World Market for Personal Accessories

January 2023

Personal accessories sales growth slowed in 2022, due to a high inflation environment, continuing COVID-19 restrictions in China, and the impact of the war in Ukraine. Asia Pacific remains the largest contributor to the global spending on personal accessories, while Latin America is the fastest growing region. A challenging macro environment, changing consumer habits, digital transformation, stricter regulations on sustainability and a growing resale segment are expected to shape the industry.

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This report comes in PPT.

Key findings

A challenging macro environment will test the industry’s resilience over the forecast period

A high inflation environment, the war in Ukraine, a slowdown in the Chinese economy, continued supply chain issues and decreasing consumer confidence will make 2023 another challenging year for the personal accessories industry. In the largest markets, flexibility and agility will be key over the forecast period. Shifting attention to other regions for new pockets of growth, or as production or distribution hubs, is something companies and brands should consider in the short-to-mid term.

Consumption patterns and preferences are evolving as Gen Z and Gen Alpha become the biggest cohort

Gen Z and Gen Alpha will account for 45% of the global population by 2030, and will be the largest target segment for personal accessories brands. These generations’ values and preferences are significantly different to those of their predecessors, and brands are being challenged to adapt their products, distribution, marketing and ways to engage with their consumers accordingly.

Digitalisation provides endless opportunities for fashion brands

The share of sales through e-commerce reached 19% in 2022, signalling how technology continues to reshape fashion. From AI-driven personalisation tools, to virtual sampling, to omnichannel digital experience, to web3, to virtual fashion shows, to the metaverse, companies and brands are being pushed to embark on a digital transformation in order to keep up with fast changing consumer needs and wants.

Tightened regulations will demand evidence-backed sustainability claims

With the fashion industry being accused of “greenwashing”, companies and brands are challenged to transparently prove the results of their sustainability efforts. Rigorous measurement of their environmental footprint and emissions generated, reduction of energy/water consumption, reduction of waste, fair trade, alongside certifications from official organisations are vital to gain consumers’ trust and to comply with stricter regulations.

Resale continues to grow but overconsumption among younger consumers challenges its sustainable purpose

The concept of resale or the second-hand market is not new, but in the past it was limited to thrift and vintage stores, or to low-income consumer segments in developing countries. Since the entrance of online resale platforms, mainly focused on the luxury segment, this perception has changed and this market continues to thrive. However, critics think it is fuelling overconsumption, thus defeating its sustainable claims.

Examining five trends shaping personal accessories
After a strong recovery in 2021, global growth decelerates in 2022
Brands expected to pass cost increases on to consumers if inflationary pressures continue
Personal accessories growth decelerates in 2022 and sales remain below 2019 levels
Albeit from a low base, traditional and connected watches lead country-level growth
Asia Pacific accounts for over half of personal accessories sales globally
Jewellery accounts for majority of sales, while bags and luggage grows fastest
China, India and the US to bring more than half of the industry future growth
Retail e-commerce is the third largest channel for personal accessories globally
Personal accessories remains highly fragmented, but the pandemic increased consolidation
Luxury brands outperform the industry for second consecutive year
LVMH Moët Hennessy Louis Vuitton SA outperforms the industry and its closest competitors
Tiffany & Co acquisition strengthens LVMH Moët Hennessy Louis Vuitton SA (LVMH) position
Chow Tai Fook’s growth has been fuelled by its digital transformation in China and Asia
Connected watches players grow faster and continue to steal share
Innovation and wider availability of affordable options boost sales of connected watches
Examining five trends shaping personal accessories
Brands need to prepare to navigate uncertainty in the year ahead and beyond
Although supply chain issues will ease in 2023, pressures will remain
Companies looking beyond their core markets for growth opportunities
Can Saudi Arabia be the future luxury capital of the Middle East?
Both consumers and companies expected to be cautious with spendings and investments
Economic challenges hit consumers differently, leading to contrasting consumption patterns
Understanding demographic shifts is key to maintain growth in the future…
…as younger generations become the largest cohort of fashion consumers
Luggage brands talk to Gen Z consumers in their language
Growth in sales through e-commerce slows but share remains higher than pre-pandemic
From supply chains to marketing, digitalisation brings endless opportunities for the industry
Gucci presents its brand to digital-savvy young consumers in a virtual space on Roblox
Tighten and broader regulations expected over the forecast to deliver on sustainable targets
Despite abundance of initiatives, it seems that not enough it’s been done yet
Social activism fuelled by the pandemic, as consumers want to be and do better
Case study: Belcinto obtains environmental certification under ISO 14001 standard
More brands embark on resale as this segment continues to boost
Main drivers for consumers to opt for resale are sustainability concerns and low prices
Brands embark on resale across categories and regions, but the approach differs
Balenciaga joins the group of luxury brands venturing into resale with its Re-Sell platform
Global snapshot of bags and luggage
Global snapshot of jewellery
Global snapshot of watches
Global snapshot of writing instruments
Regional snapshot: Asia Pacific
Regional snapshot: North America
Regional snapshot: Latin America
Regional snapshot: Western Europe
Regional snapshot: Middle East and Africa
Regional snapshot: Eastern Europe
Regional snapshot: Australasia

Personal Accessories

Personal Accessories refers to a diversified group of personal products including Bags & Luggage, Jewellery, Watches and Writing instruments.

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