Personal accessories in 2024: The big picture
Following a post-pandemic rebound, personal accessories in Hong Kong has faced significant challenges in 2024 due to broader economic uncertainty in the region. Therefore, both retail volume and value sales of personal accessories as a whole are declining.
2024 key trends
Interest in the second-hand market and vintage finds remains vibrant and diverse in Hong Kong, placing pressure on the primary market for personal accessories. Fashion enthusiasts can purchase limited-edition items in these second-hand stores, and some of the items are offered at relatively low prices.
Competitive landscape
Economic uncertainty is proving to be challenge for all retailers in Hong Kong. In particular, reduced interest from international tourists has placed significant pressure on the luxury segment, resulting in weak brand performances.
Retailing developments
The retail landscape in Hong Kong is a unique blend of traditional bricks-and-mortar stores and e-commerce. Although e-commerce sales of personal accessories surged during the pandemic, many local consumers and tourists still show a significant preference for in-store visits as they appreciate personal consultations and immersive store experiences.
What next for personal accessories?
Over the forecast period, the uncertain economic outlook and shifting consumer spending behaviour is expected to impact the growth trajectory of personal accessories. The threats posed by foreign markets due to spending overseas will remain relevant.
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Overview:
Understand the latest market trends and future growth opportunities for the Personal Accessories industry in Hong Kong, 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 Hong Kong, 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 Hong Kong, 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 Hong Kong, China?
- Which are the leading brands in Personal Accessories in Hong Kong, China?
- How significant is tourism in determining sales and demand for Personal Accessories in Hong Kong, China?
- How are COVID-19 and global recession impacting demand for Personal Accessories in Hong Kong, 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 Hong Kong, 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 Hong Kong, China
KEY DATA FINDINGS
Limited growth for luxury handbags due to shift in tourist spending
Foldable and portable aspects remain essential purchase criteria for luggage
Crossbody bags remains fashionable among younger audiences
Vintage luxury handbags expected to gain further growth momentum
Increasing adoption of digital payments impacts demand for wallet and coin pouches
Jewellery in Hong Kong, China
KEY DATA FINDINGS
Sluggish jewellery sales due to reduced tourist spending power
Surge in gold price impacts demand for fine jewellery in Hong Kong
Chow Tai Fook embarks on brand transformation to target younger customers
Luxury jewellery brands leverage art integration to showcase heritage
Jewellery brands utilise collaborations to appeal to younger audience
Sustainability in jewellery designs
Traditional and Connected Watches in Hong Kong, China
KEY DATA FINDINGS
Significant drop in demand for traditional watches, while sales of connected watches remain strong
Interest in sports and fitness activities drives demand for smart wearables
Traditional watch players leverage brand collaborations to attract consumers
Rise of second-hand market and auction of traditional watches
Smart wearables to gain further share from traditional watches
Writing Instruments in Hong Kong, China
KEY DATA FINDINGS
Tepid luxury pen sales under shifting consumer preferences
Japanese writing instruments remain popular among local consumers
Accelerated digitalisation to hinder stronger demand for writing instruments
Sustainable product development within writing instruments
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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