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. presented this information in an upcoming report titled, “Fashion Accessories Market, 2022-2029”.
According to the report, various factors are propelling the growth of the fashion accessories market. For instance, the increasing population is getting more aware and conscious about their appearance. Fashion accessories like eyewear, jewelry, eyewear, etc., are trendy among millennials and fashion influencers.
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.
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 expected 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 expected 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 expected 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.
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