London, 04 Aug 2015 – Technavio, a tech-focused research firm published a new report on the global personal accessories market, which is expected to grow at a CAGR of more than 9% from 2015-2019.
The new Technavio reports indicates that there has always been a relationship between luxury items and special occasions such as birthdays, anniversaries and weddings. The sale of personal accessories such as jewelry, bags, and watches have become a part of various occasions, thereby driving market growth.
“In India and China, gold jewelry is regarded as a favorable stock of value, making it a perfect gift for weddings. Similarly, watches are ideal gifts for occasions such as birthdays and anniversaries,” says Faisal Ghaus, Vice President of Technavio.
The report also emphasizes the continuous increase in online retailing for the personal accessories market because individuals nowadays do not have much time for leisure due to busy schedules and prefer shopping online rather than shopping at physical stores.
“Moreover, the online prices are often lower because of a reduction in overhead costs. The growing number of physical stores by local players is also increasing the demand for online retailing among international and national players,” adds Ghaus.
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