World Market for Personal Accessories

February 2024

After moderate growth in 2022, global sales of personal accessories grew more strongly in 2023; however, geopolitical issues ,the cost of living crisis and China’s slow recovery suggest a challenging macro environment, pushing personal accessories brands to navigate into uncharted waters once again in 2024. Stricter regulations on sustainability, changing consumer habits, channel shifts and the continued digital transformation are expected to shape the industry over the next five years.

USD 1,325
Request More Information


This report comes in PPT.

Key Findings

Uncertainty is the only constant in a post-pandemic world, signalling a challenging scenario ahead

Inflation and interest rates rises are set to ease, but the cost of living crisis, slow recovery in China and increasing geopolitical issues will push personal accessories brands to navigate in uncharted waters once again. Tensions in the Red Sea in early 2024 will test supply chains once more, further pressuring fashion players to develop strategies that allow them to respond quickly to changing scenarios.

Stricter sustainability regulations in Europe and the US call brands to action and stop greenwashing

After years of loud debate around sustainable fashion, but little concrete action aside from pacts and voluntary initiatives and agreements, we are now starting to see governments seeking to change business models and consumers’ habits in the years to come. Europe and the US lead these initiatives, and companies operating in these regions must make the needed changes across their value chains.

As e-commerce growth stabilises, in-store shopping is bouncing back, suggesting channel shifts will continue over the forecast

After a robust rise during the pandemic, the growth of personal accessories sales through e-commerce has been slowing down. The main reasons for selecting one channel over the other are becoming less relevant for consumers around the globe, highlighting the importance of developing unique and seamless experiences in both channels allowing consumers to discover, compare, purchase and engage with their brands wherever they want.

The industry continues its digital transformation journey, shifting attention to generative AI

2023 was a breakout year for generative AI, and brands are keen to embrace this technology. Opportunities lie in understanding consumer behaviour, design, improved marketing strategies and inventory management, and enhanced customer services. Personal accessories have started to incorporate this technology, mainly focusing on their interaction with consumers, but the impact of generative AI has only started to be seen.

Beyond generational differences, new consumer trends are emerging, shaping the consumer of the future and challenging brands to adapt

With Gen Z’s purchasing power and influence set to increase, adapting to their demands will be key to maintain growth. The industry also needs to understand trends shaping the consumer of the future. These consumers are value hackers, and fight against greenwashing, while favouring circularity. Technology influences their purchasing decisions, and they value brands that fit into their lifestyles and help them with their overall wellbeing.

Examining five trends shaping personal accessories
Among the industries hardest hit by the pandemic, personal accessories struggles to recover
Growth accelerates in 2023, making expectations for the forecast period more optimistic
Diverse performance across regions paint a challenging scenario for the industry
Asia Pacific drives growth, while North America and Europe struggle to recover
Jewellery leads sales, but watches, bags and luggage grew the fastest
China, India and the US the biggest contributors to the industry’s future growth
E-commerce growth decelerates but penetration remains above pre-pandemic levels
Luxury continues to outperform the overall industry, but the gap becomes narrower
Consolidation continues but at slower pace as demand normalises
LVMH continues to outperform the industry, boosted by Tiffany & Co acquisition
Titan Co Ltd’s growth has been fuelled by a strong performance in jewellery
Watches giants and local/regional jewellery brands continued to steal shares
Louis Vuitton leads sales of personal accessories, but Apple Watch continues to gain share
Examining five trends shaping personal accessories
Macro trends take priority over industry-specific themes, as uncertainty is the new normal
Uncertainty remains top of mind as macro scenario keeps bringing challenges
Geopolitical tensions threaten supply chains and the global economy
A challenging macro scenario results on low consumer confidence impacting future spending
The balancing act of increasing margins without impacting consumption
Fine jewellery to be challenged by the sanctions on Russian diamonds
Regulatory environment around sustainability tightens, calling brands to act
Consumers seem to be more pessimistic about their ability to impact on the environment
As pressure increases, companies big and small invest in sustainability initiatives
WoodWatchHK – the first watch brand using upcycled wood collected in Hong Kong
Pala Nusantara launches bioresin -based watch made from tree sap
SeisMasTres : Personalised handbags made with recycled material in a social support workshop
In-store shopping bounces back and e-commerce growth stabilises
Opportunities and challenges for e-commerce differ by category
The premise is being where the consumer wants their brand to be
Monos , a Canadian DTC luggage brand, expands into omnichannel from digital
4°C’s anonymous jewellery shop generates curiosity
Signet’s reshuffles its footprint as the retail landscape changes in the US
The industry continues its digital transformation journey, shifting attention to generative AI
The consumer is at the core of generative AI applications, but a wider focus is expected
Consumers are open to embrace technology, as long as it simplifies their lives
J’evar incorporates generative AI to speed up the creation of its jewellery pieces
Etsy launches AI-powered Gift Mode recommendations
Rare&Forever uses AI to grade natural diamonds and aims to serve the broader industry
Understanding consumer trends is key to success, as younger generations gain relevance
Consumers are turning into value hackers to stretch their spending power
Greenwashed out and recommerce: two trends shaping consumers’ sustainable behaviour
The social element is key to engage with personal accessories digital consumers
Consumers opt for brands aligned to their broader wellness goals and lifestyles
Charles & Keith embraces “next-generation style” with new sustainable Purpose Collection
Rolex’ Certified Pre-Owned, an attempt to gain some of the growing recommerce market
PandaBuy opens up the Chinese e-commerce market to global consumers
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.

See All of Our Definitions


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