The consumption structure of luxury accessories is becoming more stratified: classic items remain the value anchor, while small accessories see a surge in frequent usage and emotional value as the new everyday touchpoint. The motivations of different age groups are increasingly diverging – younger people emphasise design and expression, the middle generation values brand stability and shopping experience, and mature customers focus on materials, scarcity and value retention. At the same time, the growing diversity of gift-giving scenarios further expands the symbolic meanings of accessories in sentiments and relationships.
Tina Cheng, Research Analyst
Market Definitions
Products covered in this Report:
- Watches and jewellery (contains gold, silver or natural gemstone);
- 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.
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Executive summary
- Key issues in this Report
- Definitions
- What you need to know
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The market
- The mainland Chinese luxury market is cooling, and revenue performance among major luxury groups is diverging
- Brand resources are increasingly skewed towards key stores in Tier 1 cities
- Glasses and sunglasses become the ‘lipsticks’ of luxury goods; smart technology illuminates future growth
- Jewellery that offers both long-term value retention and daily emotional satisfaction still has potential
- Jewellery brands invest resources into the classic icons to strengthen time-honoured heritage
- Watch and jewellery brands consistently invest in themed exhibitions to strengthen the connection between history, craftsmanship and local culture
- When conspicuous consumption shines no more, cultural capital becomes critical
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THE CONSUMER AND OPPORTUNITIES
- Luxury accessory consumption landscape
- Glasses and sunglasses as the new ‘lipstick’ provide affordable luxe with a relatively low price threshold
- Sculpting looks and signifying taste: glasses and sunglasses are now fashion statements
- Online platforms and brand boutiques remain the main channels; Tier 1 city consumers enjoy more channel choices, while lower-tier markets rely on boutiques and duty-free shops
- Graph 1: purchase channels, by city tier, 2025
- Luxury brands are amplifying their online presence while steadily optimising the offline experience
- Graph 2: purchase channels, 2020-25
- Younger consumers try out various channels: a preference for offline multi-brand speciality shops and buyer shops
- Graph 3: purchase channels (repertoire analysis), by age, 2025
- Tier 1 cities focus on experience-driven aspects, Tier 2 cities emphasise materials, and Tier 3 cities prioritise rights and value assurance
- Graph 4: important factors when purchasing luxury accessories, 2025
- Brand resource investment focuses on Tier 1 cities, with a greater emphasis on creating experience-oriented VIC relationships
- 18-29 year olds are driven by design, 30-39 year olds prioritise brand stability, and 50-59 year olds determine value based on materials and scarcity
- Graph 5: purchase factors, by age, 2025
- Consumer’s budget allocation
- When budgets are tight, value-preserving classic luxury goods are seen as a tangible investment
- Graph 6: actions under a limited budget, 2025
- Collaborations serve as an entry point for budget-sensitive consumers and an efficient mechanism to reach new customers
- Discretionary spending revolves around watches and handbags
- Graph 7: categories of luxury brand accessories chosen when spending disposable income, 2025
- Small accessories satisfy consumers’ frequent emotional needs
- Graph 8: categories of luxury brand accessories chosen when spending disposable income, 2024-25
- Gold jewellery attracts luxury consumers with its value retention, cultural heritage and aesthetic recognition
- High-income groups’ active outbound travel drives overseas luxury shopping
- Graph 9: budget control, by monthly household income, 2025
- Luxury shopping is increasingly about the experience: holiday scenarios and local culture become new opportunity points
- Luxury accessories in gift-giving
- Self-gifting and intimate gifting are mainstream, and high-income individuals extend gifting to broader social networks
- Graph 10: recipients of luxury brand jewellery purchases, by household income, 2025
- Handbags dominate romantic gifting, with men relying more on their symbolic significance and reliability
- Graph 11: categories of accessories to gift partners/spouses on different occasions, 2025
- Graph 12: percentage of consumers who give luxury handbags to partners on different occasions (men), 2025
- A joyful surprise in a safe bet: timeless handbags with a trend-forward twist
- 25-29 year olds prefer to give watches to celebrate personal achievements, while more mature consumers focus on practicality
- Graph 13: categories of gifts to consider for a partner when celebrating personal achievements, by age, 2025
- Watch gifting marketing can position products as companions and closely reflect younger people’s careers and life stages
- Small accessories have become popular gifts, with functionality and emotional expression deeply tied to more scenarios
- Bag charms have become a new strategy for luxury brands
- Luxury brands are using bag charms to attract younger customers
- Low-cost styling update, differentiated expression and high social visibility jointly boost the demand for bag charms
- Accessories help brands flexibly showcase small-scale creative concepts
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What we think
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Appendix – methodology and abbreviations
- Methodology
- Abbreviations
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