The personal accessories industry is dominated by Western European luxury houses, while Asia-based companies show rapid growth and the region is expected to lead growth over the next five years. To serve these markets - especially jewellery and bags - companies localise strategies to match consumer preferences. Also, US tariffs pose risks and opportunities, prompting firms to reassess sourcing and pricing amid global uncertainties.
This report comes in PPT.
Jewellery, the largest and fastest-growing personal accessories category at 55% of 2024 sales, is primarily driven by APAC. This region accounts for 53% of global personal accessories sales and is projected to grow to 56% by 2029, fuelling 77% of global growth. Led by China, India and other emerging markets, brands are increasingly localising strategies to secure long-term success.
Since 2019, leading personal accessories companies expanded their market share, especially in Australasia and Asia Pacific. However, by 2024, consolidation began to decline across most regions. Economic headwinds and rising prices challenged luxury giants, creating space for smaller, more flexible brands to gain traction.
In 2024, Western European luxury groups continued to dominate the personal accessories market, led by LVMH with a 5% share. However, six of the 10 fastest-growing companies from 2019 to 2024 were based in China and India - mainly jewellery-focused - highlighting the growing strength of local brands in global markets.
APAC’s bags and luggage market is dominated by luxury brands targeting affluent consumers and younger generations, with leaders such as LVMH and Miu Miu emphasising exclusivity and trend appeal. In jewellery, India shifts towards lighter gold and rising diamond demand, while China balances strong local gold traditions with rapid international luxury growth.
The “Total Trump Agenda” may slow income growth and reduce consumer spending in the US, dampening demand for personal accessories domestically and influencing markets globally. Tariff impacts vary by category due to differing import mixes from Europe and Asia, leading companies to adjust strategies amid rising costs and cautious buyers.
Personal Accessories refers to a diversified group of personal products including Bags & Luggage, Jewellery, Watches and Writing instruments.
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