Global Accessories Industry Poised to Bring in $633 Billion by 2022

BIG TICKET: While handbags and shoes continue to weather a storm of consumer indifference, jewelry has become the fastest-growing accessories category.

According to research by Euromonitor International, the jewelry category — both fine and costume combined — will cull in an estimated $316 billion in 2016. This represents a 3 percent growth over 2015 sales.

The category’s e-commerce sales grew 15 percent year-over-year, rising to $19 billion. That number was just $9 billion in 2011, according to the research firm.

When broken down by price category — fine jewelry e-commerce sales grew 16 percent, while costume jewelry grew by 12 percent.

By contrast, the year’s slowest-growing category in e-commerce is watches, with only 6 percent growth.

According to the firm, the global accessories market is poised for a 4 percent annual growth rate between 2016 and 2022 to reach an eventual $633 billion.

They predict that jewelry will continue to be the market’s best-selling category — mainly owed to growth in Asia-Pacific, particularly China and India.

Indonesia is shaping up to be the region’s next emerging economy, and is tipped to spend an estimated 7.8 percent more on jewelry each year, for the next six years.

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