Asia Pacific

The coronavirus (COVID-19) pandemic has triggered the most severe global recession in nearly a century. Businesses are operating in a world of anxieties and uncertainties, not knowing what will be the new normal or when output and consumer spending…

The coronavirus (COVID-19) pandemic has triggered the most severe global recession since World War II. In Q4 2020, the end of the pandemic started as countries began administering effective vaccines among the population; however, vaccine distribution…

While the global luxury goods market contracted notably, Asia showed signs of recovery as early as Q2 2020, minimising the impact of the coronavirus (COVID-19) pandemic. This report analyses the background to the quick recovery of personal luxury…

The COVID-19 pandemic has brought about significant changes in business models and consumer behaviour, as well as altering the ways and the geography many of us live, work, study and play. Understanding what changes will stick after the pandemic…

Sales of bags and luggage returned to positive growth in 2021, following the decline seen in 2020, when Coronavirus (COVID-19) first hit the region. Luggage was particularly badly hit by the closed borders and travel restrictions implemented to…

Writing instruments immediately returned to recording positive growth in Asia Pacific in 2021, following the decline seen a year earlier, when Coronavirus (COVID-19) arrived in the region. Nevertheless, traditional writing instruments will continue…

The briefing introduces the Cities Households Necessities Spending Index. The index ranks 1,075 cities by household expenditure on non-discretionary items, namely food, housing, and clothing and footwear. This analysis focuses on 160 major cities.…

This report examines inflation levels and drivers globally and in key countries. Global inflation is reaching a peak, although geopolitical risks and uncertainty in the energy market remain key risks. The impact varies between countries, with…

This report examines inflation levels and drivers globally and in key countries. Global inflation is reaching a peak, although geopolitical risks and uncertainty in the energy market remain key risks. The impact varies between countries, with…

Now in its seventh edition, this report explores the top digital shopper trends that will redefine commerce the most in the year ahead. Some of the trends included in this edition touch on topics such as second-hand shopping, community group buying,…

The Asian consumer is changing. Traditional values that served the collective in terms of both society and the family are on the wane, with COVID-19 lockdowns accelerating a new focus on individualism and the self. This report explores how Asian…

Following jewellery sales’ strong rebound in 2021 from the pandemic-induced steep decline seen in 2020, the re-emergence of COVID-19 in China resulted in a slowdown in the regional performance in 2022, with a return to 2019 sales levels not now…

This report examines inflation levels and drivers globally and in key countries in Q4 2023 and 2024. Global inflation is moderating, although divergence remains among the key economies. Higher volatility in the energy markets and disruption of…

The resurgence of both volume and current value sales of bags and luggage is anticipated in 2023 overall, primarily owing to the relaxation of pandemic constraints and the lifting of restrictions in the early months of the year. As offline activities…

Retail sales of bags and luggage registered a vastly improved performance in both volume and constant value terms in 2023, when compared to the previous year. As the country emerged from COVID-19 crisis, Indonesians became increasingly keen to…

Tourism was one of the industries that was significantly impacted by COVID-19, as border restrictions were tightened globally. Many consumers also refrained from taking domestic trips in the first phase of the pandemic. There were multiple forms of…

All of the categories in bags and luggage displayed slower growth in 2023 compared to 2022 both in retail volume and current value terms. This was partly due to a stabilisation of demand with sales having been restored to pre-pandemic levels.…

Owing to a sharp decline in travel due to the pandemic, retail volume and current value sales of luggage in Singapore fell drastically in 2020, by nearly 50%. This was against the backdrop of more than an 85% decline in the number of outbound…

In early 2023, as the South Korean government fully lifted COVID-19-related restrictions and entered the endemic era, international travel fully reopened. As consumer spending has largely shifted to international travel, the growth of bags,…

Despite the political and economic uncertainty in Thailand, bags and luggage is set to continue to demonstrate double-digit current value growth in 2023, with the overall category expected to surpass the 2019 pre-pandemic revenue in this year,…

Following the end of the zero-COVID policy, sales of jewellery, which remained stagnant in 2022, have witnessed a resurgence in 2023, with double-digit current value growth expected in the year overall. The increasing prevalence of social activities,…

Retail sales of jewellery saw vastly accelerated growth in both volume and constant value terms in 2023. Such products are a key contributor to the Indonesian economy, with gold jewellery, in particular, being valued as both a symbol of wealth and…

Jewellery is set to maintain growth in retail volume and current value terms in 2023, with growth for both costume and fine jewellery, although this will slow compared with previous years. Polarisation has continued in jewellery in Japan in 2023,…

Both costume jewellery and fine jewellery registered weaker growth in 2023 both in retail volume and current value terms. Demand was impacted by the rising inflationary pressures being faced by Malaysians with most households seeing a significant…

The removal of most health-related restrictions in Singapore in 2022 gave rise to much higher sales of jewellery, as consumers in Singapore still prefer to shop for big-ticket items such as fine jewellery in-store to alleviate fears of delivery…

Ongoing high inflation and economic difficulties have been discouraging consumer spending on luxury products and discretionary items, including jewellery. Nonetheless, despite the expectation of a slight decline in retail volume terms, in current…

In 2023, overall jewellery is set to register a decline in current value terms, despite low growth in retail volume terms. This is expected to result in minimal value growth across overall personal accessories, as jewellery accounted for nearly 50%…

With the end of the zero-COVID policy, personal accessories, which experienced a contraction in 2022 in both retail volume and current value terms, is set to exhibit robust signs of recovery in 2023 overall. This resurgence has notably been driven by…

Retail sales of apparel and footwear in Indonesia registered accelerated growth in constant value terms in 2023, when compared to the previous year. As the country emerged from COVID-19 crisis, Indonesians became increasingly keen to travel,…

In 2023, there was a symbolic pivot in how Japan faced COVID-19. It was in May that the government announced that it would reclassify COVID-19 from a Class 2 infectious disease to a Class 5 infectious disease. Class 2 meant it was a crucial disease…

Since pandemic restrictions were lifted there has been a general uptick in sales across all categories of personal accessories, with this pattern continuing into 2023. The reopening of Malaysia’s borders has seen the return of international tourism,…

Overall retail volume sales of personal accessories are expected to register a small decline in 2023, as the industry has navigated a slowing sales momentum post-pandemic, while managing the challenge of rising prices as a result of inflationary…

Continuing high inflation and financial constraints derived from the unstable global economy have discouraged consumer spending on discretionary items, which is set to result in slower retail volume and current value growth for personal accessories…

Sales of personal accessories are expected to show continued signs of recovery in the market in 2023, despite factors hindering growth, such as local political uncertainty, higher household debt, high rates of inflation, and higher consumer…

In 2023, following the post-COVID-19 reopening, traditional and connected watches in China began to gradually recover, particularly after travel and health restrictions were lifted. After seeing a strong decline in 2022, the category is set to see…

Traditional and connected watches registered relatively modest growth in constant value terms in 2023, when compared to the previous year. This was due to the declining fortunes of quartz analogue watches, which represented the largest category in…

Increasing unit prices has been a decades-long trend in traditional watches. Especially after the COVID-19 pandemic, unit prices rose by over 10% YoY from 2020 to 2022. The last decade also saw numerous years of volume decline. A main reason behind…

Basic and mid-range traditional watches saw slower growth in retail volume terms in 2023 after seeing dynamic double-digit growth in 2022. The target audience for these products are generally more price-sensitive and they were impacted significantly…

Traditional watches in Singapore is set to achieve slower growth in 2023 compared with 2022, although the category is expected to continue to register solid growth in retail current value terms and lower but steady growth in retail volume terms.…

While in 2022 sales of traditional watches posted strong double-digit current value growth, driven by consumers’ high demand for luxury goods, 2023 is set to witness a strong slowdown in growth, as the unstable global political and economic…

The uncertain economic conditions in Thailand are expected to lead to slower retail volume and current value growth rates for traditional and connected watches in 2023, as consumers have battled inflationary rises in the cost of living and cost of…

With the lifting of COVID-19 restrictions and the normalisation of offline classes, the supressed demand for writing instruments amongst students was released in 2023, when stores selling stationery reopened offline. However, online schooling during…

Sales of writing instruments saw an improved performance in constant value terms in 2023, when compared to the previous year. This was partly attributable to the return of pre-pandemic lifestyles including the resumption of face-to face school…

According to Euromonitor’s Economies and Consumers data, the population aged 0-14 is set to decline by 2% between 2022 and 2023, accounting for only 11% of the total population in Japan. The total population of this age group has declined for 40…

Colourings, markers and highlighters were the most dynamic categories in writing instruments in 2023 with sales of these products thriving. This was partly due to a flurry of new product launches as players looked to benefit from the returning demand…

In 2023, the highest growth in writing instruments is projected to be seen by highlighters and markers in retail volume and current value terms. The brand Zebra Midliner has gained immense popularity amongst local students, and is expected to…

The official end of the pandemic in 2023, and the full resumption of offline classrooms in schools and extracurricular academic institutions has been continuing to support students’ demand for stationery, and is also expected to sustain the retail…

Writing instruments is expected to see a positive performance in both retail volume and current value terms in 2023, as people have returned to living their normal lives, and there is positive sentiment in the market. Furthermore, the rebound in…

Bags and luggage with versatile designs and enhanced functionality were in demand. Consumers sought products that could adapt to various situations, such as convertible backpacks, expandable suitcases, or bags with multiple compartments and…

Due to the continual increase in urbanisation in the Philippines leading to the creation of more jobs, opportunities, and economic activity, the younger generation and working population of the Philippines have been rising. As an effect of higher…