Personal accessories in 2024: The big picture
Singapore’s personal accessories market experienced growth in both retail volume and current value terms in 2024. The latter was driven by significant price increases across the sector, along with the recently implemented Goods and Services Tax (GST) hike, from 8% to 9%.
2024 key trends
The trends of indulgence and premiumisation are thriving in Singapore, as consumers increasingly gravitate towards high-quality, premium products despite the ongoing high cost of living. This shift reflects a growing desire to invest in items that provide long-term value and personal satisfaction, driving growth in luxury segments such as fine jewellery, high-end handbags, and sophisticated mechanical watches.
Competitive landscape
The competitive landscape for personal accessories in Singapore remains heavily influenced by luxury watch and jewellery brands, with key players dominating the market. First-ranked Rolex Singapore Pte Ltd holds a significant advantage driven by the high price points of its prestigious timepieces, which contribute significantly to overall market value.
Retailing developments
Consumers in Singapore continue to favour physical retailing, valuing the tactile experience of interacting with products before making a purchase. However, e-commerce continues to see steady growth, having gained significant momentum during the pandemic.
What next for personal accessories?
Throughout the forecast period, Singapore is expected to continue to witness trends toward premiumisation and indulgence, which will drive higher unit prices in personal accessories. Consumers are anticipated to prioritise investments in higher-quality products that align with their evolving expectations for exclusivity and craftsmanship.
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Overview:
Understand the latest market trends and future growth opportunities for the Personal Accessories industry in Singapore 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 Singapore, 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 Singapore 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 Singapore?
- Which are the leading brands in Personal Accessories in Singapore?
- How significant is tourism in determining sales and demand for Personal Accessories in Singapore?
- How are COVID-19 and global recession impacting demand for Personal Accessories in Singapore?
- 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 Singapore
Personal accessories in 2024: The big picture
2024 key trends
Competitive landscape
Retailing developments
What next for personal accessories?
DISCLAIMER
Bags and Luggage in Singapore
KEY DATA FINDINGS
Slower growth in 2024, as consumers become more cautious in their spending
Local brands make waves, with Charles & Keith leading the way
Luxury handbags witness slower growth
Brands need to pay close attention to changing conusmer prefernces and lifestyles
Sustainability will be a prominent and desired feature
Hybrid retail strategies will drive engagement
Jewellery in Singapore
KEY DATA FINDINGS
Continued growth, despite ongoing economic uncertainty
Lab-grown diamonds gain popularity among Gen Z and Gen Alpha
Slowdown in post-pandemic wedding boom impacts fine jewellery market
Steady growth projected for fine and costume jewellery amid economic challenges
Brands will embrace customisation and personalisation
Omnichannel approach will be key to capturing the attention of consumers
Traditional and Connected Watches in Singapore
KEY DATA FINDINGS
High mechanical watches lead sales of traditional timepieces
Swiss brands dominate the market
Jewellery and watch specialists remain most popular channel for traditional watches
Lack of progression for mid range watches
Smart wearables will threaten growth of quartz analogue and digital watches
Rise of second-hand market will pose challenge to luxury brands
Writing Instruments in Singapore
KEY DATA FINDINGS
Market for writing instruments sees positive growth in 2024
Trend towards personalisation
Sustainability is a key priority
Digitalisation poses a serious threat to traditional writing instruments
E-commerce will continue to expand, although online retail will remain the biggest contributor
Expected movement towards greater inclusivity
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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