Apparel Accessories Market: Emerging Economies Expected to Influence Growth until 2022

(I-BusinessNews.Com, February 27, 2019 ) 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.

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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