After moderate growth in 2023, global sales of personal accessories slowed in 2024. Geopolitical issues, the cost-of-living crisis, and China's slow recovery suggest that the macro environment will remain challenging, requiring personal accessories brands to navigate uncharted waters once again in 2025. Stricter regulations on sustainability, changing consumer habits, channel shifts, and ongoing digital transformation are expected to shape the industry over the next five years.
Delivery
This report comes in PPT.
Key findings
Persistent pressure from discretionary spending and macro factors
After robust mid-single-digit growth in 2023, global sales of personal accessories saw a slowdown and stagnated in 2024, recording 0% real growth. Economic constraints in China, modest growth in the US and an overall deceleration across the luxury branded segment of the industry are all key factors behind this weak performance, resulting in further delay in reaching pre-pandemic levels.
Asia Pacific under greater focus as global trade faced with deglobalisation
Asia Pacific leads the personal accessories market, accounting for over half of global sales in 2024. The region will continue to drive growth, adding USD68 billion in sales by 2029, with India contributing nearly 40%. However, key to the region’s future performance is the much-anticipated recovery in China. Countries such as Vietnam, Indonesia and India are also coming into the spotlight.
Shifting consumer mindsets benefit brands that prioritise the planet’s wellbeing
Shifts in consumer attitudes have led more shoppers to favour brands that prioritise the wellbeing of the planet. Increasingly, consumers are gravitating towards brands that align with their personal beliefs and place value beyond mere profitability. This trend is particularly crucial for appealing to high-income consumers and mitigating potential reputational risks.
Jewellery remains the largest category in personal accessories
Jewellery remains the largest category in personal accessories, accounting for over half of all industry sales in 2024. While the category achieved positive growth during the year, it was limited to just 1% in real terms. Alongside traditional and connected watches, jewellery was one of only two categories to post positive growth in 2024.
LVMH continues to lead in personal accessories benefitting from the Tiffany & Co acquisition
LVMH continues to lead in global personal accessories sales, with a 6% share in 2024. The company outperformed the overall industry and most of its closest competitors over 2019-2024. The acquisition of Tiffany & Co in 2021 was one of the main drivers of this strong performance.
Our expert’s view of personal accessories in 2024
Personal accessories snapshot
Key findings
Personal accessories continue to face challenges amid volatile market conditions
Top five trends in personal accessories
Top five trends uncovered
Drivers of consumer markets and impact on personal accessories
Adjacent industries and how they impact personal accessories
Consumers remain cautious amid an uncertain macroeconomic environment
Economic, geopolitical and climate factors disrupt the overall industry performance…
…so the small but mighty UHNWI segment will come into even greater focus
Hong Kong continues to enjoy strong per capita spending across personal accessories
Asia will set trends and drive growth in many personal accessories categories
Asia Pacific expected to remain a key driver over the forecast period and beyond
Jewellery and watches lead as the only categories showing positive growth
Deeper move towards “purpose” is increasingly evident across the consumer landscape
LVMH continues to lead in personal accessories despite low single-digit growth
The competitive landscape overall remains highly fragmented
Disappointing results for market leader LVMH highlight the tough trading environment
Tiffany’s new era underscored by contemporary campaigns and timeless luxury
Stores retain significance amid e-commerce growth in personal accessories
The role of brick-and-mortar for personal accessories will continue to be explored
In-store digital technology helps to drive development in digital commerce
The shift from single channel to multichannel to omnichannel continues to accelerate
Emerging markets fuel online engagement through innovation and new business models
Personal accessories set to defy future trend of low single-digit global economic growth
Key players may need to look beyond the US and China for dynamic growth markets
SWOT analysis
Opportunities for growth
Our expert’s view of personal accessories to 2029
Personal Accessories
Personal Accessories refers to a diversified group of personal products including Bags & Luggage, Jewellery, Watches and Writing instruments.
See all of our definitionsNEW REPORT GUARANTEE
If you purchase a report that is updated in the next 60 days, we will send you the new edition and data extraction Free!