Personal accessories in 2024: The big picture
Personal accessories in South Korea is set to see negligible retail volume growth in 2024, along with dynamic retail current value growth. The much stronger value growth is due to price rises and the strength of luxury sales.
2024 key trends
Sustainability is becoming an increasingly important trend in personal accessories in South Korea. For instance, bags made out of recycled materials are seeing rising availability and demand.
Competitive landscape
The top brands in personal accessories in South Korea are still dominated by luxury brands, with the top five in value terms in 2024 remaining Louis Vuitton, Cartier, Hermès, Chanel, and Gucci, as was the case the previous year. However, in 2024, double-digit growth is expected to be observed by non-luxury brands such as Pandora, Samantha Thavasa, Didier Dubot, as well as many other smaller players, included under “others”.
Retailing developments
Growth in the share of personal accessories via retail e-commerce is set to stagnate in 2024, after seeing a significant increase from 2019 to 2022 to reach a quarter of sales. Despite platforms offering authentication and convenience for personal accessories, they still cannot compete with department stores, which dominates sales of luxury personal accessories.
What next for personal accessories?
Personal accessories in South Korea is expected to see little movement in retail volume terms in the forecast period, with just a marginal decline, driven by writing instruments, as digitalisation takes hold, particularly in schools. Meanwhile, retail current value growth is set to maintain growth across all categories, due to price rises and the rising popularity of luxury products; bags and luggage and jewellery are expected to see particularly strong increases in value sales.
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Overview:
Understand the latest market trends and future growth opportunities for the Personal Accessories industry in South Korea 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 South Korea, 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 South Korea 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 South Korea?
- Which are the leading brands in Personal Accessories in South Korea?
- How significant is tourism in determining sales and demand for Personal Accessories in South Korea?
- How are COVID-19 and global recession impacting demand for Personal Accessories in South Korea?
- 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 South Korea
Personal accessories in 2024: The big picture
2024 key trends
Competitive landscape
Retailing developments
What next for personal accessories?
DISCLAIMER
Bags and Luggage in South Korea
KEY DATA FINDINGS
Growth slows for luxury bags compared with previous highs, as some consumers turn to watches and jewellery
Luggage drives growth as travel rebounds, with players that meet consumers’ needs benefiting
Sustainability becoming more important in bags and luggage
Luxury handbags and luggage set to drive growth in the forecast period
Second-hand market for bags and luggage will be one to watch
Retro fashion trend and new openings set to boost sales of Eastpak and JanSport
Jewellery in South Korea
KEY DATA FINDINGS
KakaoTalk Gift becomes an increasingly important distribution channel
Platinum, silver, and lab-grown diamonds are on the rise
Although women’s jewellery continues to dominate, unisex and men’s jewellery see growth
Changes in trends in earrings, and Richemont set to maintain its lead
Growth potential for luxury fine jewellery as players increase their ranges and open stores
Stronger competition for customers between online and offline channels
Traditional and Connected Watches in South Korea
KEY DATA FINDINGS
Within traditional watches, mechanical watches increase in popularity
Move towards cheaper brands and models within smart wearables
The wider range of luxury brands available impacts the share of leading brand Rolex
Re-commerce expected to hamper volume growth for traditional and connected watches
High watches set to outperform, but connected watches likely to suffer
Appliances and electronics specialists set to continue to lose share
Writing Instruments in South Korea
KEY DATA FINDINGS
Volume growth becoming hard to achieve as electronic devices replace writing instruments, which are increasingly seen as accessories
The TMON-WeMakePrice crisis is another factor impacting players
Monami offers Korean designs to attract consumers
Struggle to achieve volume growth as education set to increasingly go digital
Other non-grocery retailers expected to maintain its dominance
Stationery-specialised stores likely to look for other avenues for growth
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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