Where Consumers Shop for Personal Accessories

March 2024

Global sales of personal accessories rebounded in 2023, driven largely by price increases due to high inflation, with volume sales posting a more modest increase. Retail offline dominates global personal accessories sales; however, e-commerce gained significant share during the COVID-19 pandemic, and has continued to grow. Retail shifts will persist, emphasising seamless experiences across offline and e-commerce. Brands face the challenge of rethinking the store’s role in a digital world.

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Key findings

Uncertainty continues, further testing the industry’s resilience

A highly inflationary environment, coupled with continuing COVID-19-related restrictions in China and the impact of the war in Ukraine in Europe, caused growth to decelerate in 2022, with only a moderate 1% increase in constant value terms. Global sales recovered in 2023, however, with growth of 4%. This growth was, however, mainly driven by above-inflation price increases, with inflationary effects continuing to be felt around the globe.

Retail offline has recovered some of the share lost during the pandemic

In 2023, retail offline accounted for over 80% of value sales of global personal accessories, led by specialists and department stores. With consumers now able to visit physical stores, following the relaxation of pandemic-related restrictions, demand for an enriched and distinctive shopping experience is clear. This has resulted in divergent performances across channels, distinguishing those capable of meeting this demand from those falling short.

E-commerce growth decelerates, but its share remains higher than pre-pandemic

E-commerce saw strong growth in the first year of the pandemic, but its growth has decelerated since. Nevertheless, the channel was the biggest winner over 2018-2023, with its share rising by seven percentage points to reach almost a fifth of global sales in 2023. Traditional and connected watches witnessed the biggest gain in share for e-commerce, while jewellery and writing instruments recorded more modest growth.

Retail shifts expected to continue over the forecast, as brands redefine their omnichannel strategies

In recent years, brands have invested heavily in reaching consumers wherever they prefer to buy their personal accessories, driven by the imperative of embracing omnichannel strategies. Looking ahead, retail shifts will continue, albeit in distinct ways. Beyond providing consistent and seamless experiences across offline and e-commerce platforms, brands now face the challenge of reimagining the role of physical stores in a digital world.

 

Scope
Key findings
Growth accelerates in 2023, making expectations for the forecast period more optimistic
Jewellery leads sales, but watches, bags and luggage grew the fastest
Asia Pacific drives growth, while North America and Europe struggle to recover
E-commerce growth decelerates but penetration remains above pre-pandemic levels
E-commerce has gained ground across regions and categories since the pandemic…
…but retail offline continues to dominate sales of personal accessories
Leisure and personal goods specialists concentrate majority of retail offline sales globally…
…but appliances and electronics specialists, warehouse clubs and discounters grew faster
Specialists continued to recover, almost reaching pre-pandemic levels
Uneven performance among jewellery and watch specialists
Asian players continued to consolidate their position as channel leaders
Sales through bags and luggage specialists almost returned to pre-pandemic levels
Appliances and electronics specialists continued to grow but faces increased competition
Sales through department stores grew, but share remained below pre-pandemic levels
Macys Inc continued to lead department stores sales globally, but not without challenges
Economic constraints have not helped private label to take off
E-commerce captures a fifth of personal accessories global sales post-pandemic
North America holds the highest share of e-commerce, with Eastern Europe growing fastest
Growth slowdown suggests e-commerce’s penetration has reached its peak in some markets
Tech giants lead e-commerce sales globally, but industry specific players have gained ground
Expectations are positive, but moderate, for personal accessories sales over the forecast
Retail shifts set to continue and to go beyond the e-commerce vs offline battle
Key takeaways

Personal Accessories

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

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