Personal accessories in 2024: The big picture
In 2024, personal accessories in the US is expected to see a return to growth in current value terms; however, in constant value terms sales are set to continue to decline, albeit improving from 2023. This exemplifies the challenges consumers are dealing with, as inflation and interest rates have been cooling in 2024, but are still above pre-pandemic levels, forcing consumers to remain cautious in their purchasing decisions, especially those with more limited incomes.
2024 key trends
While personal accessories is expected to see a return to growth in current value terms in 2024, US consumers continue to grapple with high inflation and the cost-of-living crisis, forcing them to be more discerning when it comes to discretionary purchases such as personal accessories. Indeed, 48% of US respondents planned to increase saving in 2024, up from 41% in 2023 (Euromonitor International’s Voice of the Consumer: Lifestyles Survey, fielded January to February 2024).
Competitive landscape
In 2024, personal accessories in the US remains highly fragmented, with the smallest players, included under “others”, representing the majority of sales, although some consolidation has become apparent since the pandemic. For example, the top 10 global brand owners have together gained four percentage points in share since 2019, set to account for 25% of sales in 2024.
Retailing developments
The pandemic clearly ignited growth in retail e-commerce for personal accessories, and while some normalisation was seen post-pandemic, the channel is expected to see growth and a rise in its distribution share in 2024. Indeed, retail e-commerce only represented 29% of value sales in 2019, whereas a share of 37% is expected in 2024.
What next for personal accessories?
The forecast period is set to see retail volume sales of personal accessories remain static in the US, while sales are expected to continue to rise slowly in retail current value terms over 2024-2029, as demand normalises. In the short term, growth may be more subdued as consumers remain cautious in their spending amidst uncertain economic times, as well as a slowdown in the luxury segment.
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Overview:
Understand the latest market trends and future growth opportunities for the Personal Accessories industry in USA 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 USA, 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 USA 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 USA?
- Which are the leading brands in Personal Accessories in USA?
- How significant is tourism in determining sales and demand for Personal Accessories in USA?
- How are COVID-19 and global recession impacting demand for Personal Accessories in USA?
- 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 the US
Personal accessories in 2024: The big picture
2024 key trends
Competitive landscape
Retailing developments
What next for personal accessories?
DISCLAIMER
Bags and Luggage in the US
KEY DATA FINDINGS
Consumers exhibit a high desire for travel in 2024, although the high costs of living influence demand for luggage
Luxury brands see a mixed performance, with consumption more polarised between high-end and entry-level brands
Challenges in department stores prompt players to explore other distribution options
Versatile, functional, and small bags will drive growth in the forecast period
Some bags categories will see challenges to growth in the forecast period, due to changing consumer preferences
Growing interest in sustainable behaviours and purchasing will present both challenges and opportunities
Jewellery in the US
KEY DATA FINDINGS
Increasing consumer interest in lab-grown diamonds and weakness in bridal segment dampens performance of fine jewellery in 2024
Efforts to raise brand awareness and engagement by players in costume jewellery are paying off
Key players focus on expanding and investing in successful iconic product collections
Efforts to elevate the in-store shopping experience likely to continue in the forecast period, which may amplify struggles in department stores
Lab-grown diamonds set to increasingly become part of jewellery players’ strategies, across both luxury and more entry-level brands
Growing interest in men’s fashion and self-expression expected to open up more opportunities in jewellery
Traditional and Connected Watches in the US
KEY DATA FINDINGS
The once distinct overperformance of high watches narrows in 2024
Connected watches continues benefiting from consumer investment in health and wellness-oriented products
Brands that blend luxury and affordability resonate with consumers
Despite more cautious consumer behaviour, players see long-term optimism for traditional watches
Players are balancing efforts to improve online and in-store shopping to create a truly seamless omnichannel experience
Connected watches to be challenged by disruption from smart rings over the forecast period
Writing Instruments in the US
KEY DATA FINDINGS
Although a marginal improvement is expected from the growth rate in 2023, writing instruments continues struggling in 2024
Leading players explore opportunities in the creative writing segment
Brands balance innovative efforts to address the needs of more creative consumers and function
The back-to-school season will remain the core sales driver for writing instruments over the forecast period
Expectation of low birth rate and decline in key target population could limit growth opportunities for writing instruments
Retail e-commerce set to grow as consumers appreciate its convenience and cost-effectiveness
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.
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This report originates from Passport, our Personal Accessories research and analysis database.
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