The global fashion accessories market size was valued at around USD 1.24 trillion in 2022 and is estimated to reach USD 4.19 Trillion by 2031, expanding at a CAGR of around 14.5% during the forecast period, 2023 – 2031. The growth of the market is attributed to the growing urbanization and changing fashion trends.
Fashion refers to a form of self-expression, communicated through apparel, footwear, makeup, hairstyle, accessories, and others. Fashion accessories are accessories, which contribute to an outfit and complete, enhance, and complement the look. Fashion accessories include jackets, scarfs, hand fans, handbags, wallets, socks, gloves, suspenders, necklace, bracelets, rings, wallets, umbrellas, boots, shoes, watches, and others.
Fashion accessories aid in demonstrating personality of wearer, highlight some features of wearer such as neck, face, and arms, and boost the confidence of the wearer. Fashion accessories tie the whole look together and complete appearance of the wearer.
Market Trends, Drivers, Restraints, and Opportunities
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Growing demand for premium fashion accessories is expected to drive the market during the forecast period.
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Rising disposable income among consumers is estimated to boost the market in the coming years.
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Growing number of sports and fitness activities spurs the market.
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Increasing infrastructure facilities such as fashion accessories stores fuel the market.
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Increasing penetration of internet and growing number of online retail platforms are projected to spur the market during the forecast period.
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Rising influence of Athleisure across the globe drives the market.
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High cost of fashion accessories hampers the growth of the market.
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High demand for innovative fashion products offers lucrative growth opportunities for the key market players.
Fashion Accessories Market Scope
The global fashion accessories industry report includes an assessment of the market, trends, segments, and regional markets. Overview and dynamics have also been included in the report.
Attributes
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Details
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Report Title
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Fashion Accessories Market - Global Industry Analysis, Growth, Share, Size, Trends, and Forecast
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Base Year
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2022
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Historic Data
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2016–2021
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Forecast Period
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2023–2031
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Segmentation
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Types (Apparel, Footwear, Handbags, Watches, Wallets, and Others), End-users (Women, Men, Children, and Unisex), and Distribution Channels (Online and Offline)
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Regional Scope
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Asia Pacific, North America, Latin America, Europe, and Middle East & Africa
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Report Coverage
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Company Share, Market Analysis and Size, Competitive Landscape, Growth Factors, and Trends, and Revenue Forecast
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Key Players Covered in the Report
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LVMH Moet Hennessy Louis Vuitton SE; Tiffany & Co.; Fossil Group; River Light V, L.P. (Tory Burch LLC); Tapestry, Inc.; Adidas AG; Nykaa E-Retail Pvt. Ltd.; Nike, Inc.; Prada S.p.A.; Chanel; Guccio Gucci S.p.A.; Capri Holdings Limited; Essilor; Burberry Group Plc; and Others
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Market Segment Insights
Apparel segment drives the market
Based on types, the market is divided into apparel, footwear, handbags, watches, wallets, and others. The apparel segment is expected to boost the market during the forecast period, owing to increasing adoption of changing fashion by consumers. Consumers purchase cloths and clothing accessories based on seasons, trends, fashion, and needs, which aids in the expansion of the apparel segment.
Women segment boosts the market
On the basis of end-users, the market is segregated into women, men, children, and unisex. The women segment is projected to drive the market during the forecast period, due to wide range of branded women apparel, footwear, and other fashion accessories available in various stores. The men segment is anticipated to expand in the coming years, as men are becoming aware regarding their appearance and investing in branded fashion accessories.
Online segment holds a key market share
In terms of distribution channels, the market is bifurcated into online and offline. The online segment is expected to expand at a significant pace during the forecast period, due to major shift in preferences of consumers towards online shopping platforms from offline platforms. Wide range of products available on online platforms, availability of branded fashion accessories, discounts, hassle-free exchanges, and others are key factors, which aid in the expansion of the online segment.
Asia Pacific dominates the market
Based on regions, the market is segmented into Asia Pacific, North America, Latin America, Europe, and Middle East & Africa. The market in Asia Pacific is expected to register a high CAGR during the forecast period, owing to the increasing influence of celebrity endorsements of high brand fashion accessories in the region. Rapid economic growth in countries such as India, Japan, and China and increased number of online and offline stores are key factors, which aid in the expansion of the market in the region.
Segments
The global fashion accessories market has been segmented on the basis of
Types
- Apparel
- Footwear
- Handbags
- Watches
- Wallets
- Others
End-users
- Women
- Men
- Children
- Unisex
Distribution Channels
Regions
- Asia Pacific
- North America
- Latin America
- Europe
- Middle East & Africa
Key Players
- LVMH Moet Hennessy Louis Vuitton SE
- Tiffany & Co.
- Fossil Group
- River Light V, L.P. (Tory Burch LLC)
- Tapestry, Inc.
- Adidas AG
- Nykaa E-Retail Pvt. Ltd.
- Nike, Inc.
- Prada S.p.A.
- Chanel
- Guccio Gucci S.p.A.
- Capri Holdings Limited
- Essilor
- Burberry Group Plc
- Others
Competitive Landscape
The global fashion accessories market is highly competitive with the presence of key players such as LVMH Moet Hennessy Louis Vuitton SE; Tiffany & Co.; Fossil Group; River Light V, L.P. (Tory Burch LLC); Tapestry, Inc.; Adidas AG; Nykaa E-Retail Pvt. Ltd.; Nike, Inc.; Prada S.p.A.; Chanel; Guccio Gucci S.p.A.; Capri Holdings Limited; Essilor; Burberry Group Plc; and others, who use strategies such as collaborations, partnerships, product launches, acquisitions, and mergers to strengthen their hold on the market.
For example, in January 2021, LVMH Moet Hennessy Louis Vuitton SE acquired Tiffany & Co., which transforms watches and jewelry division of LVMH Moet Hennessy Louis Vuitton SE to complement its 75 distinguished Maisons.
In January 2020, Fossil Group launched a new smartwatch, Hybrid HR, in India, which features call and text previews, real-time weather, heart rate, and others.