Jewellery records US$ 316 billion sales in 2016
According to a new research by Euromonitor, 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 percent.