Fashion accessories market | How Top Companies Adapted After COVID-19 Hit Their Business
Fashion accessory includes all items that contribute secondary to the wearer’s outfits and primarily complement the wearer’s look. These articles are generally categorized into two areas; one that is worn with outfits and another that is worn with outfits. Items like handbags, glasses, wallets, ties, necklaces and many more are fashion accessories. Over time, people are now more aware of fashion accessories and outfits. They place more importance on choosing accessories to complement their dresses and looks. These items are widely available in the market with wide variety and brands.
Analysis of the COVID-19 scenario:
Due to the corona virus outbreak, people are now hesitant to buy products even after the lockdown is over due to the possibility of virus transmission. People are not expected to rush to buy products because these products are not a necessity. There’s a good chance of getting plenty of deals on these items post-lockdown, as businesses have to sell off old inventory on clearance and need to introduce new products post-lockdown.
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Main impact factors: analysis of market scenarios, trends, drivers and impact analysis
Many factors contribute to the growth of the fashion accessories market as this market is highly competitive in nature which continuously encourages companies to innovate and bring new products to market. The increase in population and urbanization brings more consumers to this market by providing easy availability of popular and demanding products at their doorstep through numerous distribution channels. Currently, the most popular distribution channel is the online form. E-commerce players offer lots of promotional offers during the holiday season and of course the convenience of one-click shopping, which attracts consumers to fashion accessories. Social media also plays a major role in the growth of the market.
The trends of the global fashion accessories market are as follows:
Consumers around the world are becoming more aware and adaptable to changing fashions. The shift of consumers to active lifestyles is encouraging companies to innovate in the fashion accessories market. Now, consumers are more indulging in activities like cycling, yoga, exercise, running, and many more that require different accessories. This leads to the demand for recreational products that can be used in many places other than all of these activities. The increase in the number of women participating in activities like swimming and aerobics has mainly driven the market towards growth.
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Consumers are looking for convenience everywhere. Companies have introduced many products that provide convenience and create a status symbol like new fashionable luggage, backpacks, rucksacks and others. These products attract the attention of consumers for their elegant and fashionable appearance.
Key Segments Covered:
• Hand bags
• In line
Regions covered: North America (US and Canada), Europe (Germany, UK, France, Italy, Spain and Rest of Europe), Asia-Pacific (China, Japan, India, Australia, Malaysia, Thailand , Indonesia and Rest of Asia-Pacific), LAMEA (Middle East, Brazil and Rest of LAMEA)
Companies concerned: Adidas AG, Tapestry Inc., Fossil Group Inc., Tory Burch LLC, Nike Inc., Gucci America Inc., Prada SpA, Chanel SA, Essilor International,
Key benefits of the report:
• This study presents the analytical description of the worldwide Fashion Accessories industry together with the current trends and future estimations to determine the impending pockets of investment.
• The report presents information related to key drivers, restraints and opportunities along with a detailed analysis of the global fashion accessories market share.
• Current market is quantitatively analyzed from 2020 to 2027 to highlight the growth scenario of the global fashion accessories market.
• Porter’s Five Forces analysis illustrates the power of buyers and suppliers in the marketplace.
• The report provides a detailed analysis of the Global Fashion Accessories Market based on the competitive intensity and how the competition will shape in the coming years.
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