Accessories - Philippines

Philippines

Highlights

Revenue in the Accessories Market is projected to reach US$785.70m in 2024.
Revenue is expected to show an annual growth rate (CAGR 2024-2029) of 10.75%, resulting in a projected market volume of US$1.31bn by 2029.
With a projected market volume of US$63.98bn in 2024, most revenue is generated China.
In the Accessories Market, the number of users is expected to amount to 4.2m users by 2029.
User penetration will be 4.0% in 2024 and is expected to hit 4.2% by 2029.
The average revenue per user (ARPU) is expected to amount to US$265.30.

Key regions:

Definition:

The eCommerce Accessories market is a sector of online retailing that focuses on selling various types of fashion accessories through digital channels. The purpose of eCommerce Accessories is to provide consumers with a convenient and accessible way to purchase a wide range of accessories products, including jewelry, watches, sunglasses, belts, and hats.

The relevance of the eCommerce Accessories market lies in its ability to offer consumers a vast selection of products at competitive prices, with the added convenience of home delivery. It also enables brands and retailers to reach customers across different geographies and demographics, expanding their customer base and sales potential.

The eCommerce Accessories market has experienced significant growth in recent years, driven by factors such as the increasing popularity of online shopping, the rise of direct-to-consumer brands, and the COVID-19 pandemic, which has led to more time spent at home and an increased focus on dressing up while video conferencing or taking pictures for social media.

Examples of successful eCommerce Accessories businesses include Warby Parker, which offers a wide range of stylish eyewear and accessories, and BaubleBar, which specializes in fashion jewelry. Additionally, online marketplaces like Amazon and Walmart have expanded their accessories offerings, providing consumers with more options for ordering their favorite accessories online.

Structure:

The eCommerce market for Accessories consists of two different markets:

The Luggage & Bags market contains open and closable containers (bags, containers, suitcases, briefcases, wallets, little cases)made from any material to transport items.
The Watches & Jewelry market contains digital sales of watches, pocket watches, stopwatches, and jewelry watches. Moreover, the segment includes brooches, rings, necklaces, earrings, and bracelets made from most different materials.

Additional Information:

Accessories comprises revenues, users, average revenue per user, and penetration rates. Revenues are derived from annual filings, national statistical offices, Google- and Alibaba-Trends and industry knowledge. Sales Channels show online and offline revenue shares, as well as, desktop and mobile sales distribution. Revenues are including VAT. The market only displays B2C revenues and users for the above-mentioned markets, hence C2C, B2B and reCommerce is not included. Additional definitions can be found on each respective market page.

Key players in the market are companies like JD, Amazon, Taobao, Tmall, Macys and SHEIN.

Market numbers for the total market sizes (online + offline) can also be found on the respective pages of the Consumer Market Insights.

Market definitionIn-Scope/Out-of-scopeMarket structureReportsMethodology

Data coverage:

Data refers to B2C enterprises. Figures are based on the sale of physical goods via a digital channel to a private end consumer. This definition encompasses purchases via desktop computers (including notebooks and laptops) as well as purchases via mobile devices (e.g., smartphones and tablets). The following are not included in the eCommerce market: digitally distributed services (see instead: eServices), digital media downloads or streams, digitally distributed goods in B2B markets, and the digital purchase or resale of used, defective, or repaired goods (reCommerce and C2C). All monetary figures refer to the annual gross revenue and do not factor in shipping costs.

Modeling approach / Market size:

Market sizes are determined by a combined top-down and bottom-up approach, based on a specific rationale for each market segment. As a basis for evaluating markets, we use annual financial reports of the market-leading companies and industry associations, third-party studies and reports, survey results from our primary research (e.g., Statista Global Consumer Survey), data on shopping behavior (e.g., Google Trends, Alibaba Trends), and performance factors (e.g., user penetration, price/product). Furthermore, we use relevant key market indicators and data from country-specific associations such as GDP, consumer spending, internet penetration, and population. 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 particular market. For example, the S-curve function and exponential trend smoothing are well suited for forecasting digital products and services due to the non-linear growth of technology adoption. The main drivers are GDP per capita, consumer spending per capita, internet penetration, and population.

Additional Notes:

The market is updated twice per year in case market dynamics change. The impact of the COVID-19 pandemic is considered at a country-specific level. The impact of the Russia/Ukraine war is considered at a country-specific level.