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Fashion accessories are the luxury clothing & accessory products that are widely popular among fashion seekers and the young generation. Growing awareness regarding the personal grooming among the people coupled with changing global fashion trends related to the various wearable products is primarily fuelling the growth of the market.
Companies largely focusing on developing application-specific and highly comfortable fashion accessories to build their presence in the specific target market segments. For instance, in August 2020, Nike Inc., implemented innovative sneaker technology of the split toe in their traditional sneakers design in Paris to introduce custom sneakers in their ISPA product line.
Rising consumer demand for the premium, high quality & fashionable wearable products is largely driving the demand for the various fashion accessories such as clothing, footwear, eyewear, jewelry, and others. Additionally, growing infrastructural facilities related to the fashion wearable stores and clothing stores largely support the consumption of fashion accessories. According to estimated data presented by the U.S. Department of Commerce, the total number of clothing & accessory stores in the United States has increased to 17,403 in July 2020, compared to that of 15,564 in the previous month.
Moreover, uncertain COVID-19 lockdown restrictions have spurred the consumer demand for the online shopping activities of the fashion accessory items. This is likely to drive the growth of online luxury apparel sales.
However, the higher cost of the fashion accessory items is anticipated to limit the growth of the market. Additionally, large competition among the key industry players is expected to limit the business growth of the smaller industry players.
Key Market Driver -
Growing consumer demand towards premium fashioned wearable products is expected to drive the market growth.
Key Market Restraint -
The higher cost of fashion accessories is anticipated to restrain market growth.
The key players associated with the global fashion accessories market are, Louis Vuitton SE (LVHM), Capri Holdings Limited, Hermes International S.A., Industria de Diseno Textile S.A., Kering, Hennes & Mauritz AB, CHANEL International B.V., Rolex S.A., Uniqlo Co. Ltd., Cartier International SNC, Adidas AG, Audemars Piguet Holdings SA, and many others.
The global fashion accessories market is segmented based on the product type, end-user, distribution channels, and geography. By product type, the market is segmented into apparel, footwear, wallets & handbags, watches, and others. The apparel segment is anticipated to exhibit the largest share of the market owing to the large revenues from the clothing & accessory products. According to the data presented by the Retail Council of Canada, in 2018, Canadian clothing & accessory sales reached nearly USD 2.217 million, 6.43% up compared to that of 2017.
By the end-user, the market is segmented into women, men, kids, and unisex. The women segment is expected to hold a major share of the market owing to the availability of the wide variety of branded women wearable and accessory products in the various stores. Additionally, women are more concerned about their physical appearance which results in the larger demand for fashionable products.
Based on the distribution channel, the market is segmented into online stores, specialty stores, hypermarkets & supermarkets, and others. The online store segment is projected to hold a major share of the market owing to the large consumer preferences towards online shopping activities of the fashion-related products. According to the report ‘Trends in Fashion Industry: The Perception of Sustainability and Circular Economy’, published by MDPI Organisation, as of 2018, 57% of the internet population across the globe purchased fashion-related products through the online mode.
By geography, the global fashion accessories market is segmented into North America, Europe, Asia Pacific, South America, and Middle East & Africa.
The largest share of the European region is attributed to the large consumer spending for the clothing and accessory products coupled with the presence of the higher income group of the population in the countries such as the U.K., Germany, and France. This results in the large consumer demand for the fashioned accessory items. According to the data published by the UK Fashion and Textile Association, in 2018, U.K. consumers spent nearly USD 84,684.40 million on clothing & accessory, household textiles, and carpet products. Additionally, the presence of prominent companies such as Louis Vuitton SE, Hennes & Mauritz AB, and many others result in the larger consumption rate of the fashion apparel products among the population in the region.
Asia Pacific region is expected to grow at a faster rate for the global market owing to the rising growth of prominent e-commerce stores such as Amazon, Flipkart, and others in the region which give rise to the demand for online clothing shopping activities. For instance, in February 2020, Voonik, an Indian online marketplace for the female clothing accessories merged with Bangladesh based company Shopfront Limited, a social e-commerce platform to grow their fashion apparel business in Bangladesh.
Additionally, large consumption of fashion footwear in countries such as China, and India resulted in the large consumer demand for fashion accessories. According to the data published by the Portuguese Footwear, Components, and Leather Goods Manufacturer’s Association, China accounted for the largest share of 18.7% of the footwear consumption out of total value in 2019.
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