Oct 23, 2018
Global Apparel Accessories Market to Benefit from Growing Demand for Handkerchiefs, says Fact.MR
by Team Fact.MR
The global apparel accessories market is predicted to witness a decline in sales in terms of both value and volume due to the influx of counterfeit products and various other factors. Low consumer confidence about products offered in the global apparel accessories market and ongoing economic concerns in some countries could hamper the demand significantly. Moreover, fast fashion companies are expected to pose some threat to established players in the global apparel accessories market. On the other hand, online retailers are challenging the popularity of these players on the back of aggressive pricing strategies.
Fact.MR prophesies the global apparel accessories market to rise at a 4.6% CAGR during the forecast period 2017-2022. Among different types of products offered in the global apparel accessories market, handkerchiefs currently secure a nearly 14.0% share in terms of revenue sales. By the end of the forecast period, their sales could be worth a US$13.2 bn. in the global apparel accessories market. APEJ could be one region that is expected to witness robust sales growth of handkerchiefs in the global apparel accessories market. The Fact.MR report classifies the global apparel accessories market into more segments, viz. hat, gloves, neckties, jewelry, eyewear, scarves, handbags, and belts.
The winter apparel accessories market is prognosticated to face the brunt of low sales of gloves and woolen scarves because of unexpected climatic changes. By demographics, the global apparel accessories market is segregated into men, women, and children. Among these, the women segment could become highly attractive in the global apparel accessories market. This trend is expected to remain as is throughout the course of the forecast period. The men segment could tread upon the heels of the women segment of the global apparel accessories market in terms of share.
By sales channel, the global apparel accessories market is bifurcated into online, specialty stores, franchise outlets, and modern trade. Among these, modern trade is envisaged to account for a larger share of the global apparel accessories market in the near future. It is responsible for selling a colossal volume of apparel accessories each year. By price, the global apparel accessories market is divided into super-premium, premium, mid, and economy. According to the analysts, economically-priced products could gain larger demand in the global apparel accessories market. They account for a close to 39.0% share of the global apparel accessories market. Their market is foreseen to post a 4.0% CAGR during the said forecast period.
From a geographical perspective, the global apparel accessories market is projected to find APEJ taking a commanding share in the foreseeable future. Even in 2017, the region accounted for a substantial share of the global apparel accessories market. There are certain factors augmenting the demand for apparel accessories in the regional market. For instance, easy availability of raw materials, low cost of labor, steady economic growth, and growing middle-income population are anticipated to push the demand in the APEJ apparel accessories market. APEJ is also envisioned to exhibit an above average CAGR in the global apparel accessories market.
The U.S. may continue to witness a significant number of small and large companies operating in the domestic as well as international apparel accessories market. These companies could offer both private label and branded products in the apparel accessories market. In the U.K., the move from formal clothing to more casual wears is expected to hamper the demand in the country-wise apparel accessories market. The negative impact could be evident on the sales of ties and belts in particular. However, APEJ countries such as India are envisaged to create a whole lot of demand for apparel accessories because of the growing influence of the West and increasing fashion consciousness among urban consumers.