Jewellery Records US$316 Bln Sales Globally In 2016

KUALA LUMPUR, July 19 (Bernama) -- Jewellery is the best performing personal accessories category with global sales worth US$316 billion in 2016, global market research company Euromonitor International said. It said jewellery is also the fastest growing segment within the personal accessories industry, recording a three per cent growth between 2015 and 2016. Jewellery, which includes costume and fine jewellery, also experienced a 15 per cent year-on-year growth of internet retail sales, reaching US$19 billion sales in 2016, up from US$9 billion in 2011, it added. "Interestingly, the 16 per cent growth of internet retailing for fine jewellery is higher than that of internet retailing for costume jewellery at 12 per cent, as more fine jewellery retailers go online," it said in a statement. Personal Accessories Industry Analyst Jasmine Seng said technology is the answer for the future growth of personal accessories. While global sales of personal accessories are growing at two per cent in 2016, the percentage of internet retailing sales of personal accessories is experiencing a double-digit growth in 2016. As the slowest year-on-year growth of internet retailing sales within the personal accessories industry in 2016 was watches at six percent, Seng said industry players should collaborate with wearable technology innovators to drive organic growth in the face of competition from smart watches. It said personal accessories sales are forecast to enjoy a four per cent compound annual growth rate (CAGR) between 2016 and 2021 to reach US$633 billion. Euromonitor International forecasts jewellery would continue to be the best performing category, buoyed by growth in Asia Pacific, especially in China and India, which have proved to be resilient amidst economic turbulence. Meanwhile, Indonesia is expected to be the fastest-growing country in the world for jewellery sales at 7.8 per cent CAGR during the 2016-2021 period, followed by India at 6.9 per cent, it said. -- BERNAMA