Executive Summary

Jul 2019
Sales growth driven by younger consumers amidst a general economic slowdown

Sales growth continued to slow down in personal accessories in 2019 as the stuttering South Korean economy, the rising cost of living and faltering consumer confidence conspired to diminish demand in all personal accessories categories. However, one bright spot was that spending on personal accessories, including notably the leading luxury brands, continued to increase despite the generally unfavourable scenario.

Polarisation of demand continues to squeeze mid-priced brands

Two opposing consumer trends are highly evident in personal accessories. On the one hand, demand is slowly but surely shifting towards premium products and luxury brands, while on the other, low-priced unbranded products are becoming more popular.

International luxury goods companies and brands continue to lead sales

International manufacturers continued to lead personal accessories in 2018, with nine of the top ten names in the industry belonging to a major international luxury goods player. Over the course of the year, Richemont overtook Louis Vuitton as the outright industry leader and this was due partially to Richemont’s Cartier brand gaining value sales, but mainly because Louis Vuitton is steadily losing share despite its iconic status.

Department stores remains dominant despite challenges from internet retailing and TV homeshopping

Department stores has long been the preferred retail channel for South Koreans to acquire personal accessories and although the channel faces challenges maintaining its dominant position, the country’s leading department stores remain the primary destinations for the majority of South Korans intent on purchasing jewellery, watches bags and luggage. The main appeal of department stores is the often opulent and relaxing shopping experience that they offer, as well as the wide variety of products in stock and the personal attention that is on offer from well-trained and knowledgeable sales staff.

Muted demand among locals to be mitigated by rising spending among foreign tourists

Although there were some signs towards the end of the review period that sales of personal accessories in South Korea are already on the wane due to economic pressures and changing lifestyle habits, sales growth is set to remain positive over the forecast period. In addition to buoyant demand among millennials and other younger consumer groups, the positive outlook for South Korea’s inbound tourism flows during the forecast period is expected to underpin growth in sales of personal accessories.

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Personal Accessories in South Korea

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Overview

Discover the latest market trends and uncover sources of future market growth for the Personal Accessories industry in South Korea 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 South Korea, our research will save you time and money while empowering you to make informed, profitable decisions.

When you purchase this report, you also get the data and the content from these category reports in South Korea for free:

The Personal Accessories in South Korea market research report includes:

  • Analysis of key supply-side and demand trends
  • Detailed segmentation of international and local products
  • Historic volumes and values, company and brand market shares
  • Five year forecasts of market trends and market growth
  • Robust and transparent market research methodology, conducted in-country

Our market research reports answer questions such as:

  • How are sales of luggage, backpacks and sports bags impacted by tourism flows?
  • Are sales of real jewellery catching up on costume jewellery in South Korea?
  • Is mechanical, quartz digital or quartz analogue driving sales of watches in South Korea?

Why buy this report?

  • 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

This industry report originates from Passport, our personal goods market research database.

Personal Accessories in South Korea

EXECUTIVE SUMMARY

Sales growth driven by younger consumers amidst a general economic slowdown
Polarisation of demand continues to squeeze mid-priced brands
International luxury goods companies and brands continue to lead sales
Department stores remains dominant despite challenges from internet retailing and TV homeshopping
Muted demand among locals to be mitigated by rising spending among foreign tourists

MARKET DATA

Table 1 Sales of Personal Accessories by Category: Volume 2014-2019
Table 2 Sales of Personal Accessories by Category: Value 2014-2019
Table 3 Sales of Personal Accessories by Category: % Volume Growth 2014-2019
Table 4 Sales of Personal Accessories by Category: % Value Growth 2014-2019
Table 5 NBO Company Shares of Personal Accessories: % Value 2014-2018
Table 6 LBN Brand Shares of Personal Accessories: % Value 2015-2018
Table 7 Distribution of Personal Accessories by Format: % Value 2014-2019
Table 8 Forecast Sales of Personal Accessories by Category: Volume 2019-2024
Table 9 Forecast Sales of Personal Accessories by Category: Value 2019-2024
Table 10 Forecast Sales of Personal Accessories by Category: % Volume Growth 2019-2024
Table 11 Forecast Sales of Personal Accessories by Category: % Value Growth 2019-2024

DEFINITIONS

SOURCES

Summary 1 Research Sources

Bags and Luggage in South Korea

HEADLINES

PROSPECTS

Prevailing global trends evident in South Korea
Dynamic, young and growing consumer base bodes well for future sales
Department stores face challenges due to the emergence of online channels

COMPETITIVE LANDSCAPE

Price becomes increasingly irrelevant to the core consumer base for luxury brands
Polarisation continues to erode the position of mid-priced brands
Local brands continue to struggle to gain a foothold against international giants

CATEGORY DATA

Table 12 Sales of Bags and Luggage by Category: Volume 2014-2019
Table 13 Sales of Bags and Luggage by Category: Value 2014-2019
Table 14 Sales of Bags and Luggage by Category: % Volume Growth 2014-2019
Table 15 Sales of Bags and Luggage by Category: % Value Growth 2014-2019
Table 16 Sales of Luggage by Type: % Value 2014-2019
Table 17 NBO Company Shares of Bags and Luggage: % Value 2014-2018
Table 18 LBN Brand Shares of Bags and Luggage: % Value 2015-2018
Table 19 Distribution of Bags and Luggage by Format: % Value 2014-2019
Table 20 Forecast Sales of Bags and Luggage by Category: Volume 2019-2024
Table 21 Forecast Sales of Bags and Luggage by Category: Value 2019-2024
Table 22 Forecast Sales of Bags and Luggage by Category: % Volume Growth 2019-2024
Table 23 Forecast Sales of Bags and Luggage by Category: % Value Growth 2019-2024

Jewellery in South Korea

HEADLINES

PROSPECTS

Germanium craze influences consumer demand for both fine and costume jewellery
Department stores remains the dominant distribution channel
Informal online sales through social media continue to undermine retail sales

COMPETITIVE LANDSCAPE

Celebrity endorsements remain at the heart of the marketing of jewellery
Local brands continue to struggle as unbranded costume jewellery proliferates
Highly fragmented competitive environment in which “others” dominates

CATEGORY DATA

Table 24 Sales of Jewellery by Category: Volume 2014-2019
Table 25 Sales of Jewellery by Category: Value 2014-2019
Table 26 Sales of Jewellery by Category: % Volume Growth 2014-2019
Table 27 Sales of Jewellery by Category: % Value Growth 2014-2019
Table 28 Sales of Costume Jewellery by Type: % Value 2014-2019
Table 29 Sales of Fine Jewellery by Type: % Value 2014-2019
Table 30 Sales of Fine Jewellery by Collection: % Value 2014-2019
Table 31 Sales of Fine Jewellery by Metal: % Value 2014-2019
Table 32 NBO Company Shares of Jewellery: % Value 2014-2018
Table 33 LBN Brand Shares of Jewellery: % Value 2015-2018
Table 34 Distribution of Jewellery by Format: % Value 2014-2019
Table 35 Forecast Sales of Jewellery by Category: Volume 2019-2024
Table 36 Forecast Sales of Jewellery by Category: Value 2019-2024
Table 37 Forecast Sales of Jewellery by Category: % Volume Growth 2019-2024
Table 38 Forecast Sales of Jewellery by Category: % Value Growth 2019-2024

Watches in South Korea

HEADLINES

PROSPECTS

Chinese tourists return to South Korea, supporting sales growth in high watches
Department stores at the forefront of watches retailing as high spending consumers enjoy the experience such outlets provide
Rising health consciousness has implications for sales of watches

COMPETITIVE LANDSCAPE

Breitling and Audemars Piguet maintain a high profile in the fragmented competitive environment dominated by “others”
Price increases do not deter wealthy buyers of high watches
Luxury watch brands increasingly self-distributing in South Korea

CATEGORY DATA

Table 39 Sales of Watches by Category: Volume 2014-2019
Table 40 Sales of Watches by Category: Value 2014-2019
Table 41 Sales of Watches by Category: % Volume Growth 2014-2019
Table 42 Sales of Watches by Category: % Value Growth 2014-2019
Table 43 Sales of Watches by Price Band: Volume 2014-2019
Table 44 Sales of Watches by Price Band: Value 2014-2019
Table 45 Sales of Watches by Price Band: % Volume Growth 2014-2019
Table 46 Sales of Watches by Price Band: % Value Growth 2014-2019
Table 47 NBO Company Shares of Watches: % Value 2014-2018
Table 48 LBN Brand Shares of Watches: % Value 2015-2018
Table 49 Distribution of Watches by Format: % Value 2014-2019
Table 50 Forecast Sales of Watches by Category: Volume 2019-2024
Table 51 Forecast Sales of Watches by Category: Value 2019-2024
Table 52 Forecast Sales of Watches by Category: % Volume Growth 2019-2024
Table 53 Forecast Sales of Watches by Category: % Value Growth 2019-2024
Table 54 Forecast Sales of Watches by Price Band: Volume 2019-2024
Table 55 Forecast Sales of Watches by Price Band: Value 2019-2024
Table 56 Forecast Sales of Watches by Price Band: % Volume Growth 2019-2024
Table 57 Forecast Sales of Watches by Price Band: % Value Growth 2019-2024

Writing Instruments in South Korea

HEADLINES

PROSPECTS

Rising penetration of smartphones and other devices continues to undermine sales
Colouring and roller ball pens are the most dynamic categories thanks to their innovation and the trend for adult colouring books
The low birth rate and contracting population of children continue to suppress growth

COMPETITIVE LANDSCAPE

Mitsubishi Pencil Co remains on top of the rankings with a very strong performance
Local player Mon Ami responds to its falling sales with the opening of Ink Lab
Domestic companies vie with international rivals for sales

CATEGORY DATA

Table 58 Sales of Writing Instruments by Category: Volume 2014-2019
Table 59 Sales of Writing Instruments by Category: Value 2014-2019
Table 60 Sales of Writing Instruments by Category: % Volume Growth 2014-2019
Table 61 Sales of Writing Instruments by Category: % Value Growth 2014-2019
Table 62 NBO Company Shares of Writing Instruments: % Value 2014-2018
Table 63 LBN Brand Shares of Writing Instruments: % Value 2015-2018
Table 64 Distribution of Writing Instruments by Format: % Value 2014-2019
Table 65 Forecast Sales of Writing Instruments by Category: Volume 2019-2024
Table 66 Forecast Sales of Writing Instruments by Category: Value 2019-2024
Table 67 Forecast Sales of Writing Instruments by Category: % Volume Growth 2019-2024
Table 68 Forecast Sales of Writing Instruments by Category: % Value Growth 2019-2024