Personal Accessory Retailing in Australia - Industry Market Research Report

Personal Accessory Retailing in Australia - Industry Market Research Report

Personal Accessory Retailing in Australia

Companies in the Personal Accessory Retailing industry have faced a challenging trading climate. The luxury product segment has performed well, driven by premiumisation trends and consumer demand for unique branded merchandise. A depressed retail environment and mounting competition from department stores and online shopping have affected revenue across the mid-priced product market. The COVID-19 pandemic has hurt demand for personal accessories. Lockdown periods and trading restrictions, along with restrictions on outbound travel that the government imposed in March 2020, have slashed industry revenue. Logistical delays and supply chain disruptions have curbed industry revenue. Revenue is forecast to drop at an average of 2.9% per year over the five years through 2023-24, to an estimated $1.3 billion. This trend includes a projected decline of 2.0% in 2023-24 due to a plunge in the consumer sentiment index.

Industry operators primarily retail a range of personal accessories including briefcases, handbags, luggage, sunglasses, umbrellas and wigs. These products are sold through stores or online to consumers. The industry excludes the retail sale of leather clothing and footwear. Online-only retailers are also excluded from the industry.

This report covers the scope, size, disposition and growth of the industry including the key sensitivities and success factors. Also included are five year industry forecasts, growth rates and an analysis of the industry key players and their market shares.