Global Clothing Accessories Industry
The global clothing accessories industry is worth close to $16.5 billion, according to research from Packaged Facts. During the economic recession, many consumers opted to buy accessories instead of more expensive items of clothing. Spending patterns concerning accessories are slightly different than clothing purchases as accessories are often bought on impulse or as add-on purchases. The world clothing accessories market is expected to exceed $20 billion by 2012.
The global clothing accessories market is expected to see growth resume in the post recession period. Consumer confidence is recovering from the lows of the economic recession, with shoppers more willing to splash out on luxury and non-essential items. As consumers become increasingly conscious about the environment, demand for environmentally friendly luggage will rise.
Key Market Segments
- The US handbag marked is expected to reach $9 billion by 2015, according to Global Industry Analysts. Handbag sales declined during the economic recession, but sales are expected to pick up again. The market will be driven by a rising number of females aged 15 to 34 in the US population, greater demand for branded goods in Asian markets, and higher demand for designer handbags worldwide. Handbags lead the accessories market as women’s top-choice fashion item to elaborate a personal style, widely seen as a status symbol. Luxury handbags are followed by shoes in terms of the most sought after fashion accessories. While designer handbags generate significant sales, less-expensive handbags are also popular, satisfying smaller budgets and offered in an array of designs. Due to the economic recession, imitation bags gained in popularity, with consumers opting for replica bags for less rather than splashing out on more expensive original versions.Innovation is a key factor for handbag manufacturers. Companies work to keep up withevolving consumer preferences. Two such segments concern the demand for environmentally friendly products and for men’s designer bags. Key players in the handbag industry include Samsonite, Burberry, Chanel, Prada, Fiorelli, Hartmann, Polo Ralph Lauren, Wilsons Leather, Guess, Etienne, Coach and Dooney & Bourke.
- The luggage market encompasses not only suitcases but also a range of products including computer cases, garment bags, backpacks, vanity cases, handbags, briefcases, carry-ons, duffel bags, totes, and motorcycle luggage. According to Koncept Analytics, the US leads the global market, followed by the EU and Japan. Asia-Pacific – especially China, Hong Kong, India, Thailand, and Taiwan – are predicted to record strong growth. Online luggage sales are generating stable profit due to ease for the consumer. The luggage industry is constantly offering new designs to appeal to a wide array of consumer tastes. The world luggage industry is characterized by intense competition and is fragmented. Key players in the market include Hartmann, Eagle Creek, VIP Industries, Samsonite, Forward Industries, Nike, Atlantic Luggage, Tumi, Platt Luggage, Valigeria Roncato, LVMH and Luggage America.
- The luxury accessories market will exceed $307 billion by 2015, according to Global Industry Analysts. Though the market was badly affected by the economic recession, it is expected to pick up again and record growth post recession. The market is fuelled by demand from emerging countries, diversifying consumer profiles from rich populations to less affluent consumers, and evolving consumer behavior. Products in the luxury accessories market include jewelry, designer footwear, perfumes, cosmetics, watches, pens, handbags and high-end wines. Luxury goods are seen as status symbols, with craftsmanship, brand image, quality and premium pricing proving key to answer consumer demand. The market is sensitive to economic climate, with demand rising and falling in tandem with GDP. Watches represent the leading market segment, accounting for over 15% of US sales.
- The global footwear market is expected to reach $195 billion by 2015, according to Global Industry Analysts. The market will see demand rise as the economic climate improves and consumer confidence builds. In terms of volume, sales are expected to exceed 13 billion pairs by 2012.
Market Outlook
The global clothing accessories industry faces several challenges, including rising prices of raw materials and stricter government and trade regulations. Emerging markets are expected to record strong growth, with Asia-Pacific demand for luxury items and replica handbags rising. Competition from Asia-Pacific continues to threaten US producers, with companies looking to boost quality rather than lower prices to compete.
The industry is heavily reliant on technology, with specific emphasis on improving production by using the most up-to-date machinery. As both purchasing power and standard of living rise, the clothing accessories industry will see its consumer base grow.
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