2014-02-07 14:03:01 - Personal Accessories in China - a new market research report on companiesandmarkets.com
Growth remains robust with strong demand. Retail value growth of personal accessories in China remained robust in 2013, mainly due to growing demand for writing instruments, bags and watches, whilst demand for jewellery for various festive occasions, such as weddings, also remained vigorous. With increasing household income, local consumers sought higher-quality products, represented by mid and high watches, however growth limited by the government´s stricter control on bribery in 2012 and 2013.
The economic slowdown and changed government policy lead to slower growth. The slowdown in the Chinese economy amid the global uncertainty dampened value growth of personal accessories, with a more severe negative effect on high-end bags and luggage, as well as luxury jewellery. In addition, the Central Government´s ban
on the use of public funds to purchase luxury products, mainly luxury watches, jewellery and bags, as gifts, further affected the personal accessories market, resulting in slower retail value growth in 2013 than in 2012.
Chow Tai Fook Jewellery Group leads in a highly fragmented market. Thanks to the high acceptance of jewellery as personal accessories and an investment to combat inflation, in particular gold, jewellery players took the top three positions in personal accessories in 2013, led by Hong Kong-based Chow Tai Fook. However, owing to the low entry barriers for writing instruments and bags and luggage, there are many small local players in the various regions, resulting in a highly fragmented personal accessories market in China.
Department stores continue to lead in distribution. Department stores is the most important distribution channel for personal accessories in China, with locals preferring to choose high-priced items, such as watches and jewellery there. Although the retail value share of department stores fell somewhat over the latter part of the review period, with fierce competition from other modern channels and internet retailing, department stores remained the first choice for many local consumers when purchasing personal accessories.
Upbeat outlook for the forecast period, although slower growth than the review period. The forecast for personal accessories is expected to be upbeat, driven mainly by the mounting pursuit of personal wellbeing, including better external appearance, and growing disposable income. With the increasing exposure to global fashion trends from various media, including the internet, Chinese consumers are expected to follow international trends more closely, such as in bags, jewellery and watches, leading to strong demand for these personal accessories.
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