Fashion Accessories Market Size To Reach $1,259.44 Billion By 2030

Fashion Accessories Market Growth & Trends

The global fashion accessories market size is expected to reach USD 1,259.44 billion by 2030, registering a CAGR of 7.9% from 2024 to 2030, according to a new report by Grand View Research, Inc. The demand and usage of fashion jewelry among consumers are increasing significantly, driven by several key factors and trends. One of the primary reasons for this growth is the rising awareness of personal appearance and fashion consciousness, particularly among younger demographics. As individuals become more invested in their external looks, they seek affordable, stylish jewelry that complements their outfits. This trend is especially pronounced among younger women, who are increasingly drawn to innovative and trendy designs that allow them to express their individuality without the high costs associated with fine jewelry.

The affordability of fashion jewelry compared to fine jewelry also plays a crucial role in its increasing popularity. With the rising costs of precious metals and gemstones, many consumers are opting for costume jewelry as a budget-friendly alternative. This accessibility allows individuals to experiment with their style and own a variety of pieces without significant financial investment. Additionally, the growing acceptance of costume jewelry as a legitimate fashion statement has encouraged consumers to embrace these affordable options.

Youngsters are particularly fascinated by new and innovative jewelry brands due to the influence of social media and celebrity endorsements. Platforms like Instagram and TikTok have become powerful tools for fashion brands to showcase their products and connect with younger audiences. Influencers and celebrities often wear and promote fashion jewelry, making it highly desirable among their followers. This trend not only increases brand visibility but also creates a sense of urgency and excitement around new product launches. For instance, in April 2023, Sustainable fashion brand Rashki partnered with Atma Leather to launch what it claims are India's first banana leather handbags. Atma has developed a material called Banofi, which consists of 60% banana fibers, 20% natural additives, and 20% non-petroleum synthetic additives.

Moreover, the rise of e-commerce has made it easier for consumers to access a wide range of fashion jewelry options. Online shopping provides convenience and allows consumers to explore various brands and styles from the comfort of their homes. Many brands are leveraging digital marketing strategies and collaborations with influencers to reach their target audience effectively, driving sales and brand loyalty.

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Fashion Accessories Market Report Highlights

• Based on end use, fashion accessories for women accounted for a share of 52.5% in 2023. More women are becoming aware of the importance of dressing modestly in accordance with Islamic guidelines. This increased awareness, coupled with stronger adherence to religious practices, has led to a higher demand for clothing that aligns with their values, such as fashion accessories that respect modesty requirements

• Based on product, handbags & purses are expected to grow at a CAGR of 9.3% from 2024 to 2030. Modern consumers are seeking versatile handbags and purses that can be used in multiple settings, from work to social outings. The demand for multifunctional designs that offer both style and practicality, such as convertible bags or bags with multiple compartments, has grown, catering to the needs of a diverse and dynamic lifestyle

• Based on distribution channels, specialty stores accounted for a share of 38.8% in 2023. Specialty stores often create a more engaging and visually appealing shopping environment, showcasing accessories in a way that highlights their design and craftsmanship. This immersive shopping experience can be more enjoyable and appealing to customers, encouraging them to explore and purchase more accessories

• North America is expected to grow at a CAGR of 7.7% from 2024 to 2030. With a growing economy and higher disposable incomes, North American consumers have more spending power to invest in fashion accessories. This financial flexibility allows for discretionary spending on luxury and stylish accessories, contributing to the overall market growth

Fashion Accessories Market Segmentation

Grand View Research has segmented the fashion accessories market on the basis of product, end use, distribution channel, and region.

Fashion Accessories Product Outlook (Revenue, USD Billion, 2018 - 2030)

• Jewelry

• Watches

• Handbags & Purses

• Belts & Wallets

• Sunglasses

• Others

Fashion Accessories End Use Outlook (Revenue, USD Billion, 2018 - 2030)

• Men

• Women

• Children

Fashion Accessories Distribution Channel Outlook (Revenue, USD Billion, 2018 - 2030)

• Hypermarkets & Supermarkets

• Specialty stores

• Online

• Others

Fashion Accessories Regional Outlook (Revenue, USD Billion, 2018 - 2030)

• North America

  • U.S.

  • Canada

  • Mexico

• Europe

  • UK

  • Germany

  • France

  • Italy

  • Spain

• Asia Pacific

  • China

  • India

  • Japan

  • South Korea

  • Australia & New Zealand

• Central & South America

  • Brazil

• Middle East & Africa

  • South Africa

List of Key Players in the Fashion Accessories Market

• LVMH Moët Hennessy Louis Vuitton SE

• Kering S.A.

• Richemont International SA

• Chanel S.A.

• Hermès International S.A.

• Burberry Group plc

• Coach, Inc.

• Michael Kors Holdings Limited

• Prada S.p.A.

• Tiffany & Co.