North America Fashion Accessories Market Size
| Study Period | 2019 - 2029 |
| Base Year For Estimation | 2023 |
| Forecast Data Period | 2024 - 2029 |
| Historical Data Period | 2019 - 2022 |
| CAGR | 3.45 % |
| Market Concentration | Low |
Major Players
*Disclaimer: Major Players sorted in no particular order |
North America Fashion Accessories Market Analysis
North America Fashion Accessories market isprojected to register a CAGR 3.45% during the forecast period, 2022-2027.
Fashion accessories, such as clothing, footwear, watches are very popular among consumers especially in young generation. Handbags are the most accessible, visible accessories and the newest addition to the fashion and luxury market. Consumers are spending more often on fashion products and luxury accessories, regardless of the expense involved. The increasing penetration of corporatized retail into fashion and fashion accessories categories has contributed to the development of an ecosystem in which consumers are offered high-quality products, service levels, and product designs. Most corporatized retailers have also focused on visual merchandising to lure consumers to fashion accessories. Moreover, the increasing premiumization of fashion accessories and the increasing penetration of online retail have been the most important factors driving the fashion accessories market across the region. The high influence of social media on the purchasing decisions of consumers is also projected to propel the growth of the market in past few years.
Additionally, changing consumers lifestyle, increased standard of living, has been increased demand for the premium, high quality fashionable product such as watches, footwear, handbags, clothing, jewellry, among others, across the region. This, in turn, companies started to launch different featured watches, stylish handbags, designer apparels, among others. For example, in 2022, Coach launched its Coachies collection with a variety of bags and accessories with their own identical personalities. These glove-tanned leather bags include applique features like eyes and mouths in different expressions.
North America Fashion Accessories Market Trends
This section covers the major market trends shaping the North America Fashion Accessories Market according to our research experts:
Consumers Inclination Towards Luxury Products
Luxury fashion accessories are mostly considered status symbols for individuals especially among the millennials as they are more likely to be driven by the latest fashion trend than other consumer groups. Thus, driving the luxury product segment. According to the Bureau of Labor Statistics, in 2021, about 71.75 million women were employed in the United States. Thus, with more women entering the workforce, their higher purchasing power has been driving the demand for premium fashion accessories across the region over the past few years and this is expected to continue during the forecast period.
Additionally, more robust local consumption and strong tourist purchases have been contributing to the strong performance of the market. Apart from this, in recent years, luxury brands have been trying to increase client engagement by using digital marketing and web listening data analytics to gain insights into customer behavior. For example, the marketing team at Parfums Christian Dior pointed out that the best way for luxury brands to inspire consumers has always been through storytelling and social media, especially Instagram is a visual storytelling platform that can reach a large consumer base. According to Instagram, in July 2020, the United States ranked first with an Instagram audience of over 130 million users. Thus, Instagram has emerged as one of the leading social media platforms for fashion designers to market their luxury products.
Watches Gaining Popularity
The watchmaking industry is growing rapidly, with more players providing attractive watches with stainless-steel cases, scratch-resistant sapphire glass, quick-change strap systems, and water resistance properties. The preference for luxury watches among consumers across the region has witnessed an upgrowth owing to the growing popularity of Swiss watches. Moreover, the sales of stylish watches are expected to be supported by the number of international tourists visiting the United States. With the changing perceptions of people in the region, where owning a traditional watch is considered redundant, the demand for digital watches with additional functionalities is growing rapidly.
Furthermore, the introduction of mid-range watches, which perform better and offer features similar to that of luxury watches, led to more consumers purchasing them, as they are available at a reasonable price. Therefore, many companies are entering the market to offer budget-friendly watches that can support the styles and aesthetic needs of individuals. For example, in 2020, Apple launched a smartwatch, Apple Watch SE priced at USD 279 with GPS, to fit into the budget friendly category. Other brands like Fossil are spending heavily on in-store promotional activities and working on innovative designs and plans to launch watches at affordable prices.
North America Fashion Accessories Industry Overview
The market is highly competitive with the presence of key players operating in the market, such as Fossil Group, Inc, Tapestry, Inc., LVMH Moët Hennessy Louis Vuitton SE, Guess Inc, Gucci America Inc., and Guess, among others. The key players in the market have been offerings new products to gain a competitive advantage in the market. For instance, in 2022, Guess Originals launched the spring 2022 collection. The collection offers a wide range of styles for all genders with candy-colored jeans and Y2K-Esque tank dresses standing out amongst the pack. Moreover, companies are also focused on expanding their geographical presence and strengthening their regional market position. For example, in 2022, New Balance expanded its Made in USA production with a new factory in Methuen, Massachusetts. The 80,000-square-foot facility began its sneaker production in January 2022. In addition, companies operating in the market are working to enhance their packaging styles with various sustainable materials. Therefore, this is creating growth opportunities for players with enhanced product offerings.
North America Fashion Accessories Market Leaders
-
Tapestry, Inc.
-
LVMH Moët Hennessy Louis Vuitton SE
-
Guess Inc
-
Kering S.A.
-
Fossil Group, Inc
*Disclaimer: Major Players sorted in no particular order
North America Fashion Accessories Market News
- In 2022, Fossil Group launched its next-generation, Gen 6 Hybrid smartwatch for those who prefer a more classic look with some of the smart features of modern smartwatches. The Fossil Gen 6 Hybrid takes design elements from its other Gen 6 smartwatches and packs more tech into the hardware.
- In 2022, Tapestry, Inc. brand Coach introduced its new edition Coachies collection with a variety of bags and accessories.
- In 2022, La Marque-M launched its gold and diamond jewelry shop with the launch of its online store. This collection has a range of minimalistic and elegant jewelry such as rings, earrings, bracelets, and pendants.
North America Fashion Accessories Market Report - Table of Contents
1. INTRODUCTION
1.1 Study Assumptions and Market Definition
1.2 Scope of the Study
2. RESEARCH METHODOLOGY
3. EXECUTIVE SUMMARY
4. MARKET DYNAMICS
4.1 Market Drivers
4.2 Market Restraints
4.3 Porter's Five Force Analysis
4.3.1 Threat of New Entrants
4.3.2 Bargaining Power of Buyers/Consumers
4.3.3 Bargaining Power of Suppliers
4.3.4 Threat of Substitute Products
4.3.5 Intensity of Competitive Rivalry
5. MARKET SEGMENTATION
5.1 By Product Type
5.1.1 Apparel
5.1.2 Footwear
5.1.3 Handbags
5.1.4 Wallets
5.1.5 Watches
5.1.6 Other Product Types
5.2 By End User
5.2.1 Men
5.2.2 Women
5.2.3 Children
5.2.4 Unisex
5.3 By Distribution Channel
5.3.1 Online Retail Stores
5.3.2 Offline Retail Stores
5.4 By Geography
5.4.1 United States
5.4.2 Canada
5.4.3 Mexico
5.4.4 Rest of North America
6. COMPETITIVE LANDSCAPE
6.1 Most Adopted Strategies
6.2 Market Share Analysis
6.3 Company Profile
6.3.1 Adidas AG
6.3.2 Kering S.A.
6.3.3 Tapestry, Inc.
6.3.4 LVMH Moet Hennessy Louis Vuitton SE
6.3.5 Fossil Group, Inc.,
6.3.6 Prada SPA
6.3.7 Nike Inc.
6.3.8 Guess Inc
6.3.9 Chanel Limited
6.3.10 Tory Burch LLC
7. MARKET OPPORTUNITIES AND FUTURE TRENDS
8. IMPACT OF COVID-19 ON THE MARKET
9. DISCLAIMER
North America Fashion Accessories Industry Segmentation
A fashion accessory is a decorative item that supplements one's outfit. Items such as jewelry, handbags, belts, watches, and sunglasses, among others have been covered in our study scope. A fashion accessory 'contributes' or is 'part of an outfit. The North American fashion accessories market (henceforth referred to as the market studied) is segmented by product type, end-user, distribution channel, and geography. By product type, the market is segmented into apparel, footwear, handbags, wallet, watches, and other product types. By end user, the market is segmented into men, women, children, and unisex. Based on the distribution channel, the market studied is segmented into online retail stores and offline retail stores.
It provides an analysis of leading North American markets like the United States, Canada, Mexico, and the Rest of North America. For each segment, the market sizing and forecasts have been done on the basis of value (in USD million).
| By Product Type | |
| Apparel | |
| Footwear | |
| Handbags | |
| Wallets | |
| Watches | |
| Other Product Types |
| By End User | |
| Men | |
| Women | |
| Children | |
| Unisex |
| By Distribution Channel | |
| Online Retail Stores | |
| Offline Retail Stores |
| By Geography | |
| United States | |
| Canada | |
| Mexico | |
| Rest of North America |
North America Fashion Accessories Market Research FAQs
What is the current North America Fashion Accessories Market size?
The North America Fashion Accessories Market is projected to register a CAGR of 3.45% during the forecast period (2024-2029)
Who are the key players in North America Fashion Accessories Market?
Tapestry, Inc. , LVMH Moët Hennessy Louis Vuitton SE , Guess Inc, Kering S.A. and Fossil Group, Inc are the major companies operating in the North America Fashion Accessories Market.
What years does this North America Fashion Accessories Market cover?
The report covers the North America Fashion Accessories Market historical market size for years: 2019, 2020, 2021, 2022 and 2023. The report also forecasts the North America Fashion Accessories Market size for years: 2024, 2025, 2026, 2027, 2028 and 2029.
North America Fashion Accessories Industry Report
Statistics for the 2024 North America Fashion Accessories market share, size and revenue growth rate, created by Mordor Intelligence™ Industry Reports. North America Fashion Accessories analysis includes a market forecast outlook 2029 and historical overview. Get a sample of this industry analysis as a free report PDF download.
