Market Trends of Europe Fashion Accessories Industry
This section covers the major market trends shaping the Europe Fashion Accessories Market according to our research experts:
Increased Internet Exposure Driving the Market
The global spread of COVID-19 and lockdowns that compelled people to stay indoors catalyzed the increase in screen time of consumers. This has, in turn, led to increased exposure to the internet and fashion influencers, which has resulted in the adoption of online shopping of products across various categories. Consumer convenience is one of the key factors driving sales through online channels. Factors such as increased product variety, convenience in shopping, selection of delivery date desired by consumers, discounts, and seamless purchase experience contributed to the rapid growth of online fashion accessory sales across Europe. 46.6 million people used the internet daily in Great Britain in 2020, according to the United Kingdom's (UK) Office for National Statistics (ONS), breaking the record set in 2016. The growing internet penetration in the region is one of the significant factors influencing sales through e-commerce websites and social media. There are various e-commerce platforms offering their services across Europe. For example, in 2022, by introducing its own line of clothes, Russian e-commerce company Ozon (OZON.O) got into the online fashion business. Another example of an e-commerce platform catering to the needs of consumers is the Italian Collection, an online store that provides designer and handpicked artisan companies' clothes, shoes, accessories, and home goods for both men and women. The company wants to become recognized as a leader in premium discounted shopping and a global platform for luxury and lifestyle goods. Italian Collection, which advertises partnerships with top fashion suppliers, provides more than 12,000 products from more than 200 Italian and other brands.
Premiumization Driving the Market
Europe is one of the major destinations for consumers to shop and collect designer or premium products. The United Kingdom, Germany, and France have the lowest prices for luxury goods, including fashion accessories. The growing inclination of consumers to spend more on fashion accessories on the basis of occasion and usage has augmented the demand for high-end quality fashion apparel in Europe. Additionally, since 90% of luxury products are produced in Europe (often France or Italy), the prices are comparatively lower. Furthermore, luxury goods are mostly considered a status symbol for individuals who are driving discretionary spending with a high purchasing power. For instance, disposable personal income in France increased to EUR 400,351 million (USD 421,982 million) in the second quarter of 2022 from EUR 395,396 million (USD 442,314 million) in the first quarter of 2022. The increasing popularity of luxury goods among millennials is driving market growth as they are more likely to be driven by the latest fashion trend than other consumer groups. Owing to the rising demand for premium fashion accessories across the European market, different players are also entering the market to take advantage of the opportunities. For example, in 2021, the French luxury footwear brand Daniel Essa announced the launch of its SS22 collection of customizable luxury sneakers, Nous. The 'Nous' sneakers are available in two colors, Alabaster and Onyx. However, each pair features eight hand-painted leather straps that can be easily changed with the additional strap packs available in a variety of basic and fun colors. In addition, the brand is launching an exclusive line of straps made of Swarovski Crystals.
