Personal accessories in 2024: The big picture
While remaining stable in retail value growth terms in 2024, retail volume sales of personal accessories in Australia are rising more strongly compared to the previous year. Despite conditions remaining difficult, this represents a welcome reprieve from a tough 2023, when demand stagnated.
Influence of Generation Z and millennials shapes consumer behaviour
Market polarisation has emerged as a leading trend within personal accessories in Australia, in response to the macroeconomic environment (high inflation, cost-of-living concerns, slowing economic growth) and subsequently gloomy consumer sentiment. Within bags and luggage, there is a high penetration of luxury brands, which are investing heavily in experiential retail concepts to create immersive shopping experiences for customers, and to ensure direct-to-consumer conversations to protect brand integrity in the face of threats from the growing online grey market.
Innovative new product development, expanding engagement and corporate acquisition ensure dynamic competitive landscape
Apple Computer Australia Pty Ltd retains its overall leadership of personal accessories in Australia, due to the commanding position of Apple Watch within smart wearables. Apple continues to stay at the forefront of consumers' minds through its innovative new product development in both connected watches and related tech categories.
Retail developments focus on increasing vertical integration of specialists and building seamless omnichannel strategies
Specialist retailers dominate the distribution of personal accessories in Australia, with jewellery and watch specialists boasting the largest share, followed by bags and luggage specialists. In the physical space, appliances and electronics specialists is another substantial channel, but overall, retail e-commerce holds the third-highest retail value share overall.
What next for personal accessories?
Over the forecast period, personal accessories in Australia is anticipated to experience a positive performance, with low retail volume and value growth rates (at constant 2024 prices). The economic outlook, which will significantly impact the industry, is cautious yet remains optimistic.
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Overview:
Understand the latest market trends and future growth opportunities for the Personal Accessories industry in Australia with research from Euromonitor International's team of in-country analysts – experts by industry and geographic specialisation.
Key trends are clearly and succinctly summarised alongside the most current research data available. Understand and assess competitive threats and plan corporate strategy with our qualitative analysis, insight and confident growth projections.
Data and analysis in this report provides further detailed coverage dedicated to the following key categories, where applicable:
- Bags and Luggage
- Jewellery
- Watches
- Writing Instruments
If you're in the Personal Accessories industry in Australia, our research will help you to make informed, intelligent decisions; to recognise and profit from opportunity, or to offer resilience amidst market uncertainty.
The Personal Accessories in Australia report includes:
- Analysis of key supply-side and demand trends
- Detailed segmentation of international and local products
- Historic volume and value sizes, company and brand market shares
- Five year forecasts of market trends and market growth
- Robust and transparent research methodology, conducted in-country
This report answers:
- What is the market size of Personal Accessories in Australia?
- Which are the leading brands in Personal Accessories in Australia?
- How significant is tourism in determining sales and demand for Personal Accessories in Australia?
- How are COVID-19 and global recession impacting demand for Personal Accessories in Australia?
- In the wake of COVID-19, how soon can Personal Accessories be expected to recover? Where are the opportunities for growth now?
- Where is future growth expected to be most significant?
Personal Accessories in Australia
Personal accessories in 2024: The big picture
Influence of Generation Z and millennials shapes consumer behaviour
Innovative new product development, expanding engagement and corporate acquisition ensure dynamic competitive landscape
Retail developments focus on increasing vertical integration of specialists and building seamless omnichannel strategies
What next for personal accessories?
DISCLAIMER
Bags and Luggage in Australia
KEY DATA FINDINGS
Resumption of inbound and outbound travel flows a boon to luggage sales
Competitive landscape offers a mix of luxury conglomerates, lifestyle specialists and local favourites
Circular economy design principles, small batches, independent creators and responsible sourcing lead shift towards sustainability
Handbags, luggage and brand/retail collaborations likely to lead developments over the forecast period
Circular economy stewardship initiatives to shift textiles industry towards greater sustainability
Greater polarisation within retail development
Jewellery in Australia
KEY DATA FINDINGS
Tentatively optimistic results suggest consumers are starting to spend rather than save
Competitive landscape features both local and international players with varied product mix
Lab-grown diamonds appeal to younger generations of consumers
Fine jewellery to drive category sales over the forecast period
LGDs, men’s jewellery and capsule collection trends likely to take shape in response to consumer demand
Retail e-commerce to increase its share of distribution in the coming years
Traditional and Connected Watches in Australia
KEY DATA FINDINGS
Flat volumes for traditional watches as sales of connected models surge
Smart wearables facilitate and drive biohacking and other health and wellness trends
Leading players leverage consumer loyalty, extended store networks and premium sports sponsorship
Mid watches to respond to polarisation and connected competition over forecast period
Specialists to adopt omnichannel strategies in face of DTC competition online
Sustainable efforts by major players see shift to carbon neutral manufacturing and supply chain initiatives
Writing Instruments in Australia
KEY DATA FINDINGS
Back-to-school season boosts demand for writing instruments
Luxury writing instruments still represent elevated gifting experience
Competitive landscape split across branded essentials and local innovation
Price pressure for everyday items, yet consumers appreciate innovative new product development
Winding down of unstructured technology and reliance on screens in classrooms to lead to greater use of traditional writing instruments
Social impact programmes to further focus on youth mental health
The following categories and subcategories are included:
Personal Accessories
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- Backpacks
- Business Bags
- Crossbody Bags
- Duffel Bags
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- Non-Luxury Handbags
- Luxury Handbags
- Wallet and Coin Pouches
- Other Small Bags
- Luggage
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- Costume Jewellery
- Fine Jewellery
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- Basic Mechanical Watches
- Mid Mechanical Watches
- High Mechanical Watches
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- Basic Quartz Analogue Watches
- Mid Quartz Analogue Watches
- High Quartz Analogue Watches
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- Basic Quartz Digital Watches
- Mid Quartz Digital Watches
- High Quartz Digital Watches
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- Basic Quartz Analogue Watches
- Basic Quartz Digital Watches
- Basic Mechanical Watches
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- Mid Quartz Analogue Watches
- Mid Quartz Digital Watches
- Mid Mechanical Watches
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- High Quartz Analogue Watches
- High Quartz Digital Watches
- High Mechanical Watches
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- Basic Activity Watch (Analogue)
- Mid Activity Watch (Analogue)
- High Activity Watch (Analogue)
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- Basic Activity Watch (Digital)
- Mid Activity Watch (Digital)
- High Activity Watch (Digital)
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- Basic Smart Wearables
- Mid Smart Wearables
- High Smart Wearables
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- Colouring
- Markers and Highlighters
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- Graphite Pencils
- Mechanical Pencils
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- Ball Point Pens
- Fountain Pens
- Roller Ball Pens
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- Pen Inkwells and Refills
- Pencil Lead Refills
- Other Writing Accessories
Personal Accessories
Personal Accessories refers to a diversified group of personal products including Bags & Luggage, Jewellery, Watches and Writing instruments.
See all of our definitionsWhy buy this report?
- Gain competitive intelligence about market leaders
- Track key industry trends, opportunities and threats
- Inform your marketing, brand, strategy and market development, sales and supply functions
This report originates from Passport, our Personal Accessories research and analysis database.
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