drive digital wellness
Case study: Fossil unveils wellness-focused Gen 6 collection
Case study: Gucci x Oura Ring
State regulation set to turbocharge delivery of sustainable targets over the forecast period
Case study: Furla obtains environmental certification under ISO 14001 standard
Case study: Kimai¨ loudly broadcasts its bio-credentials
Sustainability concerns and low prices fuel the growth of the resale market
Case study: Francesca’s partners with ThredUP to launch resell programme
Key takeaways

Personal Accessories

Personal Accessories refers to a diversified group of personal products including Bags & Luggage, Jewellery, Watches and Writing instruments.

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