The global fashion accessories industry size is likely to witness striking growth in the
forthcoming years. The growing attraction towards luxurious lifestyles coupled with increasing
purchasing power is expected to support market growth significantly. It has presented this
information in an upcoming report titled, “Fashion Accessories Market, 2023-2030”.
High Consumer Demand for Fashion Accessories to Fuel Market Growth
With changing consumer preferences, companies are launching specialized products in order to
solidify their foothold in the market. For instance, Nike Inc. utilized its innovative split-toe
sneaker technology in traditional sneakers. This enabled them to introduce the ISPA product
line of custom sneakers. Such innovations in product offerings are expected to support market
growth significantly.
NOTE: Also read silly string.
Additionally, increasing consumer demand for luxurious, fashionable, and high-quality products
like jewelry, footwear, clothing, etc., are expected to fuel the market growth. Increasing
infrastructural facilities like clothing stores and fashion wearable stores are expected to
augment the market growth in the upcoming years. As per the U.S. Department of Commerce,
United States has observed a rise in the total number of accessory and clothing stores. The
numbers rose from 15,564 to 17,403, in July 2020, within a month.
However, the high costs of these fashion accessories are likely to hinder the market growth.
Europe to Gain the Largest Share in Global Market
Key players like Hennes & Mauritz AB and Louis Vuitton SE present in Europe propel
consumption and complement market growth. High consumer demand due to high consumer
expenditure on accessory products and clothing and high-income group population living in
countries like France, the U.K., and Germany are expect to help Europe gain the largest
portion in the global fashion accessories market share. As per the data issues by the UK
Fashion and Textile Association, consumers in the UK shelled out approximately $84,684.40
million on household textiles, carpet products, and clothing & accessories in 2018.
The growing e-commerce industry in Asia Pacific is expect to foster market growth.
Increasing penetration of companies like Flipkart, Amazon, etc., is expected to help Asia Pacific
gain considerable growth in the forthcoming years. Additionally, high consumption rates of
fashion footwear in economies like India and China are expect to propel the fashion
accessories market growth.
Acquisitions & Mergers to be Key Growth Strategies
The market is highly competitive and consists of major players operating at regional and global
levels. These players are focusing primarily on providing impeccable, high-quality, opulent
products. These players are also focusing on inorganic growth strategies such as partnerships,
mergers, acquisitions, collaborations, etc. For instance, Capri Holdings Limited acquired Gianni
Versace S.r. L in September 2018 in order to expand its business in the U.S. market.
Key players like Hennes & Mauritz AB and Louis Vuitton SE present in Europe propel
consumption and complement market growth. High consumer demand due to high consumer
expenditure on accessory products and clothing and high-income group population living in
countries like France, the U.K., and Germany are expect to help Europe gain the largest
portion in the global fashion accessories market share. As per the data issues by the UK
Fashion and Textile Association, consumers in the UK shelled out approximately $84,684.40
million on household textiles, carpet products, and clothing & accessories in 2018.
The growing e-commerce industry in Asia Pacific is expect to foster market growth.
Increasing penetration of companies like Flipkart, Amazon, etc., is expected to help Asia Pacific
gain considerable growth in the forthcoming years. Additionally, high consumption rates of
fashion footwear in economies like India and China are expect to propel the fashion
accessories market growth.
Acquisitions & Mergers to be Key Growth Strategies
The market is highly competitive and consists of major players operating at regional and global
levels. These players are focusing primarily on providing impeccable, high-quality, opulent
products. These players are also focusing on inorganic growth strategies such as partnerships,
mergers, acquisitions, collaborations, etc. For instance, Capri Holdings Limited acquired Gianni
Versace S.r. L in September 2018 in order to expand its business in the U.S. market.
Additionally, increasing consumer demand for luxurious, fashionable, and high-quality products
like jewelry, footwear, clothing, etc., are expected to fuel the market growth. Increasing
infrastructural facilities like clothing stores and fashion wearable stores are expected to
augment the market growth in the upcoming years. As per the U.S. Department of Commerce,
United States has observed a rise in the total number of accessory and clothing stores. The
numbers rose from 15,564 to 17,403, in July 2020, within a month.
However, the high costs of these fashion accessories are likely to hinder the market growth.
