Personal accessories market majorly comprises of jewellery (fine jewellery and fashion jewellery), bags (handbags, luggage, backpacks, cross body bags, wallets, purses and pouches, business bags, duffle bags, business bags and small bags), watches, and writing and marking instruments market. The most happening market on the global front is the personal accessories market. The largest jewellery markets in the world are India, US, and China. Bags market is expecting a positive growth with new designs. The innovation and technological advancements in the watch market is expected to grow steadily. The increase in literacy levels has witnessed a rapid growth in the writing and marking instruments market. The personal accessories market is spread across Asia-Pacific, Europe, Americas and the rest of the world. The leading players in the global personal accessories market are Coach, Kering, LVMH, Prada Group, ADD, AT Cross Company, Burberry Group, Chanel, Compagnie Financière Richemont, Crayola, Dolce & Gabbana, Gitanjali Group, Giorgio Armani, Hugo Boss, Kalyan Jewellers, Mulberry, Pandora, Ralph Lauren, Rolex, Swatch Group, Tiffany & Company, Titan Company, Tod’s Group, and Tory Burch. Slower economic growth, lack of innovative advertisements, minimal international brand outlets, and consumer’s weakened spending limit are the major factors that affect the global personal accessories market in the year 2017.
Indonesian consumers are influenced by the western fashion trends while purchasing personal accessories. Indonesians consumers purchase any affordable new brand that is elegant and expensive. The personal accessories industry in Indonesia is highly fragmented due to competition between various brands. The personal accessories such as bags and luggage, watches and writing instruments in Indonesia market are international brands. Indonesia’s jewellery market involves only locally renowned brands. Therefore, there is an intense competition between international brands. Majority of the consumers opt for store based retailing compared to internet retailing. However, online retailing is becoming more popular with Lazada, ZALORA, Shopee and MatahariMall.com channels growing rapidly.
According to the study “Personal Accessories in Indonesia”, personal accessories market in Indonesia is slowed down due to the depressed economy in the current year, 2017. Majority of the consumers purchase personal accessories more frequently, therefore, the market will witness a positive steady growth in the future. Indonesian consumers are interested in looking different with a variety of accessories compared to clothing. The middle income consumers in Indonesia spend more on many personal accessories along with premium products.
Bags and luggage are staple accessories in Indonesia and has witnessed a healthy growth due to relative high demand for brands and models. Il Bisonte is the leading international luxury brand for bags and luggage in the Indonesian market. Sophie Martin, Kering, Luvitasindo, and Louis Vuitton, are few other international brands in this sector. The distribution channel for bags and luggage are specialist stores, department stores, hypermarkets, supermarkets, and online retail stores.
Indonesians demand for fine diamonds, and coloured diamonds with blue or red stones. Consumers are attracted towards rose-shaped jewellery which is considered as elegant and feminine. Julia Jewelry is the leading player in Indonesia jewellery market due to its stores widely available across the country with online shopping option. Julia Jewelry products are well known and cater a wide range of consumers. Consumers are purchasing fine jewellery not only to wear them as personal accessories but also for investment purposes. Therefore, the fine jewellery market in Indonesia has a positive growth and will continue in the coming years.
The writing and marking instruments are pens, pencils, colouring writing instruments, markers and highlighters and other writing accessories. The increase in children in Indonesia has indirectly affecting the sales of colouring products. Faber-Castell is the popular brand in colouring products in stationery. Also, writing instruments market is growing at a steady rate due to constant demand for the products. The stationery supplies are available at the supermarkets, hypermarkets, online retailing and departmental stores. In general, the personal accessories market in Indonesia will witness a continuous positive growth in the coming years.
Indonesian consumers demand for Swiss-made luxury watches that are of superior quality, enhanced design, craftsmanship, and technological sophistication. The increase in consumer’s disposable income has encouraged for a better lifestyle in the middle income groups and therefore demands for luxury watches. Watches in Indonesia are available at the speciality stores, departmental stores, hypermarkets, and supermarkets. The watch market in Indonesia will witness a steady growth in the future with more international brands entering the personal accessories market. In general, there would be a continuing growth in Indonesia’s personal accessories sector in the coming years.
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Ankur Gupta, Head Marketing & Communications
ankur [@] kenresearch.com