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Learn moreAug 2020
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The personal accessories market in Singapore is set to experience a decline in value sales in 2020 as a result of the COVID-19 pandemic.
On 7 April, Singapore implemented its Circuit Breaker (CB) measures, under which people were only allowed to go out for essential shopping, such as groceries, and exercise, and only essential businesses, such as grocery stores, markets, selective restaurants for takeaway only, government bodies and infrastructure-related businesses, remained open. The authorities announced that, without any unforeseen spikes, CB was scheduled to be lifted on 1 June.
With store closures and home seclusion, COVID-19 has forced personal accessories players to focus more strongly on digital activity, both in terms of marketing and e-commerce. For many companies, this has strengthened an existing trend, as several players, including luxury brand owners such as Kering, have sought to build sales amongst millennial and Gen Z consumers through greater digital engagement.
For 2020, personal accessories distribution remained concentrated in specialist retailers, albeit with a growing focus on the development of online platforms and avenues. This was demonstrated by Louis Vuitton’s launch of its e-commerce site for Singapore, where the island-state has joined the ranks of only 25 countries worldwide where Louis Vuitton’s e-commerce offering is available.
The Singapore personal accessories market is expected to recover in the 2020-2025 period, with a noticeable surge in 2021 (owing to lower base value in 2020) before achieving a modest growth rate for the rest of the forecast period.
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Overview
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.
Find hidden opportunities in the most current research data available, understand competitive threats with our detailed market analysis, and plan your corporate strategy with our expert qualitative analysis and growth projections.
If you're in the Personal Accessories industry in Singapore, our research will save you time and money while empowering you to make informed, profitable decisions.
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This industry report originates from Passport, our personal goods market research database.
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.