According to a new study by research firm Euromonitor, jewelry is the best performing personal accessories category with sales worth $316 billion in 2016. It is also the fastest-growing segment within the personal accessories industry with 3% growth between 2015 and 2016.
Jewelry (including both costume and fine) showed a 15% year-on-year growth of internet retail sales, reaching $19 billion in 2016 (up from $9 billion in 2011). As more fine jewelry players turn to the internet, the 16% growth of online fine jewelry sales is actually higher than the growth of online costume jewelry (12%).
“Technology is the answer for future growth of jewelry 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%. “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% compound annual growth rate (CAGR) between 2016 and 2021 to reach $633 billion. Jewelry 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 jewelry sales at 7.8% CAGR over 2016 -2021– followed by India at 6.9%.
To learn more about Euromonitor’s personal accessories data, click here.