Personal accessories maintained its strong retail value growth in 2019, largely due to price increases due to the devaluation of the Turkish lira and a switch to higher-quality branded goods away from generic products among consumers, despite a number of political and economic difficulties. Turkish women began to collect a range of handbags for use on different occasions towards the end of review period and typically owned a range of watches for use on occasions such as sports, business and for weekends and replacing them regularly as fashion trends changed.
Turkey’s large young population further fuelled consumers' aspirational attitudes over the review period. The focus on younger consumers encouraged personal accessories brands to use social media, such as Instagram, Snapchat and Twitter, and engage in collaborations with social media influencers to raise the profile of their brands among their target demographic.
Personal accessories remained a fragmented market in 2018/2019, with a large number of both domestic and multinational players looking for ways to increase their shares. The continuation of the anti-dumping duty, a protectionist tariff which the Turkish government imposed on imports of pencils, supported local production.
Specialist retail channels as the main distribution channel in Turkey are highly fragmented and consist of both large chains and smaller independent retailers. Chains focus on offering affordable prices, while independent retailers remain more committed to quality, focusing on the middle and high end.
Current retail value sales of personal accessories are expected to increase over the forecast period, again largely due to price increases on imported goods. Retail volume growth is also set to accelerate as fashion consciousness spreads among the majority of Turkish consumers.
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This industry report originates from Passport, our personal goods market research database.