The most influential Megatrends set to shape the world through 2030, identified by Euromonitor International, help businesses better anticipate market developments and lead change for their industries.
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Learn moreJun 2013
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Consumer spending on personal accessories such as bags, jewellery and watches is a discretionary expense, and likely to suffer amid recessionary fears. An analysis of the role of the luxury segment in these categories reveals factors which have affected the respective categories’ performance in the review period. Although the future of luxury in personal accessories is expected to differ by category, its influence on the personal accessories industry is unlikely to diminish.
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As of 2012, the luxury segment accounted for just over 20% of global personal accessories (including sunglasses). The degree of regional development of this segment is nowhere close to that which personal accessories as a whole enjoyed in 2012.
Over the 2007-2012 period, luxury goods growth was often linked to economic optimism in individual markets. Some luxury goods leaders, such as LVMH, posted record growth in value sales over the period. However, the global market did not follow the same trend – luxury personal accessories often grew at a pace slower than lower price segments.
Luxury, and to an extent personal accessories sales, are dependent on the iconic positioning of leading brands such as Louis Vuitton, Cartier and Rolex. The familiarity they have established among global consumers is not only driven by advertising but also by frequent collaborations with designers and fashion shows.
Owing to their global presence, luxury manufacturers dominate the leadership positions in personal accessories. However, mid-priced brands have started challenging their growth in an increasingly competitive landscape.
Handbags and jewellery continue to be highly female-centric products, both for the luxury and non-luxury segments of personal accessories. In contrast, luxury watches is seeing an increasing dependence on male consumers.
Although US and China will remain focus areas for luxury manufacturers, Latin America could be the next crucial geography in the race for leadership.
Gain competitive intelligence about market leaders. Track key industry trends, opportunities and threats. Inform your marketing, brand, strategy and market development, sales and supply functions.