Pune, India, 04 Jul. 2022 (GLOBE NEWSWIRE) — The global fashion accessories market size is expected to grow dramatically in the coming years. Growing appeal for luxurious lifestyles coupled with increasing purchasing power is expected to significantly support the growth of the market. Fortune Business Insight™ presented this information in an upcoming report titled, “Fashion Accessories Market, 2022-2029”.
According to the report, various factors are propelling the growth of the fashion accessories market. For example, the growing population is becoming more and more conscious about their appearance. Fashion accessories like glasses, jewelry, glasses, etc. are trending among millennials and fashion influencers.
Impact of COVID-19-
The coronavirus pandemic has inflicted a moderate impact on the market. The closure of factories and manufacturing units hampered production levels. The closure of retail stores and malls has dented sales and revenue for businesses operating in the market. However, online shopping activities have increased during the lockdown restrictions. This boosted sales of luxury clothing and other accessories. The market is expected to gain momentum quickly after the pandemic.
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Fashion accessories market Report Scope and Segmentation:
|Historical year||2018 – 2020|
|forecast year||2022 – 2029|
|Segments Covered||By type of product, by end user, by distribution channel, by geographical area|
|Forecast units||Value (USD billion) and volume (units)|
|Quantitative units||Revenue in USD Million/Billion and CAGR from 2022 to 2029|
|Regions covered||North America, Europe, Asia-Pacific, Middle East and Africa, Latin America and Rest of the World|
|Countries covered||United States, Canada, Mexico, United Kingdom, Germany, France, Italy, Spain, China, India, Japan, South Korea, Brazil, Argentina, GCC countries and South Africa, among others|
|Number of companies covered||Louis Vuitton SE (LVHM), Capri Holdings Limited, Hermes International SA, Kering, Hennes & Mauritz AB, CHANEL International BV, Rolex SA, Uniqlo Co. Ltd., Cartier International SNC, Adidas AG, Audemas Piguet Holdings SA|
|Coverage of the fashion accessories market||Market Growth Drivers, Restraints, Opportunities, Porter’s Five Forces Analysis, PEST Analysis, Value Chain Analysis, Regulatory Landscape, Market Attractiveness Analysis by Segments & Region, Market Share Analysis business and analysis of the impact of COVID-19.|
Fortune Business Insights™ lists all companies in the fashion accessories market currently working to reduce the impact of the Covid-19 pandemic on the market:
- Louis Vuitton SE (LVHM)
- Capri Holdings Limited
- Hermes International SA
- Hennes & Mauritz AB
- CHANEL International B.V.
- Rolex S.A.
- Uniqlo Co.Ltd.
- Cartier International SNC
- Adidas S.A.
- Audemas Piguet Holdings S.A.
Drivers and Constraints-
Strong consumer demand for fashion accessories is fueling market growth
With changing consumer preferences, companies are launching specialty products to solidify their presence in the market. For example, Nike Inc. used its innovative split-toe sneaker technology in traditional sneakers. This allowed them to showcase the ISPA product line of custom sneakers. Such innovations in product offerings are expected to significantly support the growth of the market.
Moreover, the increasing consumer demand for luxurious, fashionable and high-quality products like jewelry, shoes, clothes, etc. is expected to fuel the growth of the market. Increase in infrastructure like clothing stores and fashion apparel stores is expected to augment the market growth in the coming years. According to the US Department of Commerce, the United States has seen an increase in the total number of accessories and clothing stores. The numbers went from 15,564 to 17,403, in July 2020, in one month.
However, the high costs of these fashion accessories are likely to hamper the growth of the market.
Europe will gain the largest share of the global market
Key players like Hennes & Mauritz AB and Louis Vuitton SE present in Europe are driving the consumption and complementing the market growth. Strong consumer demand due to high consumer spending on accessories and apparel and high income population living in countries like France, UK and Germany is expected to help Europe gain the largest share of the global fashion accessories market share. According to data issues from the UK Fashion and Textile Association, UK consumers spent an estimated $84,684.40 million on home textiles, carpet products, clothing and accessories in 2018.
The growing e-commerce industry in Asia-Pacific is expected to drive the market growth. The increasing penetration of companies such as Flipkart, Amazon, etc. is expected to help Asia-Pacific experience tremendous growth in the coming years. Additionally, high consumption rates of fashion shoes in economies like India and China are expected to propel the growth of the fashion accessories market.
Based on product type, the market is segmented into watches, apparel, wallets & handbags, shoes, and others. On the basis of end user, the market is fragmenting into unisex, kids, men and women. Based on distribution channels, the market is segmented into hypermarkets and supermarkets, specialty stores, online stores, and others. Geographically, the market is categorized into North America, Europe, Asia-Pacific, South America, Middle East & Africa.
Browse the detailed summary of the research report:
Report Fashion Accessories Market Size Highlights:
- Market penetration: Complete information on the product portfolios of the main players in the fashion accessories market.
- Product Development/Innovation: Detailed information on upcoming technologies, RandD activities and product launches in the market
- Competitive Evaluation: In-depth assessment of market strategies, geographic and business segments of major market players
- Market development: Comprehensive information on emerging markets. This report analyzes the market for various segments across geographies
- Market Diversification: Exhaustive information regarding new products, untapped geographies, recent developments and investments in the fashion accessories market
Answers to key questions in the report:
- What is the growth potential of the Fashion Accessories market?
- Which product segment will take the lion’s share?
- Which regional market will impose itself as a pioneer in the years to come?
- Which application segment will experience strong growth?
- What growth opportunities might arise in the fashion accessories industry in the coming years?
- What are the most important challenges that the fashion accessories market may face in the future?
- Who are the key companies in the Fashion Accessories market?
- What are the key trends that are positively impacting market growth?
- What growth strategies are the players considering to stay in the fashion accessories market?
Acquisitions and mergers will be key growth strategies
The market is highly competitive and consists of major players operating regionally and globally. These players mainly focus on providing flawless, high-quality and opulent products. These players also focus on inorganic growth strategies such as partnerships, mergers, acquisitions, collaborations, etc. For example, Capri Holdings Limited acquired Gianni Versace Sr L in September 2018 to expand its business in the US market.
- November 2019: Vince Holding Corp. acquired the Rebecca Taylor and Parker brands from Kellwood Apparel LLC. The acquisition will help the company expand its presence in the United States.
Find out before you buy this research report:
- The report provides a quantitative and qualitative assessment of the prospected market.
- The report provides detailed information on the impact of COVID-19 and emphasizes growth strategies.
- The report provides information on the threat, opportunities, drivers and key market trends.
- The report emphasizes the competitive landscape of the prospected market.
Take a look at related research information:
Luxury Apparel and COVID-19 Market Size, Share & Impact Analysis & Regional Forecast, 2022-2029
Luxury Apparel Market Size, Share, Trend and Geography Forecast to 2022-2029
Luxury Outdoor Furniture Market Size, Share and Impact Analysis of COVID-19 and Regional Forecast, 2022-2029
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