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.
Rockville, WA — (SBWIRE) — 07/18/2018 — Apparels are one of the most common needs of the masses, absolutely all over the globe. With lifestyles changing all over the globe, the apparel industry has experienced a rampant transformation since past several decades. This transformation is also visible in a niche corner of this industry, i.e. the accessories available along with apparels. A most significant factor driving the global apparel accessories market involves a growing consciousness amongst people to appear dressed in a decent and attractive manner, which of course is a primary trait of most people living on the planet. And as accessories are known to accentuate and act as a supplementary commodity for the main apparel items. Thus, many are buying apparels that come with these accessories consequently driving the global apparel accessories market.
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Expensive Apparel Accessories Deters Many from Buying the Products
However, several economic and socio-political scenarios hamper the global apparel accessories market's growth. Few other obstacles to the market are economic uncertainties and low consumer confident regarding buying accessories that come along with the main apparels. Moreover, prices of the apparels have increased dramatically over the last few years, thus making it difficult for those having less disposable income for buying the commodities. Such pricing strategies have been implemented mainly by online retailers as well as fast-growing fashion brands, thus degrading popularity of many well-established players present in the global apparel accessories market.
Lastly, continuous price inflations are restricting value growth in the global apparel accessories market. However, many companies are expected to introduce quality apparel products in the near future, consequently offsetting key restraints affecting the apparel accessory market's growth.
From a statistical point of view, the global apparel accessories market is projected to grow at a fairly decent pace during this period by registering a steady CAGR of 4.6% during the forecast tenure 2017-2022.
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The global apparel accessories market is divided into several segments under categories such as product type, demographics, sales channel, and price-based. Under product type, belts, scarves, neckties, handkerchiefs, jewelry, gloves, handbags, hat, and eyewear, are key segments present in the global apparel accessories market. As per demographics, children, women, and men, are three prime strategies occurring in the market. From the perspective of price-based, economy, premium, super-premium, and mid, are key segments. Lastly, the sales channel category is divided into four prominent segments, viz. specialty stores, modern trade, franchise outlets, and online.
Among all the apparel accessories, handkerchiefs remain a leading segment of the market. Currently, global sales of handkerchiefs 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 end of 2022. In addition, sales of handkerchiefs are projected to increase in the Asia Pacific excluding Japan region.
Asia Pacific Holds Maximum Revenue Owing to High Demand for Apparel Accessories
Geography-wise, the global apparel accessories market has been divided into six primary segments: Asia Pacific excluding Japan, Middle East, North America, Japan, Latin America, and Europe. Of these, Asia Pacific depicts leading edge owing to cheap availability of labor, steady growth of middle class sector, a surge in economic stability, a growing middle class, and easier availability of raw materials. This region is expected depict a fairly strong growth, and is continued to do the same even during the forthcoming years.
Adidas AG, LVMH Moet Hennessy Louis Vuitton S.E., The Gap, Inc., Industria de Diseno Textil, S.A., Kering S.A., H & M Hennes & Mauritz AB, PVH Corp., NIKE, Inc., Hugo Boss AG, and Burberry Group plc., are key players operating in the global apparel accessories market. With the number of players operating in the market to increase, the competitive landscape is expected to intensify during the forthcoming years.
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