Global Fashion Accessories Market Research Report 2023-Competitive Analysis, Status and Outlook by Type, Downstream Industry, and Geography, Forecast to 2029

Global Fashion Accessories Market Research Report 2023-Competitive Analysis, Status and Outlook by Type, Downstream Industry, and Geography, Forecast to 2029

In fashion, an accessory is an item used to contribute, in a secondary manner, to an individual's outfit. Accessories are often chosen to complete an outfit and complement the wearer's look. Fashion accessories can be loosely categorized into two general areas: those that are carried and those that are worn. They have the capacity to further express an individual's identity and personality. Accessories come in different shapes, sizes, hues, etc. The type of accessory that an individual chooses to wear or carry to complement their outfit can be determined by several factors, including the specific context of where the individual is going. For example, if an individual is going to work their choice of accessory would differ from someone who is going out to drinks or dinner; thus depending on work or play different accessories would be chosen. Similarly, an individual's economical status, religious and cultural background would also be a contributing factor.

Market Overview:

The latest research study on the global Fashion Accessories market finds that the global Fashion Accessories market reached a value of USD 1070856.72 million in 2022. It’s expected that the market will achieve USD 1415481.85 million by 2028, exhibiting a CAGR of 4.76% during the forecast period.

Online channels become the bright spot

The outbreak of COVID-19 will force online e-commerce and new retail. During the epidemic, online sales of fashion accessories have become a new trend. In the era of rapid development of the Internet, both traditional manufacturing and retail industries must rely on the power of the Internet to realize their own transformation and tap new profit points. Compared with the traditional offline business model, the online platform can directly complete the order review, contract specification, inspection and other procedures in the whole process of fashion accessories product sales, efficiently provide customers with massive product information for screening, interact with customers in real time, and can Meet the individual needs of customers in a timely manner. At present, the field of e-commerce is developing rapidly, and the advantages of e-commerce are obvious, and it has become the direction of sales development in the fashion accessories industry.

Upstream and downstream interactions will cause business disruption

The outbreak of COVID-19 will have a short-term but relatively limited impact on the global fashion accessories industry. Affected by the epidemic, it is difficult for raw material procurement and transportation supply to be in place in a timely manner, and upstream enterprises affect the work progress of downstream enterprises. Manufacturers of fashion accessories are affected to varying degrees, production and delivery may be delayed, and logistics and warehousing costs will increase to a certain extent. At the same time, if the customer's delivery time requirements are not in accordance with the contract, the customer may find another company and lose business.

High consumer demand for fashion accessories drives market growth

With the development of economy and society and the strengthening of national purchasing power, people's consumption demand for fashion accessories has also increased. In addition to meeting basic living needs, people have begun to pursue fashion and individuality, which has promoted the development of this industry. Growing consumer demand for luxury, fashion, and high-quality products such as jewelry, footwear, apparel, and increasing infrastructure such as clothing stores and fashionable wearable stores are also expected to boost market growth in the coming years. Fashion accessories are a major field for the future development of the fashion industry, and there is huge room for future development. Many jewelry companies have communicated with clothing companies to discuss cooperation. A large number of clothing companies have also waded into the fashion accessories industry. The integration of the two industries of clothing and accessories has become a trend in the fashion accessories industry. With the development trend of the global fashion model, a large number of clothing brand enterprises have begun to develop accessories such as hats, scarves, bags, accessories, glasses, belts, etc. through multiple channels. This is a new development opportunity for fashion accessories enterprises.

Product homogeneity

First of all, most of the small and medium-sized fashion accessories companies do not have a high level of independent design, and the phenomenon of product homogeneity is more prominent. In addition to high-priced luxury accessories, some low-priced accessories are more likely to have more products of the same style. The level of fashion accessories design needs to be further improved. The phenomenon of homogenization in the jewelry industry is serious. Brand awareness is not high, product added value is not large, and there is a lack of differentiation between enterprises. Secondly, it faces the bottleneck restriction of insufficient design talents. The design of fashion accessories must continue to follow the fashion and have a steady stream of creativity, so it is necessary to continuously absorb new design talents to maintain the competitiveness of the enterprise. Because most small and medium-sized enterprises are weak in their own strength, they cannot employ senior designers. The lack of design talents leads to the lack of creativity and fashion in the design of fashion accessories of enterprises.

Region Overview:

In 2022, the share of the Fashion Accessories market in Europe stood at 23.37%.

Company Overview:

LVMH Moët Hennessy Louis Vuitton is one of the major players operating in the Fashion Accessories market, holding a share of 4.88% in 2022.

LVMH Moët Hennessy Louis Vuitton

LVMH Moët Hennessy Louis Vuitton is a multinational European luxury goods company. The company’s headquarter is in Paris.The company’s main key figures include: fashion & leather goods, wines & spirits, perfume & cosmetics, watches & jewelry and selective retailing. Some of LVMH’s main retail channels are Sephora, DFS Group, Miami Cruiseline and Le Bon Marché Rive Gauche.

Nike Inc.

Nike is an American sports goods production multinational company. Its business lines include the design, development, production, global marketing and sales of footwear, apparel, equipment, apparel accessories and services. The company is headquartered in Beaverton, Oregon, in the Portland, Oregon metropolitan area. It is the world's largest supplier of athletic shoes and athletic apparel, and a very large producer of sporting goods.

Segmentation Overview:

Among different product types, Footwear segment is anticipated to contribute the largest market share in 2027.

Application Overview:

The market's largest segment by application is the segment Onsite Sales, with a market share of 76.52% in 2022.

Key Companies in the global Fashion Accessories market covered in Chapter 3:

Fossil Group Inc.
Prada S.p.A.
Armani
LVMH Moët Hennessy Louis Vuitton
Burberry Group PLC
ROLEX
Gucci
Fielmann A.G.
Adidas AG
Safilo Group S.p.A.
Chanel S.A.
Nike Inc.
Tapestry Inc.
Tory Burch LLC
EssilorLuxottica

In Chapter 4 and Chapter 14.2, on the basis of types, the Fashion Accessories market from 2018 to 2029 is primarily split into:

Eyewear
Footwear
Handbag
Wallets
Watches
Jewelry

In Chapter 5 and Chapter 14.3, on the basis of Downstream Industry, the Fashion Accessories market from 2018 to 2029 covers:

Online Sales
Onsite Sales

Geographically, the detailed analysis of consumption, revenue, market share and growth rate, historic and forecast (2018-2029) of the following regions are covered in Chapter 8 to Chapter 14:

North America (United States, Canada)
Europe (Germany, UK, France, Italy, Spain, Russia, Netherlands, Turkey, Switzerland, Sweden)
Asia Pacific (China, Japan, South Korea, Australia, India, Indonesia, Philippines, Malaysia)
Latin America (Brazil, Mexico, Argentina)
Middle East & Africa (Saudi Arabia, UAE, Egypt, South Africa)