Personal accessories in 2024: The big picture
In 2024, Personal Accessories in Canada recorded low single-digit retail value growth while retail volume sales declined. The population grew significantly due to record immigration rates, which supported market growth as newcomers settled into households and bought essentials.
2024 key trends
In 2024, most Canadian consumers were price-sensitive, looking for value options, with retailers like Shein aligning with this demand and offering inexpensive products. Retailers embraced buy-now-pay-later payment methods, with companies like Hudson's Bay partnering with Affirm to offer instalment plans, making products like the Calvin Klein Garnet Backpack more accessible.
Competitive landscape
In 2024, the personal accessories landscape continued to be led by Michael Kors Canada Holdings, with a retail value share of 3%. The player was followed by Louis Vuitton Canada Inc and Pandora Canada Ltd, both with 2% retail value share.
Retailing developments
Retail e-commerce continued its growth trajectory in 2024, building on its strong performance in 2023. This growth was driven by the success of value-priced retail e-commerce players such as Shein and Temu, with the latter attracting shoppers with its “Shop like a Billionaire” tagline.
What next for personal accessories?
Across the forecast period, there is expected to be marginal retail value growth in the personal accessories sector. Sales will be driven by population growth, spurred by higher immigration levels, and improved economic conditions as inflation rates ease.
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Overview:
Understand the latest market trends and future growth opportunities for the Personal Accessories industry in Canada 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 Canada, 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 Canada 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 Canada?
- Which are the leading brands in Personal Accessories in Canada?
- How significant is tourism in determining sales and demand for Personal Accessories in Canada?
- How are COVID-19 and global recession impacting demand for Personal Accessories in Canada?
- 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 Canada
Personal accessories in 2024: The big picture
2024 key trends
Competitive landscape
Retailing developments
What next for personal accessories?
DISCLAIMER
Bags and Luggage in Canada
KEY DATA FINDINGS
Ongoing interest in travel and luxury handbag sales boost growth for bags and luggage
Michael Kors retains its lead; however, the player struggles to maintain share within handbags
Bag and luggage specialists benefit from direct-to-consumer strategies while retail e-commerce gains ground
Luxury and value brands set to record growth, while mid-market brands struggle
Sustainability will gain pace as brands launch initiatives to offer sustainable products
Retailers will focus on their omnichannel presence as retail e-commerce continues to gain ground
Jewellery in Canada
KEY DATA FINDINGS
Moderate growth driven by costume jewellery as fine jewellery struggles to maintain pace
Lab-grown diamonds gain traction as consumers seek value, sustainability, and ethical alternatives
A fragmented market becomes more competitive as apparel and footwear brands enter jewellery
Declining retail value and volume sales expected across the forecast period
An omnichannel strategy remains essential as the in-store experience engages consumers
Challenges include attracting younger generations, and aligning with sustainability demands
Traditional and Connected Watches in Canada
KEY DATA FINDINGS
Traditional watches drive growth as brands offer exclusive products and limited edition designs
Smart wearables return to growth in 2024, fuelled by innovation
The market remains fragmented as brands expand and diversify their ranges
Retail volume declines for mid watches while consumers shift to smart wearables and high-end brands
Polarisation is set to intensify as high-end brands expand their presence
Omnichannel strategies gain momentum across the forecast period
Writing Instruments in Canada
KEY DATA FINDINGS
Retail volume and value decline for writing instruments as consumers spend more cautiously
The top three players maintain dominance with strong consumer recognition
An ongoing shift to digital devices challenges sales of writing instruments
Flat rate volume growth is expected while back-to-school remains a key sales driver
The low birth rate and ageing population will limit growth opportunities
Retail e-commerce and omnichannel strategies will see continued investment from retailers
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?
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This report originates from Passport, our Personal Accessories research and analysis database.
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