What is Valuable Growth Prospects to Develop Apparel Accessories Market? Key Players - LVMH Moët Hennessy Louis Vuitton S.E., Kering S.A., Industria de Diseño Textil, S.A., H&M Hennes & Mauritz AB
The global apparel accessories market is expected to grow at a moderate pace during the forecast period 2017-2022. In a recent year, consumers were observed to spend less on apparel accessories. This resulted in a decrease in retail value and volume sales in the recent past. Apparel accessories could be considered as less essential items due to the shift toward comfortable/casual attire and sportswear. Climatic changes in some parts of the world is projected to have a negative effect on the demand in the global apparel accessories market. For instance, apparel accessories for winter wear may not gain much demand in colder regions with snowless winters.
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However, changing fashion trends could create rewarding opportunities in the global apparel accessories market.
There could be a significant decline in the popularity of apparel accessories as holiday gifts. The sales of apparel accessories may be highly seasonal in the coming years. The reason for this downfall of the global apparel accessories market is that it faces a tough competition from alternative such as footwear, beauty products, gift cards, entertainment products, and even consumer electronics during holiday seasons.
On the other hand, continuous price inflation is foretold to arrest the growth of the global apparel accessories market in emerging as well as developed countries. Furthermore, low interest in premium-priced products in developing economies because of high price consciousness among consumers could slow down the growth of the global apparel accessories market. Leading companies operating in the global apparel accessories market are prophesied to face challenges due to the presence of fast fashion brands and implementation of aggressive pricing strategies.
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However, changes in lifestyle and the advent of fashion innovations could provide relief to the global apparel accessories market.
Apparel accessories are used as secondary items to enhance the appearance of the wearer’s outfit. Besides beautifying outfits, apparel accessories can complement or grace a special attire. If apparel accessories are to be roughly classified, there could be two main categories, i.e. apparel accessories that are carried and those that are worn. Consumers commonly purchase handbags, belts, gloves, neckties, and jewelry as apparel accessories.
The report answers critical questions about the global apparel accessories market, which include:
How will APEJ dominate the global apparel accessories market?
Why will handkerchiefs remain a highly sought-after product in the coming years?
Which demographic will create higher demand for apparel accessories?
What will be the nature of competition in the global apparel accessories market?
The authors of the report deeply analyze the business of key players operating in the global apparel accessories market including LVMH Moët Hennessy Louis Vuitton S.E., Kering S.A., Industria de Diseño Textil, S.A., H&M Hennes & Mauritz AB, and Gap, Inc.
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