The study begins with a detailed overview of the market for Global Apparel Accessories, including the definition, classification, and industry chain structure of Global Apparel Accessories Market, and move forward to cover every aspect of this market, counting several criteria based on which the market is classified. Focusing specifically on the key trends, it further evaluates the overall performance of this market during the assessment period. With retail industry undergoing a phase of technological disruption, innovations in products are likely to shape the future of the Global Apparel Accessories market.
The market for apparel accessories continues to struggle owing the ongoing economic and socio-political qualms. Economic uncertainties and low consumer confidence continue to undermine the sales of apparel accessories worldwide. Influx of counterfeit products has made a severe impact on the global apparel accessories market as well. Moreover, aggressive pricing strategies implemented by online retailers and fast fashion brands is deterring the popularity of some of the established players. Meanwhile, the large pool of price-conscious consumers in the emerging markets remain least interested in premium-priced apparel accessories. Also, continuous price inflation is restricting a value growth in demand for apparel accessories in both developed and emerging countries. Over the years, demand for some of the categories in apparel accessories such as gloves, woollen scarves and cap/hats has reduced to a significant level due to climate change. Snowless winters and milder autumns are becoming increasingly common in many colder parts of the world and hence is making a negative influence on the sales volume of winter-wear apparel accessories. Fact.MR’s recent report reveals that the global apparel accessories market is set to register a moderate CAGR of 4.6% during 2017 to 2022.
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Apparel accessories are used to beautify wearer's outfit in a secondary manner. Many of such accessories are worn to grace or complement a specific attire. Apparel accessories can be roughly categorized into two general areas – ones that are worn and ones that are carried. Jewellery, neckties, gloves, belts, handbags, scarves, eye wear, handkerchiefs and hats are among some of the common examples of apparel accessories used by consumers all over the world.
APEJ to Lead the Global Apparel Accessories Market
Asia-Pacific excluding Japan (APEJ) is expected to dominate the global apparel accessories market in 2017 and beyond. Factors such as, the growing middles class, steady growth of the economy, availability of low-cost labor force and abundance of raw materials are boosting the growth of the market in the region. During the forecast period, the region is expected account for a significant market share in terms of market share and register an above average CAGR.
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Handkerchiefs Remain Top Selling Apparel Accessory
Among all the apparel accessories, handkerchiefs remain highly sought-after. Currently, global sales of handkerchief account for close to 14% revenue share of the market. More than US$ 13,277 Mn worth handkerchiefs are estimated to be sold worldwide by 2022-end. In addition, sales of handkerchiefs will continue to increase in the APEJ region.
Global Apparel Accessories Market: Key Projections
- Asia-Pacific excluding Japan (APEJ) is anticipated to remain at the forefront of the global market for apparel accessories throughout the forecast period.
- Steady rise of the economy, an expanding base of working class population, availability of ample amount of raw materials and cost-friendly labor resource are factors that are playing important role in driving the growth of apparel accessories market in APEJ.
- Over the assessment period, the region is anticipated to command for a considerable revenue share of the global market as well as reflect a steady CAGR.
- On the basis apparel accessory types, demand for handkerchiefs is expect to gain traction in the near future. In terms of revenue, sales of handkerchief currently command for nearly 14% share of the global market.
- By the end of 2022, over US$ 13,200 Mn worth handkerchiefs are expected to be sold globally. Moreover, handkerchiefs sales is projected to remain relatively higher in APEJ.
- On the basis of demographics, the women apparel accessories segment is expected to remain highly attractive between 2017 and 2022. Currently, the segment represents more than 44% revenue share of the global market and is expected to remain dominant throughout the forecast period, followed by the men apparel accessories segment.
- By price-based, demand for apparel accessories with economy pricing is expected to remain considerably high. Currently, the economy apparel accessories segment represents nearly 39% revenue share of the market. The segment is expected to reflect a CAGR of over 4% during the forecast period.
- Modern trade is expected to remain the largest sales channel for apparel accessories over 2022. Each year, a large bulk of apparel accessories are sold through modern trade.
Competition Tracking
The report also profiles players that are expected to remain active in the expansion of the global apparel accessories market through 2022, which include The Gap, Inc., H & M Hennes & Mauritz AB, Industria de Diseño Textil, S.A., Kering S.A., LVMH Moët Hennessy Louis Vuitton S.E., NIKE Inc., PVH Corp., Hugo Boss AG, Adidas AG, Burberry Group plc.
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