Global Shifts, Local Wins: Competing in the Personal Accessories Market in 2025

The personal accessories industry has long been led by Western European luxury houses, but Asia-based companies are rapidly gaining ground, and are poised to drive growth over the next five years. Meanwhile, the US – the second largest market after China – is facing tariff pressures that could ripple across the global landscape. As market dynamics shift, balancing global scale with local relevance is becoming increasingly critical for sustained success.

Asia Pacific: The Growth Engine of the Industry

After modest 4% real terms growth in 2023, the global personal accessories market stagnated in 2024, with value sales static at around USD670 billion. Asia Pacific strengthened its lead, accounting for 53% of global sales in 2024 – up from 50% in 2019 – and is projected to contribute 77% of global growth over the period to 2029.

China and India are central to this momentum, predicted to account for 49% of global growth, with India leading in jewellery and China in other categories

^{Source: Euromonitor International Personal Accessories 2025ed}

India’s jewellery market is set to contribute 48% of global jewellery growth, driven by strong cultural ties to gold and traditional designs. The market remains fragmented, and dominated by domestic brands, with the top 10 brands holding just 19% of sales in 2024. This opens opportunities for innovation, especially in lighter styles and lab-grown diamonds, which are gaining traction among younger, affluent consumers.

Asia Pacific’s bags and luggage category is increasingly dominated by luxury brands, with the top five companies – all luxury houses – capturing 28% of market value in 2024. Growth is being fuelled by China’s expanding affluent population, which prioritises exclusivity and is less sensitive to economic volatility, driving strong demand for ultra-luxury brands, like Hermès. Another key growth driver is Gen Z, whose fashion-forward preferences and digital engagement have propelled brands like Miu Miu.

Competitive Landscape: Global Leaders vs Regional Risers

Western European luxury houses continue to dominate the global personal accessories market, led by LVMH, which increased its market share from 3% in 2019 to 5% in 2024, partly due to its acquisition of Tiffany & Co. Richemont and Swatch Group follow closely, reinforcing the region’s leadership. However, the fastest growing companies between 2019 and 2024 were largely based in China and India, reflecting strong regional momentum.Despite their scale, most of the top companies remain narrowly focused, with limited brand and category diversification. In 2024, the top three brands owned by each of the top 10 companies accounted for at least 75% of their total sales, with most players specialising in one or two categories – typically jewellery or watches. Only LVMH and Richemont operate across all four major categories: jewellery, traditional and connected watches, bags and luggage, and writing instruments. This broad coverage has supported their growth and helped secure their leading positions.

While a narrow portfolio is not necessarily a disadvantage, success hinges on category strength. Jewellery, the largest and best-performing category in 2024, helped brands like Chow Tai Fook and Lao Feng Xiang expand their market share. Similarly, Rolex and Hermès maintained leadership in their focus areas by offering products with strong value retention and enduring consumer appeal.

Navigating Uncertainty: The US Market’s Evolving Role

Despite underperforming in recent years – with a -2.5% CAGR between 2019 and 2024, compared to -0.6% globally – the US remains the world’s largest economy and the second largest personal accessories market. Its influence on global dynamics remains significant, especially as brands adapt to new tariffs and uncertainty under the “Total Trump Agenda”. These changes are prompting shifts in sourcing, pricing and expansion strategies.The US personal accessories market is heavily reliant on imports, sourcing from both developing countries for cost efficiency and Western Europe for heritage and craftsmanship. In 2024, 77% of jewellery and related articles sold in the US were imported, with Switzerland and India alone accounting for 44% of total imports. In response to higher tariffs, luxury players like Hermès and LVMH are implementing targeted price increases and investing in domestic production. Meanwhile, mid-tier and niche brands are emphasising a “Made in USA” positioning and ethical sourcing to maintain consumer appeal and resilience.

As the global personal accessories market evolves, long-term success will hinge on how effectively brands balance global scale with local relevance. Whether navigating trade disruptions, capturing the loyalty of Gen Z, or expanding into high-growth markets, the most resilient players will be those that adapt swiftly and align closely with shifting consumer values and regional dynamics.

Learn more about the dynamic competitive landscape of the global personal accessories market in our report, Competitor Strategies in Personal Accessories