Accessories

In 2024, the revenue Nigeria's Accessories market amounts to US$8.78bn.
It is projected to grow annually by 14.88%, according to the Compound Annual Growth Rate (CAGR) between 2024 and 2029.
The largest segment in the market is Luggage & Bags, with a market volume of US$4.92bn in 2024.
In global comparison, China generates the most revenue, reaching US$155bn in 2024.
Considering the total population figures, in Nigeria generates per person revenues of US$38.30 in 2024.
Looking specifically at the Accessories market in Nigeria, it is estimated that 1.8% of the total revenue will be generated through online sales by 2024.
In Nigeria, the market for accessories is thriving, with a growing demand for locally made, artisanal pieces that showcase the country's rich cultural heritage.

Definition:

The Accessories market comprises a range of products designed for private end consumers. The market is diverse and encompasses various product categories such as watches and jewelry, as well as luggage and bags. Products such as watch parts or watchbands, non-wearable items, or protective bags and cases for electronic devices such as notebooks or cameras are not included in this market.

Structure:

The Accessories market is divided into two main sections:

The Watches & Jewelry market includes watches, pocket watches, stopwatches, and jewelry watches. The market also includes brooches, rings, necklaces, earrings, and bracelets made from various materials.

The Luggage & Bags market includes open and closable containers made from any material to transport items. Unprocessed textiles, saddlery, travel sewing kits, shoe care kits, and leather goods are not included.

Additional information:

The market comprises revenues and average revenue per capita. Revenues are generated through both online and offline sales channels. The key players in the market are leaders in their respective segments and are known for their innovative products, brand reputation, and extensive distribution networks. For more information on the data displayed, use the info button right next to the boxes.

Watches and Jewelry
Luggage and Bags
Small leather goods
Handbags

Sunglasses
Phone or tablet covers
Gloves, scarfs, hats, and umbrellas
Bracelets and belts
Hair accessories

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.

Data coverage:

The data encompasses B2C enterprises. Figures are based on consumer spending on accessories, including watches and jewelry, as well as luggage and bags. that are produced for private end consumers. Retail sales through both offline and online sales channels are included.

Modeling approach / Market size:

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 third-party sources (e.g., independent databases), historical developments, current trends, as well as survey results from our primary research (e.g., the Statista Consumer Insights Global survey). In addition, we use relevant key market indicators and data from country-specific associations, such as GDP and 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, exponential trend smoothing is well suited for making forecasts about the Accessories market, which is projected to grow steadily. 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).

This report presents a comprehensive analysis and additional information on the Consumer market, in a PDF format.

The apparel we wear can be highly individualized, representing our mood, identity, and background but is also affected by global trends, such as economics, sustainability, and popular culture. Manufacturers and retailers look to predict and even influence these trends to gain an advantage in the 1.7-trillion-dollar global clothing market.