SINGAPORE–(BUSINESS WIRE)–Global Market Research Company Euromonitor International released today
2016 personal accessories data.
According to the new research, jewellery is the best performing personal
accessories category with sales worth US$ 316 billion in 2016. It is
also the fastest growing segment within the personal accessories
industry with 3 percent growth between 2015 and 2016. Jewellery, that
includes both costume and fine jewellery, experienced 15 percent
year-on-year growth of internet retail sales, reaching US$ 19 billion in
2016, up from US$ 9 billion in 2011. Interestingly, the 16 percent
growth of internet retailing for fine jewellery is higher than the
growth of internet retailing for costume jewellery at 12 percent, as
more fine jewellery players go online.
“Technology is the answer for future growth of jewellery and personal
accessories,” says Personal Accessories Industry Analyst Jasmine Seng.
While global sales of personal accessories are growing at two percent in
2016, the percentage of internet retailing sales of personal accessories
is experiencing double-digit growth in 2016.
The slowest year-on-year growth of internet retailing sales within the
personal accessories industry in 2016 was watches at 6 percent. “Facing
the competition from smart watches, industry players should collaborate
with wearable technology innovators to drive organic growth for their
companies,” Seng adds.
Personal accessories sales are forecast to enjoy 4 percent compound
annual growth rate (CAGR) between 2016 and 2021 to reach US$ 633
billion. Jewellery will continue to be the best performing category,
buoyed by growth in Asia Pacific, especially in China and India, which
have proved to be resilient amidst economic turbulence. Indonesia is
expected to be the fastest-growing country in the world for jewellery
sales at 7.8 percent CAGR over 2016 -2021– followed by India at 6.9
To learn more about Euromonitor’s personal accessories data visit: http://www.euromonitor.com/personal-accessories
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