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Strategy Briefing

World Market for Personal Accessories

Feb 2021

US$1,325

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About This Report

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If you purchase a report that is updated in the next 60 days, we will send you the new edition and data extract FREE!

Personal accessories sales declined steeply in 2020, as the COVID-19 pandemic led to national lockdowns, social distancing, store closures and travel restrictions, thereby causing global demand to suffer. The discretionary nature of personal accessories caused this category to be more negatively impacted, as consumers focused on buying essentials in times of adversity and lifestyle disruptions. Consumers who continued to purchase accessories online accelerated the growth of e-commerce.

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Overview

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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.

Examining four trends shaping personal accessories

E-commerce and omnichannel become crucial for players

Historically dependent on the instore retailing channel of personal accessories, the industry will have to invest in an increasingly digitally orientated approach. While brands will need to invest in their e-commerce capabilities, developing complementary in-store digital tools alongside their e-commerce offerings will also prove essential.

Exceptional and purposeful products fare better during the pandemic

As many consumers felt isolation as a result of the pandemic, many have realised that they want to create a better world through their actions and purchase choices, and they want more meaningful possessions. Beyond sustainability initiatives, consumers will demand that brands offer unique, exceptional products with purpose.

Resale grows with conscious consumerism

Consumer attitudes are changing in the wake of the pandemic, coinciding with changes in the fashion cycle. The pandemic has accelerated a pre-existing critique of consumerism and led to changes in consumer attitudes with many embracing a “less is more” approach. It has highlighted the importance of sustainability in purchasing decisions, and the rise of circular business models, especially resale, which has continued to flourish.

Localised approach becomes necessary in key markets

The disruption of travel has meant that tourism in Western Europe and the US came to a halt, and sales were dealt a further blow by lockdowns and store closures, while Asian consumers shopped domestically. Brands and companies will need to employ a more localised, omnichannel approach to appeal to domestic consumers as the uncertainty and instability continues in 2021.

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Introduction

Scope

Examining four trends shaping personal accessories

COVID-19 impact on personal accessories

Global Outlook

Personal accessories in context

The pandemic creates drastic declines in personal accessories in 2020

Hong Kong and Singapore remain home to the highest spenders globally

Asia Pacific leads globally as the region fares better in the pandemic

Jewellery and bags still outperform other categories in pandemic

Bags and luggage suffer from disruption of travel and lifestyles

Stronger domestic sales of bags and luggage in China

Fine jewellery sees demand with investment driven consumers

Fine jewellery will see faster recovery in Asia Pacific

High watches suffer greatest declines but set for stronger recovery

Writing instruments less negatively impacted by pandemic disruptions

COVID-19 impacts sales for shopping destinations in mature markets

COVID-19 accelerates growth of internet retailing in personal accessories

Leading Companies and Brands

Personal accessories continues to be very fragmented

Competition is intensifying at the top level

Local players continue to strengthen in India and China

Top Four Trends Shaping the Industry

Examining four trends shaping personal accessories

Conscious consumers seek out purposeful purchases

Digitalisation accelerates with homebound consumers

Resale continues to see momentum in pandemic

The disruption of travel forces brands to change strategies…

…and employ a more localised approach to target domestic consumers

Innovation in the Home Office Environment

Technological innovation to engage with a wider domestic audience

Impact of Covid-19

COVID-19 themes and their impact on personal accessories (1)

COVID-19 themes and their impact on personal accessories (2)

Forecast scenarios for global personal accessories

Slower global recovery expected due to second wave of pandemic

Jewellery and watches set to return to growth

Bags and luggage set for rebound in demand

Market Snapshots

Bags and luggage

Jewellery

Watches

Writing instruments

MARKET SNAPSHOTS

Asia Pacific

Australasia

Eastern Europe

Latin America

Middle East and Africa

North America

Market snapshots

Western Europe

Appendix

Definitions

Why buy this report?

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Megatrends

Strategy Briefing

World Market for Personal Accessories

New Report Guarantee

About This Report

New Report Guarantee

Overview

Why buy this report?

Examining four trends shaping personal accessories

E-commerce and omnichannel become crucial for players

Exceptional and purposeful products fare better during the pandemic

Resale grows with conscious consumerism

Localised approach becomes necessary in key markets

Want to find out more about this report?

Table of Contents

Introduction

Scope

Examining four trends shaping personal accessories

COVID-19 impact on personal accessories

Global Outlook

Personal accessories in context

The pandemic creates drastic declines in personal accessories in 2020

Hong Kong and Singapore remain home to the highest spenders globally

Asia Pacific leads globally as the region fares better in the pandemic

Jewellery and bags still outperform other categories in pandemic

Bags and luggage suffer from disruption of travel and lifestyles

Stronger domestic sales of bags and luggage in China

Fine jewellery sees demand with investment driven consumers

Fine jewellery will see faster recovery in Asia Pacific

High watches suffer greatest declines but set for stronger recovery

Writing instruments less negatively impacted by pandemic disruptions

COVID-19 impacts sales for shopping destinations in mature markets

COVID-19 accelerates growth of internet retailing in personal accessories

Leading Companies and Brands

Personal accessories continues to be very fragmented

Competition is intensifying at the top level

Local players continue to strengthen in India and China

Top Four Trends Shaping the Industry

Examining four trends shaping personal accessories

Conscious consumers seek out purposeful purchases

Digitalisation accelerates with homebound consumers

Resale continues to see momentum in pandemic

The disruption of travel forces brands to change strategies…

…and employ a more localised approach to target domestic consumers

Innovation in the Home Office Environment

Technological innovation to engage with a wider domestic audience

Impact of Covid-19

COVID-19 themes and their impact on personal accessories (1)

COVID-19 themes and their impact on personal accessories (2)

Forecast scenarios for global personal accessories

Slower global recovery expected due to second wave of pandemic

Jewellery and watches set to return to growth

Bags and luggage set for rebound in demand

Market Snapshots

Bags and luggage

Jewellery

Watches

Writing instruments

MARKET SNAPSHOTS

Asia Pacific

Australasia

Eastern Europe

Latin America

Middle East and Africa

North America

Market snapshots

Western Europe

Appendix

Definitions

Why buy this report?

Want to find out more about this report?

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