An increase in fashion awareness and aspiration level influencing the growth of the Indian personal accessories market through 2028
According to TechSci Research report, “India Personal Accessories Market – By Region Competition, Forecast and Opportunities, 2018-2028F” India Personal Accessories Market is expected to grow at CAGR of 7.20% to reach USD2406.73 million by 2028. The India personal accessories market is driven by various factors such as the needs and desires of the consumers that evolved as a result of rising discretionary incomes, changing social scenarios, overall exposure to cultures and trends, and demographic advantages. At the same time, retailers’ confidence has been bolstered by the corporatization of Indian fashion retail, the emergence and acceptance of domestic brands, personalization, and the emergence of new channels.
Branded accessories have begun to serve discerning consumers who value quality and ethical practices above all else in a previously unorganized market dominated by low-cost imports and dubious manufacturing methods. The market for accessories in India is segmented into organized and unorganized segments. However, the accessories market has organized itself more and more over the past few decades, especially in the premium and luxury markets. In India, each fashion jewelry brand has its retail network and locations in the major cities.
The India personal accessories market report examines the market in detail, breaking it down into product types, end-users, and distribution channels. The India personal accessories market outlook report provides an unbiased and detailed analysis of India personal accessories market trends, market share, opportunities, high growth areas, and market drivers, which will assist stakeholders in developing and aligning market strategies based on current and future market dynamics.
Browse over 20 market data Figures spread through 70 Pages and an in-depth TOC on “INDIA PERSONAL ACCESSORIES MARKET”
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The personal accessory market in India is divided into submarkets based on product type, end-user, distribution method, and geographic region. Its product types are further divided into watches, fashion jewelry, handbags & wallets, and other categories. Men, women, and children are the further divisions based on the end-user. Multi-brand stores, exclusive stores, specialty stores, online markets, and supermarkets/hypermarkets are the different categories of stores based on their distribution channels. It was further divided into north, west, south, and east according to region.
Based on product type, the fashion jewelry segment is the fastest growing in the personal accessories market and holds around 21% of the market share with an 8.76% of CAGR in 2023E-2028F. The increase in fashion consciousness and adoption of jewelry such as necklaces, rings, and bracelets drive the growth of the fashion jewelry market. Furthermore, the rise in urbanization, rise in fashion consciousness among young people and surge in demand for costume jewelry for men present opportunities for manufacturers to innovate and develop new products based on consumer preferences.
Further, on end-user bases, the segment is segregated into female and male. Female segment dominating the whole India personal accessories market at around 61% in 2022 with a market CAGR of 7.47% in 2028, due to the women age group of 18 to 36 years who are independent, stylish, and sophisticated with a penchant for trying out new trends in clothing and accessories. However, accessories are no longer just for women; Indian men have also adopted global fashion and started to dress more colorfully with different accessories and styles, demonstrating a higher level of fashion awareness.
The distribution channel segment is divided into multi-brand stores, exclusive stores, specialty stores, online, and supermarkets/hypermarkets. Multi-brand stores have dominated the Indian personal accessories market by around 36%. Due to the fast-paced lives that Indian consumers lead, e-commerce has become a trailblazing medium for generating sales. It has been evaluating the shifting spending habits of Indian consumers and their wide range of accessories preferences to online sales with the fastest growing CAGR of 8.16%.
Key market players in the India Personal Accessories market include:
- Titan Company Limited
- Fossil India Private Limited (India)
- Timex Group India Ltd
- Casio India Co. Private Limited (India)
- Baggit India Private Limited (India)
- Hidesign India Private Limited (India)
- Voylla Fashions Private Limited (India)
- Pipa Bella Accessories Private Limited (India)
- Da Milano Leathers Private Limited
- Swatch Group (India) Private Limited
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“The growing usage of the Internet of Things (IoT) will accelerate market growth. The market for fashion accessories has significantly benefited from the e-commerce platform. E-commerce has also made it possible for brands to be more widely available in Tier II and Tier III cities. “said Mr. Karan Chechi, Research Director with TechSci Research, a research based global management consulting firm.
“India Personal Accessories Market By Product Type (Watches, Fashion jewelry, Handbags and Wallets, Others (Eyewear, belts, etc.)), By End User (Female & Male), By Distribution Channel (Multi-Brand Stores, Exclusive Stores, Specialty Stores, Online, Supermarket/Hypermarket), By Region (North, West, South and East), Competition, Forecast & Opportunities, 2028F” has evaluated the future growth potential of personal accessories in India 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 sound investment decision. Besides, the report also identifies and analyzes the emerging trends along with essential drivers, challenges and opportunities present in India personal accessories market.
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