Growing changes in fashion trends and fashionable lifestyle are major factors propelling the growth of global personal accessories market.
According to TechSci Research report, “Global Personal Accessories Market, By Product Type (Jewelry, Bags & Wallet, Watches, Others (Eyewear, Belt, Caps, etc.)), By End User (Female, Male, Kids), (By Distribution Channel (Exclusive Stores, Multi-Brand Stores, Specialty Stores, Online Market, Supermarket/Hypermarket), By Region, Competition Forecast & Opportunities, 2016-2026F” the global personal accessories market size valued at USD473.46 billion in 2020 and is projected to grow at a CAGR of over 7.00% during the forecast period to reach around USD738.52 billion by 2026. The rise in technologies and innovation in personal accessories like smartwatches is one of the major drivers for the growth of the personal accessories market. The combination of technology and fashion in personal accessories like smartwatches provides a fashionable look as well as technological experience to the customers. Some of the major examples of these personal accessories’ products are Google glasses, smartwatches, and welt belts.
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The global Personal accessories market is segmented based on product type, end-user distribution channel, company, and region. In terms of product type, the market is segregated into bags & wallets, jewelry, watches, others (eyewear, belt, caps, etc). Out of these, the jewelry segment captured more than 50% market share in 2020, as jewelry is the most popular and demanding personal accessories in the market and both men and women prefer jewelry like rings, plain gold chains, and anklets to make a fashion statement. However, watches segment is growing at a much faster pace in the market with a projected CAGR of over 10.00% in the forecast period, due to the availability of innovative and designer watches with new features and technologies in the market.
Based on end-user, the market is segregated into females, male, and kids, out of which females captured 58.00% share of the total market in 2020, as there is a wide variety of personal accessories available for females in the market. However, the kids segment is expected to grow at a rapid pace of over 9.00% CAGR in the upcoming years and it is expected to be the fastest-growing segment in the forecast period as companies are now focusing more on personal accessories for kids.
In terms of distribution channel, the market is segregated into exclusive stores, multi-brand stores, specialty stores, online market, and supermarket/hypermarket. Out of which, an exclusive store is the largest contributor with around 30.00% of the market share in 2020. One of the major reasons for the highest purchase from exclusive stores is that they specifically offer products of one single brand.
Region-wise, Asia-Pacific is the dominating region in the global personal accessories market, holding around 32.00% of the market share in 2020. This can be attributed to the huge population base and increasing disposable income of people. In addition to this people are focusing on developing their personality and are shifting towards luxury and fashion accessories products, which is also contributing to the market growth. In Asia-Pacific, a country like China is the largest market for personal accessories due to changing fashion trends, increasing disposable income, and consumers’ fascination towards jewelry.
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“To keep ahead of the competition, every fashion brand requires a strong marketing strategy. It doesn’t matter if the company is brand new to the fashion industry or experienced, it requires a strong marketing strategy anyway. Digital marketing for the fashion industry has changed tremendously over the past few years and so the companies should more on focus digital marketing strategy as it is a new way to increase consumer base and to stay ahead of the competition.”, said Mr. Karan Chechi, Research Director with TechSci Research, a research based global management consulting firm.
“Global Personal Accessories Market, By Product Type (Jewelry, Bags & Wallet Watches, Others (Eyewear, Belt, Caps, etc.)), By End User (Female, Male, Kids), (By Distribution Channel (Exclusive Stores, Multi-Brand Stores, Specialty Stores, Online Market, Supermarket/Hypermarket), By Region, Competition Forecast & Opportunities, 2016-2026F”, has evaluated the future growth potential of the Global Personal Accessories Market and provides statistics and information on market structure, size, share, and future growth. The report is intended to provide cutting-edge market intelligence and help decision makers take a sound investment decision. Besides, the report also identifies and analyzes the emerging trends along with essential drivers, challenges, and opportunities present in the Global Personal Accessories Market.
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