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6.5% growth is forecasted for global fashion accessories market by 2023


globalDuring the forecast period 2018 to 2023 global fashion accessories market is projected to grow at 6.5 per cent. Growing preference for convenience, along with rising popularity of online retail stores, is driving the demand for fashion accessories across the globe. Growing demand for apparel and eyewear products along with growing influence of promotional strategies by e-commerce players especially during festival season is supporting the market growth from last few years.

Additionally, plant-derived products help to reduce dependence on animal based fashion accessory products. This factor is likely to change the fashion accessories market dynamics in upcoming years. Significant rise in influence of social media and fashion blogs that are communicating the benefits of various fashion accessories is likely to influence sales of fashion accessories. Moreover, easy availability and affordability of fashion accessories are influencing the sales of products such as apparel, footwear, handbags, and eyewear. Continuous improvement in distribution strategy by key players especially in distribution structure, available resources, inventory turns, order filling techniques, etc. are expected to drive the market growth during the forecast period. There is an increasing demand of different fashion accessories such as eyewear, footwear, handbags etc. owing to the rising consumer preference towards high quality and branded fashion accessories across the globe. Major players in fashion accessories market have been acquiring emerging players in the market to expand consumer base who are progressively passionate about adopting latest fashion trends.