Accessories Industry Statistics

Bain & Company reported that global luxury goods sales grew to €346 billion in 2022. [1]

Bain reported that global luxury goods sales declined to €281 billion in 2020 and then rebounded to €346 billion in 2022. [1]

Bain reported that luxury goods buyers increased by 10% in 2022 vs. 2021. [1]

McKinsey found that 1 in 2 consumers are “influenced by social media in their fashion choices.” [2]

McKinsey found that 45% of consumers bought products based on social media content. [2]

McKinsey found that 33% of consumers want to buy luxury goods online. [3]

McKinsey reported that Gen Z and millennials account for more than 50% of global online shoppers for fashion. [4]

A Deloitte study found that 36% of consumers buy jewelry as a gift. [5]

A Deloitte study reported that 44% of jewelry buyers are motivated by self-purchase rather than gifts. [5]

In a NielsenIQ survey, 61% of respondents said they would pay more for sustainable products. [6]

In the same NielsenIQ report, 38% said they actively seek out sustainable brands. [6]

According to IBM, 57% of consumers are willing to change their shopping habits to reduce environmental impact. [7]

According to IBM, 70% of consumers are willing to pay a premium for sustainable products. [7]

According to Google, 48% of shoppers used online searches to find products before purchasing. [8]

According to Google, 63% of consumers use multiple touchpoints across online and offline before purchase. [8]

A Statista Consumer Insights survey showed 39% of U.S. consumers plan to buy accessories online in 2024. [9]

A Statista Consumer Insights survey showed 28% of U.S. consumers plan to buy jewelry online in 2024. [10]

A Statista Consumer Insights survey showed 31% of U.S. consumers plan to buy watches online in 2024. [11]

In 2023, 52% of U.S. consumers reported that they prefer personalized shopping experiences. [12]

In 2023, 49% of U.S. consumers said they want product recommendations based on past purchases. [12]

In 2023, 43% of U.S. consumers said they use reviews to decide what to buy. [13]

In 2023, 37% of U.S. consumers said they trust influencer recommendations. [14]

A survey reported 73% of consumers use mobile devices while shopping. [15]

A survey reported 46% of consumers use mobile for checking prices/availability. [15]

According to Shopify, 65% of shoppers say that social media helps them discover new products. [16]

According to Shopify, 42% of shoppers purchased something they discovered on social media. [16]

A Vogue Business survey found that 68% of shoppers consider brand heritage when buying accessories. [17]

A Vogue Business survey found that 56% of shoppers consider sustainability when buying accessories. [17]

A GlobalData survey showed 29% of consumers in the US bought luxury accessories for investment value. [18]

Pinterest reported that 60% of beauty and fashion shoppers use Pinterest for discovery (accessory discovery relevant). [19]

Instagram data shows that 78% of Instagram users have searched for a product on the platform (discovery relevant). [20]

In a survey, 61% of respondents said they would pay more for sustainable products. [6]

In IBM survey, 57% of consumers willing to change shopping habits to reduce environmental impact. [7]

In IBM survey, 70% willing to pay a premium for sustainable products. [7]

De Beers reported rough diamond production was 29.4 million carats in 2022. [21]

De Beers reported rough diamond production was 32.0 million carats in 2021. [21]

Tiffany & Co. reported revenue of $14.1 billion in 2022. [22]

Tiffany & Co. reported revenue of $13.0 billion in 2023. [22]

LVMH reported revenue of €86.2 billion in 2023 for the Fashion & Leather Goods segment (includes bags and accessories). [23]

LVMH reported Fashion & Leather Goods segment revenue growth of 9% in 2023. [23]

Hermès reported revenue of €13.0 billion in 2023. [24]

Hermès reported revenue growth of 21% in 2023. [24]

Kering reported revenue of €18.3 billion in 2023 for accessories-focused brands (Gucci etc.). [25]

Kering reported luxury goods revenue growth rate was 8% in 2023. [25]

Richemont reported revenue of €18.8 billion in FY2023 for jewelry Maisons. [26]

Richemont reported jewelry revenue grew by 10% in FY2023. [26]

Watches of Switzerland Group reported revenue of £2.4 billion for FY2023. [27]

Watches of Switzerland Group reported retail gross margin was 27% in FY2023. [27]

Watches of Switzerland Group reported like-for-like sales increased by 7% in FY2023. [27]

Swatch Group net sales were CHF 7.5 billion in 2023. [28]

Swatch Group operating profit was CHF 1.1 billion in 2023. [28]

Rolex is privately held; however Swiss watch exports by value are published by Swiss Federal Office; in 2023 watch exports reached CHF 24.7 billion. [29]

Swiss watch industry export value increased to CHF 30.3 billion in 2022. [29]

Pandora reported net revenue of DKK 34.0 billion in 2023. [30]

Pandora reported operating profit of DKK 6.5 billion in 2023. [30]

Signet Jewelers reported sales of $4.8 billion in FY2023. [31]

Signet Jewelers reported comparable store sales increased by 1.0% in FY2023. [31]

Swarovski reported revenue of €2.7 billion in FY2022. [32]

Swarovski Group revenue for FY2023 was €2.9 billion. [32]

Titan Company reported jewelry sales of ₹ 1,100 billion (approx) in FY2023. [33]

Chow Tai Fook revenue in 2023 was HK$ 14.0 billion. [34]

Swatch Group net sales were CHF 7.5 billion in 2023. [28]

Swatch Group operating profit was CHF 1.1 billion in 2023. [28]

Hermès revenue was €13.0 billion in 2023. [24]

Hermès revenue growth was 21% in 2023. [24]

Global apparel market size was $1.95 trillion in 2023, and is projected to reach $2.43 trillion by 2027 (accessories are a subset of the broader apparel market). [35]

The global fashion market is forecast to grow at a CAGR of 5.8% from 2023 to 2027. [35]

The global footwear market size was $371.0 billion in 2023 and is forecast to reach $450.0 billion by 2027. [36]

The global footwear market is forecast to grow at a CAGR of 5.1% from 2023 to 2027. [36]

The global jewelry market size was $349.6 billion in 2023 and is forecast to reach $460.6 billion by 2027. [37]

The global jewelry market is forecast to grow at a CAGR of 7.0% from 2023 to 2027. [37]

The global watch market size was about $63.4 billion in 2023 (accessories includes watches). [38]

The global watch market is forecast to reach about $74.8 billion by 2028. [38]

U.S. consumer spending on jewelry and watches was $83.3 billion in 2023. [39]

U.S. consumer spending on jewelry and watches increased from $78.3 billion in 2022 to $83.3 billion in 2023. [39]

U.S. retail sales for jewelry and watches were $2.37 million per day on average in 2023 (approximate daily figure as provided by source). [40]

U.S. retail sales for jewelry and watches grew from $83.8 billion in 2022 to $87.1 billion in 2023 (calendar year totals shown by source). [40]

UK consumer spending on clothing accessories (including jewelry, luggage, and other accessories) was £17.0 billion in 2023. [41]

Germany consumer spending on watches and jewelry was €18.2 billion in 2023. [42]

Canada consumer spending on jewelry and watches was CAD 9.6 billion in 2023. [43]

Australia consumer spending on watches and jewelry was AUD 3.6 billion in 2023. [44]

In-store share of U.S. sales for jewelry was 78.4% in 2023. [45]

Online share of U.S. sales for jewelry was 21.6% in 2023. [45]

In-store share of U.S. sales for watches was 80.2% in 2023. [46]

Online share of U.S. sales for watches was 19.8% in 2023. [46]

In 2023, the global online sales share for jewelry was 28.0%. [47]

In 2023, the global online sales share for watches was 23.0%. [48]

China is the largest jewelry market globally with a revenue of $74.1 billion in 2023. [37]

India jewelry market revenue was $26.0 billion in 2023. [37]

The U.S. watch market revenue was $38.8 billion in 2023. [49]

France jewelry market revenue was $15.1 billion in 2023. [50]

Spain jewelry market revenue was $7.7 billion in 2023. [51]

Italy jewelry market revenue was $11.3 billion in 2023. [52]

The global bag market size was $342.8 billion in 2023 and is projected to reach $460.4 billion by 2028. [53]

The global bag market is forecast to grow at a CAGR of 6.0% from 2023 to 2028. [53]

The global luggage market size was $25.5 billion in 2023 and projected to reach $33.2 billion by 2028. [54]

The global luggage market is forecast to grow at a CAGR of 5.6% from 2023 to 2028. [54]

The global consumer jewelry market has a CAGR of 5.8% expected from 2023 to 2027. [55]

In 2023, the jewelry market in the U.S. had a share of about 23% of North America revenue. [55]

The global accessories market (broad) is forecast to reach $1.55 trillion by 2028. [56]

The global accessories market is forecast to grow from $1.23 trillion in 2023 to $1.55 trillion in 2028 at a CAGR of 5.3%. [56]

U.S. import value of jewelry and parts was $44.1 billion in 2023. [57]

U.S. export value of jewelry and parts was $5.6 billion in 2023. [58]

U.S. import value of watches was $2.8 billion in 2023. [59]

U.S. export value of watches was $1.1 billion in 2023. [60]

Global leather goods market revenue was $480.0 billion in 2023. [61]

Global leather goods market is projected to reach $610.0 billion by 2028. [61]

In 2023, global leather goods market growth rate was 4.5%. [62]

The global apparel market is projected to grow at a CAGR of 5.8% from 2023 to 2027; accessories included in fashion ecosystem. [35]

The global bag market is forecast to increase from $342.8 billion (2023) to $460.4 billion (2028). [53]

The global luggage market is forecast to reach $33.2 billion by 2028. [54]

The global jewelry market is forecast to reach $460.6 billion by 2027. [37]

The global watch market is forecast to reach about $74.8 billion by 2028. [38]

US retail sales for jewelry and watches in 2023 were $87.1 billion. [40]

US consumer spending on jewelry and watches in 2023 was $83.3 billion. [39]

US import value of jewelry and parts in 2023 was $44.1 billion. [57]

China’s jewelry exports in 2023 were $29.0 billion. [63]

UK sales data for clothing accessories (category timeseries) shows £17.0 billion in 2023. [41]

Online share of US jewelry retail sales in 2023 was 21.6%. [45]

The watch industry: Swiss watch exports were 26.0 million units in 2023. [29]

Swiss watch exports were 24.0 million units in 2022. [29]

Swiss watch exports increased in 2023 by 2% in units compared with 2022 (as shown in the same report). [29]

The World Bank reports that 20% of industrial water pollution is from textile dyeing and finishing (relevant to fabric accessories and leather tanning impacts). [64]

UN Environment estimates that textiles contribute 20% of global wastewater. [65]

UN Environment estimates that the fashion industry is responsible for 8-10% of global greenhouse gas emissions (relevant to accessory supply chains). [66]

EU Ecodesign for Sustainable Products Regulation framework aims for products to be designed for circularity (policy target). [67]

The EU Circular Economy Action Plan targets increasing recycling rates to 55% by 2025 for municipal waste. [68]

The Ellen MacArthur Foundation states that current circularity rates in clothing are around 1% (clothing specifically). [69]

The Ellen MacArthur Foundation states that 92 million tons of waste are generated annually from the fashion industry (global textiles context). [69]

The EPA reports that leather and textiles are part of municipal solid waste streams; clothing is 2.5% of landfill waste in the US (textiles). [70]

EPA estimates that in the US, 13.3 million tons of textiles were generated in 2018. [71]

EPA reported that 3.7 million tons of textiles were recycled/composted in 2018. [71]

The European Commission states that packaging waste recycling rate was 65% in 2022 for EU (context for accessory packaging). [72]

EU batteries regulations (influences smart accessories) require recycling targets of 65% for lithium-ion from 2025, per EU Battery Regulation adoption targets. [73]

The EU Microplastics Regulation sets restrictions on intentionally added microplastics from 2023 (affects coatings used in accessories). [74]

The ISO/IEC 17025 standard is used for testing materials quality in jewelry and electronics supply chains; it is published as a standard (not a statistic). [75]

Responsible Jewellery Council (RJC) Code of Practices was originally launched in 2010 (certification adoption timeline). [76]

The RJC Chain-of-Custody Standard provides assurance over jewelry supply chain; it became effective in 2015 (timeline). [77]

Ellen MacArthur Foundation: current circularity rate in clothing is around 1%. [69]

Ellen MacArthur Foundation: fashion industry generates 92 million tons of waste annually. [69]

UNEP: fashion industry responsible for 8-10% of global greenhouse gas emissions. [66]

EPA: 13.3 million tons of textiles were generated in the US in 2018. [71]

Fast Fashion industry (related to fashion accessories) accounted for 3-5% of global CO2 emissions in a WWF report (environmental impact context for accessory production). [78]

The Ellen MacArthur Foundation states that the fashion industry accounts for 20% of global wastewater. [79]

The Ellen MacArthur Foundation also states that fashion production uses about 93 billion cubic meters of water annually. [79]

In 2022, global gold production was about 3,600 tons; jewelry relies heavily on gold supply (supply chain context). [80]

The World Gold Council reports that jewelry accounts for 33% of global gold demand in 2023 (average over period). [81]

The World Gold Council reports that electronics accounts for 24% of global gold demand; jewelry accounts for remaining share. (Use to show jewelry share). [81]

The World Gold Council reports that investment accounts for 19% of global gold demand in 2023. [81]

The UN Comtrade data shows global imports of jewelry and parts (HS 7113) were $106.7 billion in 2023 (trade). [82]

The UN Comtrade data shows global exports of jewelry and parts (HS 7113) were $106.7 billion in 2023 (trade). [82]

UN Comtrade shows global imports of watches and parts (HS 9101-9110) were $63.4 billion in 2023. [82]

UN Comtrade shows global exports of watches and parts (HS 9101-9110) were $63.4 billion in 2023. [82]

U.S. import value of jewelry (HS 7113) was $44.1 billion in 2023. [57]

U.S. import value of handbags and similar articles (HS 4202) was $24.8 billion in 2023 (accessory trade). [83]

U.S. import value of luggage (HS 4202.21-4202.29 in broader grouping) was $3.9 billion in 2023. [84]

EU27+UK import value of jewelry and parts (HS 7113) was €56.2 billion in 2023 (approx. trade). [85]

EU27+UK import value of watches (HS 9101-9102) was €10.6 billion in 2023 (approx.). [86]

China’s jewelry exports (HS 7113) were $29.0 billion in 2023. [63]

China’s watch exports were $3.6 billion in 2023. [87]

China’s handbag exports were $28.5 billion in 2023 (accessory trade). [88]

The U.K. Modern Slavery Act requires statements annually from businesses with turnover of £36 million+. [89]

The U.S. Forced Labor Prevention Act (Uyghur Forced Labor Prevention Act) took effect in 2022 for imports. [90]

OECD Due Diligence Guidance covers responsible supply chains for minerals; relevant for conflict minerals in jewelry/production inputs. [91]

EU Regulation (EU) 2017/821 sets due diligence obligations for importers of tin, tantalum, tungsten, and gold. [92]

EU Directive 2011/92/EU governs environmental impact assessment; manufacturing sites must comply (context). [93]

California Proposition 65 requires warnings for exposure to chemicals known to cause cancer or reproductive toxicity; jewelry/personal accessory products must comply. [94]

REACH regulation (EC) No 1907/2006 requires registration of chemical substances produced or imported in the EU above 1 ton/year. [95]

RoHS directive 2011/65/EU limits hazardous substances in electrical and electronic equipment (watches and smart accessories with electronics). [96]

California Air Resources Board (CARB) has regulations affecting textile/leather manufacturing emissions; example: cap-and-trade program started in 2013. [97]

EU Regulation 2017/821 sets due diligence obligations for importers of gold (relevant to jewelry accessories). [92]

EU REACH requires registration for chemicals manufactured or imported at 1 ton/year or more. [95]

U.S. Uyghur Forced Labor Prevention Act enacted 2021; enforcement began 2022. [90]

UK Modern Slavery Act requires annual modern slavery statements for businesses with turnover >£36 million. [89]