Top Five Trends in Personal Accessories

Delivery

This report comes in PPT.

Key Findings

Economic headwinds persist

Global inflation continues to moderate, but it is slowing unevenly across markets. Moreover, the current context of geopolitical tensions, economic challenges and climate change is heightening uncertainty, impacting business and consumer confidence negatively.

Budgeting among consumers has normalised

Elevated prices in recent years have led to the normalisation of budgeting among consumers. Consumers are not only seeking bargains to save money but also adopting more creative approaches to make their money go further, often using social media to find out about the best deals.

Value beyond price

Value-seeking shoppers are more discerning in their discretionary spending, but still willing to spend on experiences, lifestyle and brands aligned with their values. Hence quality and durability become value-driven propositions, while transforming into a lifestyle brand allows market players to diversify their offerings and elevate their positioning.

Finding new growth markets and new growth segments

Amidst slow growth in key markets such as China, Europe and the US, emerging and developing countries become a focus point for growth in personal accessories. However, market players do not only need to diversify geographically to drive growth, but they also need to consolidate their position in mature markets and target new pockets of wealth, eg affluent 60+ cohort.

Tech and AI to reshape the industry

With the stabilisation of e-commerce, the focus of e-commerce development has shifted towards improving services to retain customers. Companies are investing not only to enhance digital engagement but also to deliver personalised experiences and optimise operations from design to fulfilment and transition towards a more sustainable future.