Accessories - Worldwide

Worldwide

The Accessories market worldwide is projected to generate a revenue of US$0.67tn in 2024.
It is expected to grow at an annual rate of 4.38% (CAGR 2024-2029).
The largest segment in this market is Watches & Jewelry, which is estimated to have a market volume of US$0.48tn in 2024.
When compared globally, in China leads the way in revenue generation, with US$155bn expected in 2024.
This translates to per person revenues of US$86.10, taking into account the total population figures for the year 2024.
In terms of sales channels, online sales are predicted to contribute 25.6% of the total revenue in the Accessories market by 2024.
The demand for fashion accessories is soaring in countries like the United States, United Kingdom, and France, where consumers are seeking unique and trendy pieces to enhance their personal style.

Key regions: Worldwide, United States, India, Canada, Germany

Market

Region

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Currency

Analyst Opinion

The global tourism market is growing steadily, outperforming the global economy, with both arrivals and inbound receipts set to grow. The tourism industry fulfills the longing for foreign countries and cultures and is one of the most important economic factors. Low-cost airlines allow shopping trips into international markets and accessories are gladly bought abroad, in order to make the own wardrobe even more individual and more unusual. For the consumer, brands play an important role in the purchase of accessories. However, brand awareness has changed in recent years, especially through social media and bloggers, who play an important role in how the brand is perceived and what target group it addresses.

Methodology

Data coverage:

The data encompasses B2C enterprises. The figures are based on consumer spending on accessories that comprise of Watches & Jewelry and Luggage & Bags that are produced for private end customers for both offline retail and online retail.

Modeling approach:

Market sizes are determined through a bottom-up approach, building on specific predefined factors for each market. As a basis for evaluating markets, we use annual financial reports of the market-leading companies and industry associations, market data from independent databases and third-party sources, historical developments, current trends, as well as survey results from our primary research (e.g., the Statista Global Consumer Survey). In addition, we use relevant key market indicators and data from country-specific associations, such as GDP, consumer spending. This data helps us estimate the market size for each country individually.

Forecasts:

In our forecasts, we apply diverse forecasting techniques. The selection of forecasting techniques is based on the behavior of the relevant market. For example, the exponential trend smoothing is well suited for forecasting the Accessories market with projected steady growth. The main drivers are GDP per capita and consumer spending per capita.

Additional notes:

The data is modeled using current exchange rates. The impact of the COVID-19 pandemic and the Russia-Ukraine war are considered at a country-specific level. The market is updated twice a year. In some cases, the data is updated on an ad hoc basis (e.g., when new, relevant data has been released or significant changes within the market have an impact on the projected development).