Global Fashion Accessories Market Sluggish Growth Rate Foreseen by 2022-2028

The global fashion accessories market is anticipated to grow at a CAGR 10.5% during the forecast period (2022-2028). All objects that contribute in a secondary manner to the wearer’s clothing and largely accent the wearer’s look are considered fashion accessories. These accessories are divided into two categories: those that are carried with outfits and those that are worn with outfits. Fashion accessories include handbags, spectacles, wallets, ties, necklaces, and many others. People have become increasingly attentive to fashion accessories additionally, clothes as time has progressed. They place a greater emphasis on selecting accessories to complement their clothes and overall appearance. These things are widely available in the market, with a wide range of brands and varieties.

Some driving factors for the global fashion accessories market are:

• Increased population and urbanization are attracting more consumers to this industry by making popular and in-demand products readily available through a variety of distribution methods. The most popular distribution medium is currently the internet version. Consumers are drawn to fashion accessories by e-commerce players’ promotional offers during the holiday season, as well as the convenience of shopping with just one click. Social media also contributes significantly to market expansion.

Some major players in the market include, Adidas AG, Fossil Group Inc., LVMH Moet Hennessy Louis Vuitton SE, Tapestry Inc., and Tory Burch LLC, among others. The market players are additionally, contributing significantly to the growth of the market by the adoption of various strategies including mergers and acquisitions, geographical expansion, partnerships, collaborations, and new product launches, in order to stay competitive in the market. For instance,

• In January 2021, LVMH Moet Hennessy Louis Vuitton SE, has completed acquisition withhe Tiffany & Co., . LVMH’s Watches and Jewelry sector transformed with the acquisition of this legendary US jeweler that will join the company’s 75 exceptional Maisons.
• In January 2020, in India, Fossil Group Inc. introduced the Hybrid HR smartwatch, which costs INR 14,995. Th smartwatch includes features such as call and text previews, heart rate, workout tracking, and real-time weather among others of the new Hybrid HR. The Hybrid HR also has 3ATM water resistance and rapid charging (50 minutes to 100% capacity).

Market Coverage

• The market number available for – 2021-2028
• Base year- 2021
• Forecast period- 2022-2028
• Segment Covered-
  • By Type
  • By Application
  • By Industry Vertical
  • By Distribution Channel
• Regions Covered-
  • North America
  • Europe
  • Asia-Pacific
  • Rest of the World
• Competitive Landscape- Adidas AG, Fossil Group Inc., LVMH Moet Hennessy Louis Vuitton SE, Tapestry Inc., and Tory Burch LLC, among others.

Key questions addressed by the report

• What is the market growth rate?
• Which segment and region dominate the market in the base year?
• Which segment and region will project the fastest growth in the market?
• How has COVID-19 impacted the market?
  • Deviation from the pre-COVID-19 forecast
  • Most affected region and segment
• Who is the leader in the market?
• How players are addressing challenges to sustain growth?
• Where is the investment opportunity?

Global Fashion Accessories Market Report by Segment

By Type

• Footwear
• Apparel
• Wallets
• Handbags
• Watches
• Others

By Application

• Men
• Women
• Children

By Industry Vertical

• Fashion
• Apparel
• Others

By Distribution Channel

• Offline
• Online