Personal accessories in 2024: The big picture
The global economic downturn has cast a shadow over personal accessories in China, with a projected retail current value decline in 2024. Low consumer confidence, broader economic uncertainties, and a shift in consumer priorities have contributed to this decline, as consumers have become more cautious about discretionary purchases.
2024 key trends
Amidst slowing economic growth and increasing uncertainty about the future, Chinese consumers have become more cautious in their spending, particularly on non-essential goods. As a result, personal accessories in China is expected to face a current value decline in 2024, although performances will vary across different categories.
Competitive landscape
The divergent performance across various categories within personal accessories has resulted in polarised company performances and a shifting competitive landscape. As gold jewellery, which is known for its value retention properties, is outperforming the overall market, leading companies in this space, such as Lao Feng Xiang, Shanghai Yuyuan Tourist Mart, and Chow Tai Seng Jewellery, are set to experience value share gains in 2024.
Retailing developments
With first-tier city markets reaching high maturity, brands are actively exploring avenues to broaden their distribution channels and uncover potential new customer bases. Leading players, including selected luxury brands, are operating offline locations in lower-tier cities to reach a broader audience.
What next for personal accessories?
With the spending power of Generation Z on the rise, brands are expected to undergo significant upgrades tailored to this younger generation. Gen Z consumers are more inclined to gather information online, approach brand names with pragmatism, and exhibit lower brand loyalty.
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Overview:
Understand the latest market trends and future growth opportunities for the Personal Accessories industry in China 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 China, 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 China 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 China?
- Which are the leading brands in Personal Accessories in China?
- How significant is tourism in determining sales and demand for Personal Accessories in China?
- How are COVID-19 and global recession impacting demand for Personal Accessories in China?
- 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 China
Personal accessories in 2024: The big picture
2024 key trends
Competitive landscape
Retailing developments
What next for personal accessories?
DISCLAIMER
Bags and Luggage in China
KEY DATA FINDINGS
Bags and luggage declines in 2024 due to weak domestic demand
Leading players experience poor performances in China, except Hermès
Miu Miu enjoys high growth by targeting young Chinese consumers
Rapid rebound anticipated for luxury handbags, but slower recovery for luggage
Rising participation in sport set to boost sales of sports bags
E-commerce growth deepens with rise of interest-based social media platforms
Jewellery in China
KEY DATA FINDINGS
Jewellery shows stagnation as consumer confidence declines in China in 2024
Dive into the resilience of gold jewellery
Challenges and shifts in e-commerce penetration in jewellery
Stable growth ahead, especially for fine jewellery
Shifting trends in niche materials in fine jewellery in China
Strategic brand upgrades in jewellery to attract Generation Z
Traditional and Connected Watches in China
KEY DATA FINDINGS
Traditional and connected watches struggles in China in 2024
Smart wearables drives value growth for connected watches
Opportunities for some basic and mid traditional watch brands, notably Swatch
A return to growth, with many luxury players trying to appeal to women
The waning appeal of traditional watches amongst younger consumers
Luxury brands in traditional watches will seek to reconnect with domestic consumers through cultural ties
Writing Instruments in China
KEY DATA FINDINGS
Writing instruments sees downwards pressures, but maintains modest growth
Leading player consolidates its position
Shifting focus of writing instruments towards cultural relevance and sustainability
Growth set to continue despite the challenges
Traditional channels hold their ground, but online sales set to see a continued rise
Facing challenges, players are likely to continue to diversify their portfolios
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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