This report looks at the following areas:
- Key factors influencing the luxury accessory market and future development trend prediction
- Noteworthy marketing and product trends to watch
- Changes in consumer behaviour and attitudes towards luxury accessories over time and insights into high-potential consumer groups and market segments
- Analysing the driving factors and obstacles affecting the consumer’s purchases of luxury accessories to help brands explore future product and marketing strategy directions
In a period of economic slowdown, brands need to strengthen their marketing by exploring the emotional attributes of their products, such as uniqueness, rarity, heritage and sense of companionship, to establish greater emotional resonance with consumers in order to tackle competition and challenges.
Blair Zhang, Senior Analyst, China Insights
Market Definitions
Products covered in this Report:
- Jewellery and watches, including costume jewellery/watches (made from non-precious metals such as stainless steel, copper or resin) and fine jewellery/watches (containing gold, silver, or natural gemstone materials);
- Leather goods including handbags, wallets, belts and other small leather goods such as key rings, card holders, and passport covers;
- Fashion accessories, such as hats, ties/cufflinks/brooches, scarves/gloves, glasses/sunglasses.
Collapse All
-
Executive summary
- Key issues covered in this Report
- Definition
- What you need to know
- The market
- Market factors
- Marketing trends
- Product trends
- The consumer
- Handbags, glasses/sunglasses and wallets are the most popular; female consumers increasingly appreciate the joy that small accessories bring, while men go against the gender stereotypes
- Graph 1: luxury accessories purchased by men for themselves in the past 12 months, 2020-24
- Graph 2: luxury accessories purchased by women for themselves in the past 12 months, 2020-24
- Consumers expect to display their social status with leather goods and fine jewellery/watches, while accessories such as glasses/sunglasses and scarves/gloves add a fashionable touch to their outfits
- Graph 3: barriers to purchasing luxury accessories, 2024
- The role of luxury accessories has evolved from showcasing status to highlighting individuality and taste
- Graph 4: attitudes towards luxury accessories – “The most important role of luxury accessories is to reflect my personality and taste”, by household income, 2024
- Special designs, brand culture and rarity are the most attractive attributes
- Graph 5: purchase drivers for luxury accessories, 2020-24
- Offline multi-brand specialty stores are gaining popularity, while online overseas channels are losing users
- Graph 6: purchase channels for luxury accessories – online, 2020-24
- Graph 7: purchase channels for luxury accessories – offline channels, 2020-24
- Issues and insights
- What we think
-
The market
- Market factors
- Major luxury groups’ revenue growth stagnates: clothing, accessories, jewellery and watches face varying degrees of pressure and brand equity is ever more prominent
- Industry giants prioritise investment and development in the accessories sector
- In China’s market: Lao Pu Gold rises as a success despite the overall gold and jewellery market under pressure
- More cautious Chinese luxury goods consumers mean brands need to stimulate consumer demand by investing in cross-regional and lifestyle scenario marketing
- Graph 8: luxury product/luxe service purchasing behaviour in the past 12 months and purchasing plans for the next 12 months, 2024
- Consumption demands polarised; the created jewellery market is yet to grow its culture
- Greater challenges are posed by the rise of experiential luxury consumption
- Graph 9: desire for luxury and premium services – desire a lot, 2020-24
- Graph 10: interest in luxury products vs luxurious experiences, 2024
- Companies need to expand their range of products and experiences
- Marketing and product innovation trends
- Tap into subconscious desires with Xuanxue marketing
- Graph 11: mentions of ‘Xuanxue (玄学)’ on social media channels*, 2023-24
- Reach a diverse audience with genderless concepts
- Lower-priced but enhanced-effect products to attract budget-conscious consumers
- Lab-grown diamonds are yet to be widely accepted by consumers, but there is growth potential for the industry
- Craftsmanship’s value continues to shine brightly
- Traceable jewellery marketing offers consumers greater transparency and authenticity
- Perfect brands’ online channels to reach younger consumers
- Focus on improving the shopping experience on online channels
-
The consumer
- Luxury accessories purchased
- Handbags, glasses/sunglasses and wallets/purses are the most popular luxury accessories
- Graph 12: luxury accessories purchased in the past 12 months, 2020-24
- Small accessories are gaining more attention among female consumers
- Graph 13: luxury accessories purchased by women for themselves in the past 12 months, 2020-24
- Accessories that transcend gender boundaries are gaining greater popularity among male consumers
- Graph 14: luxury accessories purchased by men for themselves in the past 12 months, 2020-24
- Women are happier to buy luxury accessories for their partners on gift occasions
- Graph 15: luxury accessories purchased by female consumers for their partners in the past 12 months, 2020-24
- Graph 16: luxury accessories purchased by male consumers for their partners in the past 12 months, 2020-24
- Handbags: self-reward for consumers aged 18-24 and self-image for Tier 3 city consumers
- Graph 17: purchase of luxury accessories in the past 12 months – handbags, by age and city tier, 2024
- Purchase channel
- Offline multi-brand specialty stores are gaining popularity, while online overseas channels are losing users
- Graph 18: purchase channels for luxury accessories – online, 2020-24
- Graph 19: purchase channels for luxury accessories – offline channels, 2020-24
- 18-24 year-olds are fans of trendy and affordable channels; 25-39 year-olds are adventurous with emerging channels; 40-49 year-olds are traditional in their shopping habits; 50-59 year-olds are explorers of multi-brand shops
- Graph 20: purchase channels for luxury accessories, by age, 2024
- Consumers in Tier 3 or lower cities are highly likely to shop offline
- Graph 21: purchase channels for luxury accessories, by city tier, 2024
- Domestic online shopping platforms, offline brand boutiques and department store counters can cover over 90% of consumers
- Purchase drivers
- Special designs, brand culture and rarity are the most attractive attributes
- Graph 22: purchase drivers for luxury accessories, 2020-24
- Target travel enthusiasts and holiday scenarios with special designs and colour schemes
- Handmade products speak to female luxury virtuosos
- Graph 23: purchase drivers for luxury accessories – handmade, by gender and spending on luxury, 2024
- Barriers to purchase
- Consumers expect to display their social status with leather goods and fine jewellery/watches, while accessories such as glasses/sunglasses and scarves/gloves add a fashionable touch to their outfits
- Graph 24: barriers to purchasing luxury accessories, 2024
- Hard luxury: Tier 1 city consumers value after-sales service and quality, Tier 2 cities prioritise fashion and versatility, and Tier 3 cities are concerned with authenticity and originality of the products…
- Graph 25: barriers to purchasing luxury accessories – fine jewellery/watches (in precious metal such as gold, silver or natural gemstone), by city tier, 2024
- …and this shows that as Chinese consumers’ understanding of fashion and luxury becomes more mature, their demand for luxury brand accessories becomes more diverse
- Luxury accessory categories willing to spend discretionary income on
- Fine jewellery/watches and handbags are the luxury accessories that consumers are most willing to invest their spare money in
- Graph 26: luxury accessory categories willing to spend discretionary income on, 2024
- Costume jewellery/watches can be an affordable and joyful shopping choice for younger consumers in lower-tier cities
- Graph 27: luxury accessory categories willing to spend discretionary income on – costume jewellery/watches, by gender, age, monthly household income and city tier, 2024
- Attitudes towards luxury accessories
- The role of luxury accessories has evolved from showcasing status to highlighting individuality and taste
- Graph 28: attitudes towards luxury accessories – “The most important role of luxury accessories is to highlight my social status “, by household income, 2024
- Graph 29: attitudes towards luxury accessories – “The most important role of luxury accessories is to reflect my personality and taste”, by household income, 2024
- Emphasise the investment value of luxury accessories during economic turmoil and provide higher flexibility
- Graph 30: attitudes towards luxury accessories – “On a tight budget, I prefer to buy replacement accessories with lower price than luxury accessories “, by monthly household income, 2024
- Graph 31: attitudes towards luxury accessories – “On a tight budget, I would hold off on buying luxury accessories “, by monthly household income, 2024
- Focus on core customer groups and enhance the sense of value in multiple dimensions
- Graph 32: attitudes towards luxury accessories – “The current quality of luxury accessories matches the price on the label “, 2024
- Graph 33: factors influencing favourability of luxury brands, by attitudes towards the quality-price ratio of luxury accessories, 2024
- The importance of appearance and quality cannot be overlooked
- Graph 34: attitudes towards luxury accessories – “The appearance of luxury accessories is more important than the quality “, by age and city tier, 2024
- Consumers still value after-sales service and place even greater importance on the overall shopping experience than in the past
- Graph 35: attitudes towards luxury accessories – agree that “The after-sale services of luxury accessories (eg free cleaning) is more important than the shopping experiences “, by luxury accessories purchased for oneself in the past 12 months, April 2024
- Graph 36: attitudes towards luxury accessories – “The after-sale services of luxury accessories (eg free cleaning) is more important than the shopping experiences”, 2021-24
-
Issues and insights
- Rarity: the breakthrough in storytelling marketing for luxury accessories
- Rarity could be a marketing breakthrough for brand storytelling, especially targeting people aged 25-29
- Connotations of rarity are manifold in consumers’ minds
- Limited editions, customisation and brand culture have become key drivers for those who value rarity
- Graph 37: drivers for purchasing luxury brand accessories, by whether ‘scarcity’ is chosen as a definition of luxury, 2024
- Customisation trends drive the development of the jewellery accessory market
- Local cultural symbols boost rarity and emotional connection
- Showcase the brand ethos with a unique design language
- Value retention and investment value: key selling points of luxury accessories in the current environment
- Most respondents believe that purchasing luxury accessories is a good investment
- Fine jewellery/watches and handbags are the categories that consumers prioritise for investment
- Consumers see the price inflation of leading brands as a sign of their value retention
- Consumers will continue to focus on classic products
- Graph 38: mentions of ‘classic edition’ (经典款) on Xiaohongshu, October 2023-September 2024
- Align with current macro trends and reconstruct product connotations
- Gender equality is taking root and is expected to drive changes in high-end jewellery marketing strategies for romantic gift occasions
- Gender equality may become a breakthrough in marketing innovation for the romantic gift scenario
- Handcrafted and localisation elements may attract female consumers who are purchasing luxury accessories for their partners
- Graph 39: Purchase drivers for luxury accessories, by purchase behaviour, 2024
- Graph 40: Interested local features, by purchase behaviour, 2024
- Strengthen resonance and enhance differentiated perception through localised design elements
-
Appendix – methodology and abbreviations
- Methodology
Mintel: Market Intelligence Made Easier
The first Mintel Market Intelligence report was published over 50 years ago. Since then, we have provided our unique insights and understanding of consumers, innovation and global markets to thousands of customers worldwide. Here’s why our customers rely on Mintel:
- Gain a comprehensive, 360-degree view of the market: Mintel reports blend consumer research, market forecasts, product innovation tracking, and competitive analysis, allowing businesses to see every angle of their industry and identify new opportunities quickly.
- Make decisions with confidence, grounded in robust data: Each report draws on up-to-date, reliable information from trusted sources and industry experts, ensuring your strategies are based on solid evidence rather than speculation.
- Benefit from expert analysis and practical recommendations: Mintel’s reports are written by experienced analysts who interpret complex data and provide clear, actionable insights you can trust to guide your next moves.
- Stay ahead with actionable intelligence on market trends and consumer behaviour: By combining fresh research with long-term market monitoring, our reports help businesses anticipate changes and adapt strategically. So you’re prepared to make informed decisions and drive growth.
What goes into a Mintel Market Intelligence Report?
Curious about how a Market Intelligence report comes together? We like to think of it as building a detailed puzzle. We start with individual pieces: data from consumers, market statistics, industry trends, and online conversations. Then our expert analysts add world-class human insight and industry knowledge. The pieces are assembled to reveal a clear, comprehensive picture of a market.
The Four Pillars of Our Research
We use a combination of four main research methods when creating our reports, each adding a valuable perspective:
- Consumer Research: Direct surveys with real people, giving us clear, current insights into what people think and do.
- Desk Research: In-depth review of trusted data sources. We use this rich database, plus powerful internal tools that track new products and market sizes, to detect trends and guide forecasts.
- Trade Research: Insights from conversations with industry experts. Their real-world experience helps us understand what’s happening behind the scenes.
- Brand and Social Media Research: Analysis of online opinions and trends. This lets us spot trends, measure brand sentiment, and capture feedback in real time, adding further depth to our research.
Bringing It All Together
Each of these four pillars provides a different piece of the puzzle. Consumer research tells us what customers think, desk research provides the factual framework, trade research offers an insider’s view, and social media analysis reveals public sentiment.
Our expert analysts are skilled in weaving these diverse data streams together. They apply a range of quantitative and qualitative analysis techniques to uncover the deeper story, connecting the dots to deliver clear, actionable insights. This comprehensive, multi-layered process is how we transform raw data into a market intelligence report you can trust to inform your most important business decisions.
For a closer look at a Mintel Market Intelligence Report, take a look at the sample PDF report below:
Please Note: All of the figures, graphs, and tables in this sample report have been redacted.
£ 3,695 (Excl.Tax)
-
Download today with instant access
Pay via credit card or purchase order
-
Multiple formats provided
We send a PDF, Powerpoint and Excel Databook straight to your inbox. An interactive version of the report is also available on our online platform
-
Interactive databook included
Focus on the data that matters most to you with a customisable databook avaliable on our platform
-
Save 10% on all orders with the code INSIGHTS2026
Offer available until the end of December only
Next Starts Here
Whatever your business needs, we have the solution. From market intelligence reports to customised growth strategies.
Learn moreTrusted by global industry leaders
We use Mintel to inform our thinking and reinforce strategy. If you’re presenting new ideas, it’s essential they are underpinned by robust data and evidence, and clearly rooted in fact.
Mintel gives us all that. It’s a great brand and one that is trusted by clients.
Marie Stafford, European Director, The Innovation Group, VML
There is no question that Mintel is the go-to resource for the best quality market research, but I did not think it was an affordable option for Abacus Marketing to consider. As a small marketing agency, we only work with a few new clients each year.
However, we have a very high-end consultative approach to our work, so we really do need a partner like Mintel to provide the big agency experience we are always aiming to deliver. Our clients come from an incredibly diverse range of industry sectors, so we obviously need access to market research reports from a very wide spectrum of marketplaces – and that is precisely what we got.
Stephen Taylor-Brown, Managing Director, Abacus
We use Mintel Reports, mostly for financial services and ecommerce markets, plus a few retail and technology ones.
As a leading payments provider, we value additional insights into consumer behaviour, opinions and trends that are shaping the many different markets we operate in. Mintel is a very good and very quick way for us to obtain those insights.
We use Mintel to get a view on where a particular market is going, which can support us in product development and help us identify opportunities or indeed risks, it is a very useful barometer of a market’s potential.
Andrew Neeson, Market Intelligence Manager, VocaLink
At Jackman, we believe that powerful strategies are based on human insight. Mintel’s leading-edge reports and insights into consumer attitudes and behaviors are an important input as we develop and execute strategy.
Alana Gavin, VP Research and Insights, Jackman
We utilize Mintel Reports, Trends and Comperemedia to mine for insights across the numerous business verticals that Epsilon serves, such as CPG, automotive, telecom, healthcare/pharma, retail and financial services.
By integrating Mintel insight into new business opportunities, we have been able to gain the competitive edge necessary to advance partnerships with global brands and key business players.
For our organization, it’s about depth and breadth. Having one without the other doesn’t enable success in our business.
Virginia Harvey, Secondary Research Manager, Epsilon
Next Starts Here
Whatever your business needs, we have the solution. From market intelligence reports to customised growth strategies.
Learn more
