Accessories - ASEAN

ASEAN

In 2024, the Accessories market in ASEAN is projected to generate a revenue of US$28.15bn.
The market is expected to experience an annual growth rate of 5.61% (CAGR 2024-2029).
Among all the segments in the market, the largest one is Watches & Jewelry, with a market volume of US$14.83bn in 2024.
Interestingly, when compared globally, in China stands out as the country generating the highest revenue, which is estimated to be US$155bn in 2024.
When considering the population figures, it is worth noting that in 2024, each person in ASEAN is expected to contribute an average of US$40.72 in revenue to the Accessories market.
Furthermore, the growth of online sales is predicted to play a significant role, accounting for 20.5% of the total revenue in the market by 2024.
In the ASEAN region, the market for accessories is thriving, with Thailand leading the way in unique and vibrant designs.

Key regions: Worldwide, United States, India, Canada, Germany

Market

Region

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Currency

Analyst Opinion

The global tourism market is growing steadily, outperforming the global economy, with both arrivals and inbound receipts set to grow. The tourism industry fulfills the longing for foreign countries and cultures and is one of the most important economic factors. Low-cost airlines allow shopping trips into international markets and accessories are gladly bought abroad, in order to make the own wardrobe even more individual and more unusual. For the consumer, brands play an important role in the purchase of accessories. However, brand awareness has changed in recent years, especially through social media and bloggers, who play an important role in how the brand is perceived and what target group it addresses.

Methodology

Data coverage:

The data encompasses B2C enterprises. The figures are based on consumer spending on accessories that comprise of Watches & Jewelry and Luggage & Bags that are produced for private end customers for both offline retail and online retail.

Modeling approach:

Market sizes are determined through a bottom-up approach, building on specific predefined factors for each market. As a basis for evaluating markets, we use annual financial reports of the market-leading companies and industry associations, market data from independent databases and third-party sources, historical developments, current trends, as well as survey results from our primary research (e.g., the Statista Global Consumer Survey). In addition, we use relevant key market indicators and data from country-specific associations, such as GDP, consumer spending. This data helps us estimate the market size for each country individually.

Forecasts:

In our forecasts, we apply diverse forecasting techniques. The selection of forecasting techniques is based on the behavior of the relevant market. For example, the exponential trend smoothing is well suited for forecasting the Accessories market with projected steady growth. The main drivers are GDP per capita and consumer spending per capita.

Additional notes:

The data is modeled using current exchange rates. The impact of the COVID-19 pandemic and the Russia-Ukraine war are considered at a country-specific level. The market is updated twice a year. In some cases, the data is updated on an ad hoc basis (e.g., when new, relevant data has been released or significant changes within the market have an impact on the projected development).