The worldwide fashion accessories market revenues, including jewelry, bags, watches, and many more grew rapidly by 9% at a Compound Annual Growth Rate (CAGR) in 2019 according to a market report. Fashion accessories have a long history and have a further growing outlook.
Based on the statistics, back in 2019, the worldwide accessories market revenues in China were the highest with over USD 109 million. The revenue in the United States and India is comparably laid around USD 55.9 and 25 million. Among European countries, followed by France and Germany, the United Kingdom had by far the highest revenue.
The fashion accessories industry and market represent wearable, fashionable accessories that complement a person’s outfit. Aside from the containers for private end consumers, this is including watches, jewelry, suitcases, bags, wallets, handbags, and many more. This market also includes both fashion and high jewelry made of precious materials, like gold, silver, or titanium. It doesn’t include watch parts or watchbands, non-wearable items, or protective bags and cases for making electronic devices safe such as for notebooks or cameras. Vogue has a great feed to stay up-to-date with new trends.
Global Personal Accesorries Market Revenue in 2015 – 2019
The accessories market was thought to be a very niche market, hence in the worldwide forum, it’s making its footstep slowly but steadily. The accessory industry is highly partial and it led to fierce competition amongst brands and hinder the worldwide accessories market revenue, according to Global Personal Accessories Market.
Moreover, in some countries, like the United States, China, and India, consumers are becoming more brand conscious. They’re willing to pay more for products that have more added value. In some developing countries such as China and India, people are becoming aware of international brands, because the concept of westernization is slowly adhering in their countries. Hence, in the market trend, it highlighted premiumization. Plus, the consumers had the urge to be seen as “exclusive”. This is why, in the market, many brands introduced many premium product ranges.
The worldwide fashion accessories market revenue report for 2015 – 2019 is structured keeping in mind the accessories industry grew slowly, yet steadily. With China, India, and the United States being the largest jewelry markets, the statistic is expected to grow more due to innovation and technological advancements.
The Global Personal Accessories Market 2015 – 2019 report, was prepared based on a comprehensive market analysis with inputs from industry experts. Many experts predict that the accessory market for women remains by far the largest, but the growth rates for fashion accessories for men might actually grow faster (from a lower level).
Top 5 Countries in the Fashion Accessories Market
The worldwide fashion accessories market revenue was and still is, led by China followed by the United States, China, Russia, and Japan in the top 5.
China
The accessories market and industry in China show rapidly increasing growth. In 2017, China was the second largest accessories market worldwide with around USD 29.7 million. From 2016 to 2019, it was estimated the accessories market revenue in China would be doubled, and it did. Aside from the market size, the consumptive behavior and concepts of Chinese accessories consumers are worth our attention, as it goes through outstanding changes.
United States
Approximately, accessories market revenue in the United States reached USD 92 billion between 2019 – 2020. During the forecast period, it is estimated to reach up to USD 145 billion by the end of 2026 and grow at a CAGR of 8.15% based on the rising demand for new and fashionable accessories silhouettes, colors, and shapes.
In the United States, there are many factors that are driving the accessories market, such as increasing brand awareness, rising disposable income, a yearning for luxury items, as well as emerging organized retail and e-commerce channels. The market is also boosted by the rising number of fashion houses and the arrival of various companies.
India
The accessories market in India is driven by the increasing middle-class income population, especially with the rising influential millennial population. Consumers in India are more flexible and socially fluid. The cashless society is receiving potency in the country; consumers are now more tech-savvy and digitally connected. They demand personalized, accessible, and fast services.
The fashion accessories market revenue across India in 2019 was approximately more than USD 34 million.
Russia
The accessories market in Russia amounted to more than USD 12 million in 2019, according to Fashion Consulting Group. One of the absolute factors is the transformation of physical stores into online stores. This changes and creates an innovative space for communicating with the brand.
According to RBC, the growth of the retailer’s shares with their own online store was 17%. Many brands and stores understand that e-commerce is effective to build an interesting page for social networks, as well as retention, competent marketing, and return of the client.
The Accessories segment in Russia is estimated to grow by 23.12% between 2022 – 2025, resulting in a market volume of USD 57 million in 2025.
Japan
In 2019, the fashion accessories market revenue in Japan approximately reached USD 11.6 million, sky-rocketing from the past decade. Before, the accessories market was accounted as one of the lowest sales revenue within the Japanese wholesale sector.
Japan’s accessories market revenue is expected to reach USD 12.5 Million by 2025, growing at a CAGR of 3.4%.
Conclusion
In general, the accessories market revenue is estimated to grow at a CAGR of 1.7% between 2012 and 2025, with the fashion accessories market growing by more than 5% between 2019 and 2025. One industry specific characteristic here ist that fashion accessories and very commonly produced with white label or private label manufacturing.
