Please Wait.....
Report
Fashion Accessories Market - Growth, Trends, and Forecasts (2023 - 2028)
Market Report I 2023-01-23 I 156 Pages I Mordor Intelligence
The Global Fashion Accessories Market is projected to register a CAGR of 12.3% during the next forecast period.
The fashion industry is highly competitive and requires continuous innovation and development, especially in the case of product design and improvement, with changing consumer trends driving the growth of the fashion accessories market. There is a growing contribution to the market from developing countries such as India, owing to the shift in consumer behavior, growing purchasing power, increasing urban population, etc. According to "the United Kingdom Economic Accounts Time Series Datasheet," the household final consumption expenditure on clothing and footwear in the United Kingdom witnessed a growth of 16.2% during the current year. Additionally, the growing penetration of the internet, social media, and e-commerce are now providing consumers in tier 2 and below cities access to top brands' products.
With the increasing number of brand-conscious consumers worldwide, major players are adopting strategies to draw consumers' attention by introducing new products in different segments worldwide. Furthermore, growing fitness trends and fashion consciousness celebrity endorsements, public service directives, online marketing strategies, and company incentives have also influenced the urge to keep up with the latest fashion trends and maintain fitness, factors which in turn have fueled the purchase of trendy fashion and sports accessories via various retail channels among which e-commerce platforms have been the most preferred medium of purchase.
Fashion Accessories Market Trends
Premiumization Driving the Fashion Accessories Market
Customers, especially millennials and Generation Z, are increasingly open to premium fashionable clothing and are willing to experiment with various branded premium fashion accessories owing to evolving fashion perceptions accompanied by high disposable income and rising exposure to global fashion trends. Also, according to the Bureau of Labor Statistics, customers aged 35 to 54 have the highest spending power for clothes in the United States in the current year. Increased socialization and growing exposure to branded accessories across various retail channels have influenced consumers buying decisions, and they are tempted to spend more on premium fashion accessories.
Further, customers' lifestyles substantially changed over the last decade with the impact of urbanization and digitalization in developing economies. The middle-class population is now more open to spending on fashion wear and personal grooming products, which in turn is anticipated to drive market growth across key regions such as the Asia Pacific and the Middle East. Moreover, these premium brands are also tapping into the growing demand for modest wear across regions like India, Saudi Arabia, and other regions, gaining traction among consumers willing to address both spiritual and stylistic requirements. Globally, the modest fashion industry has reached to USD 277 billion mark (State of the Global Islamic Economy Report 2020/21), with Saudi Arabia representing one of the major market shares. Recently, in 2022, Gucci launched its premium Nojum - a modest collection explicitly designed for the unostentatious needs of the Middle East, including Saudi Arabia.
Asia-Pacific is the Fastest Growing Market
The growing attraction for the luxury lifestyle, high purchasing power, and the influence of celebrity endorsement is driving the market growth in the region. A rapid economic expansion occurs across Asia, with countries such as India and China taking center stage. As a result, India and China are becoming more attractive markets for fashion accessories outside the Western world. To gain momentum around offline stores, retailers in this region are leveraging technology to enhance the in-store experience with digital marketing displays and checkout. The strong economic growth and rising tech-savviness will make the region the next big opportunity for fashion accessories during the forecast period.
Moreover, consumers are much more conscious about their health than they used to be and are taking life-changing steps. As per a survey conducted in association with Japan Sports Agency in November 2021 in Japan, 15.1% of respondents in their twenties stated that they used fitness clubs. Similarly, in Australia, 45.80% of people aged between 25-35 years have a habit of going to gyms, fitness clubs, and leisure centers. Hence, due to the above factors, the fashion accessories market is expanding along with the increase in sports apparel demand across the Asia-Pacific region.
Fashion Accessories Market Competitor Analysis
The market studied is highly competitive, with the presence of key players competing for major market share and small regional players catering to a small region to capture the market share. Kering Group, LVMH Moet Hennessy Louis Vuitton, Hermes International S.A., Inditex, Industria de Diseno Textil S.A., and H & M Group are major players in this market. These players are now focusing on social media platforms and online distribution channels for their product's online marketing and branding to capture the maximum customers' attention. Major players focus on leveraging the opportunities posed by innovation in the market to expand their product portfolios to cater to the requirements of various product segments by providing unique and attractive high-quality products offering, along with the increased convenience of purchase.
Additional Benefits:
The market estimate (ME) sheet in Excel format
3 months of analyst support
1 INTRODUCTION
1.1 Study Assumptions and Market Definition
1.2 Scope of the Study
2 RESEARCH METHODOLOGY
3 EXECUTIVE SUMMARY
4 MARKET DYNAMICS
4.1 Market Drivers
4.2 Market Restraints
4.3 Porter's Five Forces Analysis
4.3.1 Bargaining Power of Suppliers
4.3.2 Bargaining Power of Buyers/Consumers
4.3.3 Threat of New Entrants
4.3.4 Threat of Substitute Products
4.3.5 Intensity of Competitive Rivalry
5 MARKET SEGMENTATION
5.1 Product Type
5.1.1 Footwear
5.1.2 Apparel
5.1.3 Wallets
5.1.4 Handbags
5.1.5 Watches
5.1.6 Other Products
5.2 End-User
5.2.1 Men
5.2.2 Women
5.2.3 Kids/Children
5.2.4 Unisex
5.3 Distribution Channel
5.3.1 Offline channel
5.3.2 Online channel
5.4 Geography
5.4.1 North America
5.4.1.1 United States
5.4.1.2 Canada
5.4.1.3 Mexico
5.4.1.4 Rest of North America
5.4.2 Europe
5.4.2.1 Spain
5.4.2.2 United Kingdom
5.4.2.3 Germany
5.4.2.4 France
5.4.2.5 Italy
5.4.2.6 Russia
5.4.2.7 Rest of Europe
5.4.3 Asia-Pacific
5.4.3.1 China
5.4.3.2 Japan
5.4.3.3 India
5.4.3.4 Australia
5.4.3.5 Rest of Asia-Pacific
5.4.4 South America
5.4.4.1 Brazil
5.4.4.2 Argentina
5.4.4.3 Rest of South America
5.4.5 Middle-East
5.4.5.1 Saudi Arabia
5.4.5.2 South Africa
5.4.5.3 Rest of Middle-East
6 COMPETITIVE LANDSCAPE
6.1 Most Adopted Strategies
6.2 Market Share Analysis
6.3 Company Profiles
6.3.1 Giorgio Armani S.p.A.
6.3.2 LVMH Moet Hennessy Louis Vuitton
6.3.3 Dolce & Gabbana
6.3.4 Kering Group
6.3.5 Tapestry Inc.
6.3.6 Fossil Group Inc.
6.3.7 Inditex, Industria de Diseno Textil S.A
6.3.8 Prada SpA
6.3.9 Chanel SA
6.3.10 Luxottica Group SpA
6.3.11 Tommy Hilfiger
6.3.12 House of Titan
6.3.13 Hermes International S.A.
7 MARKET OPPORTUNITIES AND FUTURE TRENDS
8 DISCLAIMER
- Not Sure / Need Reassuring
- Confirm Content
-
Content is provided by our partners and every effort is made to make Market Report details as clear as possible. If you are not sure the exact content you require is included in this study you can Contact us to double check. To do this you can:
Use the ‘? ASK A QUESTION’ below the license / prices and to the right of this box. This will come directly to our team who will work on dealing with your request as soon as possible.
Write to directly on support@scotts-international.com with details. Please include as much information as possible including the name of report or link so our staff will be able to work on you request.
Telephone us directly on 0048 603 394 346 and an experienced member of team will be on hand to answer.
-
- Sample Pages
-
With the vast majority of our partners we can obtain Sample Pages to support your decision. This is something we can arrange without revealing your personal details.
It is important to note that we will not be able to provide you the exact data or statistics such as Market Size and Forecasts. Sample pages usually confirm the layout or the Categories included in Charts and Graphs, excluding specific data.
To ask for Sample Pages by contact us through ‘? ASK A QUESTION’, support@scotts-international.com, or by telephoning 0048 603 394 346.
-
- Check for Alternatives
-
Whilst we try to make our online platform as easy to use as possible there is always the possibility that a better alternative has not been found in your search.
To avoid this possibility Contact us through ‘? ASK A QUESTION’, support@scotts-international.com, or by telephoning 0048 603 394 346 and a Senior Team Member can review your requirements and send a list of possibilities with opinions and recommendations.
-
- Confirm Content
- Prices / Formats / Delivery
- Prices
-
All prices are set by our partners and should be exactly the same as those listed on their own websites. We work on a Revenue share basis ensuring that you never pay more than what is offered elsewhere.
Should you find the price cheaper on another platform we recommend you to Contact us as we should be able to match this price. You can Contact us though through ‘? ASK A QUESTION’, support@scotts-international.com, or by telephoning 0048 603 394 346.
-
- Discounts
-
As we work in close partnership with our Partners from time to time we can secure discounts and assist with negotiations, this is part of our personalised service to you.
Discounts can sometimes be arranged for speedily placed orders; multiple report purchases or Higher License purchases.
To check if a Discount is possible please Contact our experienced team through ‘? ASK A QUESTION’, support@scotts-international.com, or by telephoning 0048 603 394 346.
-
- Available Currencies
-
Most Market Reports on our platform are listed in USD or EURO based on the wishes of our Partners. To avoid currency fluctuations and potential price differentiations we do not offer the possibility to change the currency online.
Should you wish to pay in a different currency to that advertised online we do accept payments in USD, EURO, GBP and PLN. The price will be calculated based on the relevant exchange rate taken from our National Bank.
To pay in a different above currency to that advertised online please Contact our team and a quotation will be sent within a couple of hours with payment details.
-
- Licenses
-
License options vary from Partner to Partner as is usually based on the number of Users that will benefitting from the report. It is very important that License ordered is not breached as this could have potential negative consequences for you individually or your employer.
If you have questions or need confirmation about the specific license we recommend you to Contact us and a detailed explanation will be provided.
-
- Global Site License
-
The Global Site License is the most comprehensive license available. By selecting this license, the Market Report can be shared with other ‘Allowed Users’ and any other member of staff from the same organisation regardless of geographic location.
It is important to note that this may exclude Parent Companies or Subsidiaries.
If you have questions or need confirmation about the specific license we recommend you to Contact us and a detailed explanation will be provided.
-
- Formats
-
The most common format is PDF, however in certain circumstances data may be present in Excel format or Online, especially in the case of Database or Directories. In addition, for certain higher license options a CD may also be provided.
If you have questions or need clarification about the specific formats we recommend you to Contact us and a detailed explanation will be provided.
-
- Delivery
-
Delivery is fulfilled by our partners directly. Once an order has been placed we inform the partner by sharing the delivery email details given in the order process.
Delivery is usually made within 24 hours of an order being placed, however it may take longer should your order be placed prior to the weekend or if otherwise specified on the Market Report details page. Additionally, if details have been not fully completed in the Order process a delay in delivery is possible.
If a delay in delivery is expected you will be informed about it immediately.
-
- Shipping Charges
-
As most Market Reports are delivered in PDF format we almost never have to add additional Shipping Charges. If, however you are ordering a Higher License service or a specific delivery format (e.g. CD version) charges may apply.
If you are concerned about additional Shipping Charges we recommend you to Contact us to double check.
-
- Prices
- Ordering
- By Credit Card
-
We work in Partnership with PayU to ensure payments are made securely in a fast and effortless way. PayU is the e-payments division of Naspers.
Naspers operates in over 133 International Markets and ranks 3rd Globally in terms of the number of e-commerce customers served.
For more information on PayU please visit: https://www.payu.pl/en/about-us
-
- By Money Transfer
-
If you require an invoice prior to payment, this is possible. To ensure a speedy delivery of the Market Report we require all relevant company details and you agree to maximum payment terms of 30 days from receipt of order.
With our regular clients deliver of the Market Report can be made prior to receiving payment, however in some circumstances we may ask for payment to be received before arranging for the Market Report to be delivered.
-
- By Credit Card
- Security
- Website security
-
We have specifically partnered with leading International companies to protect your privacy by using different technologies and processes to ensure security.
Everything submitted to Scotts International is encrypted via SSL (Secure Socket Layer) and all personal information provided to Scotts International is stored on computer systems with limited access in controlled environments.
-
- Credit Card Security
-
We partner with PayU (https://www.payu.pl/en/about-us) to ensure all credit card payments are made securely in a fast and effortless way.
PayU offers 250+ various payment channels and eWallet services across 4 continents allowing buyers to pay electronically, whether on a computer or a mobile device.
-
- Website security