Personal accessories in Singapore recorded weak retail current value growth in 2019 due to weak consumer sentiment as well as a drop in tourism receipts. For the higher-end brands in the industry, tourism is a key factor contributing to the growth.
Changing consumer behaviour is shaping how the personal accessories industry is evolving in Singapore. Consumers are shifting away from branded goods, with the increasingly fragmented market targeting the fast fashion trend responsible for the slow value growth in personal accessories.
The competitive landscape in personal accessories remained highly fragmented in 2018, with each category having a good diversity of brands. Even though most categories are led by international brands, the industry is still characterised by a strong presence of domestic players.
Personal accessories distribution continued to be concentrated among specialist retailers in 2019. However, internet retailing continued to record strong current value sales growth.
The personal accessories market has a positive outlook for the forecast period, recording slightly stronger annual growth in current value terms than in the review period. Bags and luggage is expected to record the highest current value CAGR, partly driven by the functionality and lifestyle changes adopted by residents as well as the expected increase in inbound and outbound travel.
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Discover the latest market trends and uncover sources of future market growth for the Personal Accessories industry in Singapore with research from Euromonitor's team of in-country analysts.
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This industry report originates from Passport, our personal goods market research database.