The global fashion accessories market is projected to grow at a CAGR of 12.3% during the forecast period (2020 - 2025).
- The fashion industry is highly competitive in nature, and requires continuous innovation and development, especially in case of the product design and improvement, with changing consumer trends, which is driving the growth of the fashion accessories market.
- There is a growing contribution to the market from developing countries such as India, owing to the shift in consumer behavior, growing purchasing power, increasing urban population, etc.
- The growing penetration of the internet, social media and e-commerce is now providing the consumers in tier 2 and below cities access to top brands products.
Key Market Trends
Growing Influence of Athleisure is Driving the market for Footwear
Consumers across the globe are increasingly seeking for various sports equipment that includes sportswear, clothing and other accessories. Additionally, the continued shift towards more active lifestyles is driving the demand for leisure activities such as running and cycling gears across the world. The increase in the number of sports and fitness activities, such as aerobics, swimming, and yoga, as well as the increase in the number of women participating in fitness and sports activities, is supporting the growth of footwear among women consumers. With continues innovative fashion accessory launches by the major brands, the growth for these accessories is propelled to grow further during the forecast period.
Asia-Pacific is the Fastest Growing market
The growing attraction for the luxury lifestyle, high purchasing power and the influence of celebrity endorsement are driving the market growth in the region. There is a rapid economic expansion taking place across Asia, with countries such as India and China taking center stage. As a result, India and China are becoming a more attractive market for fashion accessories outside the Western world. To gain momentum around offline stores, retailers in this region are leveraging technology to enhance the in-store experience with digital marketing displays and checkout. The strong economic growth coupled with rising tech-savviness will make the region the next big opportunity for fashion accessories during the forecast period.
The market studied is highly competitive. The market has key players competing for major market share, and small regional players catering to a small region, in order to capture the market share. Adidas AG, LVMH Moet Hennessy Louis Vuitton SE, Nike Inc and Fossil Group Inc. are some of the major players who are operating in this market. These players are primarily focused on providing unique and attractive high-quality products offering, along with the increased convenience of purchase.
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