Asia-Pacific Fashion Accessories Market Size & Share Analysis - Growth Trends & Forecasts (2024 - 2029)

The Asia-Pacific Fashion Accessories Market is Segmented by Product Type (Footwear, Apparel, Wallets, Handbags, Watches, and Other Products), End User (Men, Women, Kids/Children, and Unisex), Distribution Channel (Offline Retail Channel and Online Retail Channel), and Geography (China, Japan, India, Australia and Rest of Asia-Pacific). The report offers market sizes and forecasts for the fashion accessories market in value (USD million) for all the above segments.

APAC Fashion Accessories Market Size

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Asia Pacific Fashion Accessories Market
Study Period 2018 - 2029
Base Year For Estimation 2023
Forecast Data Period 2024 - 2029
Historical Data Period 2018 - 2022
CAGR 5.21 %
Market Concentration Low

Major Players

Asia Pacific Fashion Accessories Market Major Players

*Disclaimer: Major Players sorted in no particular order

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APAC Fashion Accessories Market Analysis

The Asia-Pacific fashion accessories market is expected to register a CAGR of 5.21% during the forecast period.

The COVID-19 pandemic had a significant impact on the Asia-Pacific market for fashion accessories. Even before COVID-19, the region's economy was growing slowly, and the pandemic made things more challenging for industry participants. The fashion accessory production hubs in China and India were either shut down or switched over to the production of vital COVID-19 supplies as a result of the restrictions during the pandemic. The closure of single-branded and multi-branded stores had a significant negative impact on offline sales, and online sales compensated for a minor chunk of overall sales because of the strength of e-commerce in China, Japan, and India.

The Asia-Pacific region's market for fashion accessories is anticipated to expand considerably over the medium term as a result of various factors, including expanding economies, a rise in young consumers' spending, and the accessibility of branded fashion accessories through e-commerce. For instance, in November 2021, Myntra (an Indian online retailer) unveiled a dedicated luxury section on its platform that will see the retailer sell 65 brands, including Polo Ralph Lauren, Ted Baker, Hackett London, Hugo, and Fred Perry.

Additionally, it is anticipated that markets will be largely driven throughout the forecast period by nations like India. The provisional estimates of the GDP issued on May 31, 2022, by the India Brand Equity Foundation show that the Indian economy has fully returned to the real GDP level of the pre-pandemic years of 2019-20. The rapid growth in the economy of India and Japan is one of the major factors that will affect the fashion accessories market during the forecast period.

APAC Fashion Accessories Market Trends

This section covers the major market trends shaping the APAC Fashion Accessories Market according to our research experts:

Growing Preference for Luxury Fashion Accessories is Pushing the Market

In recent years, people in the Asia-pacific region, especially the youth, prefer branded and luxury fashion accessories. Luxury fashion accessories such as watches, clothing, bags, and other accessories have gained significant importance in recent years. Further, the existing players, as well as new players, are tapping the emerging market.

The inclination toward luxury fashion accessories is majorly due to urbanization, high personal disposable income, and ease of availability of luxury fashion accessories to consumers. For instance, according to the World Bank, the degree of urbanization in Japan was 91.78% in 2020. These high numbers make countries like Japan a favorite marketplace for luxury fashion accessories companies. In 2021, Louis Vuitton, which is a well-established firm in the segment of luxury products in Japan, expanded its business by introducing a completely new look for its Namiki-Dori Ginza store, which is a seven-floor building, and each floor has separate premium products.

Players are also tapping the emerging market of India. Omega (Switzerland-based watch company) has announced that it will be offering a luxury version of its sports watch. The watch will be available at Omega boutiques in India by November 2022. During the forecast period, it is expected that the Asia-Pacific region will witness more fashion accessory launches in the luxury category.

Asia-pacific Fashion Accessories Market: Personal Disposable Income, in Thousand JPY, Japan, May 2022 to August 2022

China is the Fastest Growing Market

China is one of the largest markets in the Asia-Pacific region for fashion accessories, and it is also the fastest-growing market. The spending power of consumers in China has increased significantly, and due to this, Chinese consumers, especially young consumers, prefer branded fashion accessories over low-end fashion accessories. The market for branded fashion accessories is soaring in the country. Brands like Shan, Bosideng, Septwolves, and Belle witnessed high profits in recent years. It is expected that China's fashion accessories market will be driven by high-end brands, and this is going to propel the overall Asia-Pacific fashion accessories market.

Another reason that favors China is that it is a manufacturing hub. Chinese garment, clothing, and accessory manufacturers have extensive expertise and capacity. China's mature supply chain and ecosystem provide it a competitive advantage over other manufacturing hubs such as India.

The players in the country are focusing on providing different premium products for their consumers. For instance, in 2021, Farfetch launched its flagship e-store on Alibaba's Tmall Luxury Pavillion, an invite-only service that has designer brands Burberry, Valentino, and Bottega Veneta. As per Business of Fashion, Farfetch will now have access to Alibaba's 779 million consumers, which means Chinese buyers will be able to browse through Farfetch's huge catalog of over 3,500 luxury brands, which did not have a presence in the East-Asian region before.

In a nutshell, the factors that are driving the fashion accessories market in China are the spending power of Chinese consumers, penetration of e-commerce, availability of branded accessories, western Influence, and others. During the forecast period, China is expected to give a huge boost to the Asia-Pacific fashion accessories market.

Asia-pacific Fashion Accessories Market : Consumer Spending, China, in USD Billion, 2018-2021

APAC Fashion Accessories Industry Overview

The Asia-Pacific fashion accessories market is extremely competitive and fragmented, with both local and international companies operating in the region. To compete with local firms, international brands are expanding their market reach and lowering their prices by introducing items on online shopping platforms.

Players in the Asia-Pacific region are vying for attention on social media, and many of them are teaming up with internet influencers and celebrities to do so. For example, in August 2022, Puma India teamed with Hardy Sandu (a well-known singer and actor in India) to expand the brand's appeal to young people.

Some of the prominent players in the Asia-Pacific fashion accessories market are Bosideng International Holdings Limited, Nike Inc., Li-Ning Company Limited, Zhejiang Semir Garment Co, Uniqlo Co. Ltd, Puma SE, and others.

APAC Fashion Accessories Market Leaders

  1. Nike Inc.

  2. Zhejiang Semir Garment Co. Ltd.

  3. Puma SE

  4. Bosideng International Holdings Limited

  5. Li-Ning Company Limited

*Disclaimer: Major Players sorted in no particular order

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APAC Fashion Accessories Market News

  • September 2022: Forever 21 and American Eagle Outfitters Inc. announced their comeback to the Japanese market after leaving in 2019. Forever has stated that it will begin e-commerce sales and launch a physical store in February 2023.
  • December 2021: Luxury Swiss watch brand Roger Dubuis launched its first standalone store in Australia in Sydney.
  • May 2021: Senreve launched its first pop-up store at the Takashimaya Shopping Centre, Singapore, offering the complete collection of its bestselling handbags.

APAC Fashion Accessories Market Report - Table of Contents

  1. 1. INTRODUCTION

    1. 1.1 Study Assumptions and Market Definition

    2. 1.2 Scope of the Study

  2. 2. RESEARCH METHODOLOGY

  3. 3. EXECUTIVE SUMMARY

  4. 4. MARKET DYNAMICS

    1. 4.1 Market Drivers

    2. 4.2 Market Restraints

    3. 4.3 Porter's Five Forces Analysis

      1. 4.3.1 Threat of New Entrants

      2. 4.3.2 Bargaining Power of Buyers/Consumers

      3. 4.3.3 Bargaining Power of Suppliers

      4. 4.3.4 Threat of Substitute Products

      5. 4.3.5 Intensity of Competitive Rivalry

  5. 5. MARKET SEGMENTATION

    1. 5.1 By Product Type

      1. 5.1.1 Footwear

      2. 5.1.2 Apparel

      3. 5.1.3 Wallets

      4. 5.1.4 Handbags

      5. 5.1.5 Watches

      6. 5.1.6 Other Products

    2. 5.2 By End User

      1. 5.2.1 Men

      2. 5.2.2 Women

      3. 5.2.3 Kids/Children

      4. 5.2.4 Unisex

    3. 5.3 By Distibution Channel

      1. 5.3.1 Offline Retail Channel

      2. 5.3.2 Online Retail Channel

    4. 5.4 By Geography

      1. 5.4.1 China

      2. 5.4.2 Japan

      3. 5.4.3 India

      4. 5.4.4 Australia

      5. 5.4.5 Rest of Asia-Pacific

  6. 6. COMPETITIVE LANDSCAPE

    1. 6.1 Most Adopted Strategies

    2. 6.2 Market Share Analysis

    3. 6.3 Company Profiles

      1. 6.3.1 Bosideng International Holdings Limited

      2. 6.3.2 Nike Inc.

      3. 6.3.3 Adidas AG

      4. 6.3.4 Fossil Group Inc.

      5. 6.3.5 Puma SE

      6. 6.3.6 Li-Ning Company Limited

      7. 6.3.7 Zhejiang Semir Garment Co

      8. 6.3.8 Skechers USA Inc.

      9. 6.3.9 Aditya Birla Group

      10. 6.3.10 Uniqlo Co. Ltd

    4. *List Not Exhaustive
  7. 7. MARKET OPPORTUNITIES AND FUTURE TRENDS

  8. 8. IMPACT OF COVID-19 ON THE MARKET

  9. 9. DISCLAIMER

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APAC Fashion Accessories Industry Segmentation

A fashion accessory is used to complete an outfit and complement the wearer's look. The Asia-Pacific fashion accessories market is segmented by product type into footwear, apparel, wallets, handbags, watches, and other products. By end users, the market is segmented into men, women, kids/children, and unisex. By distribution channel, the market is segmented into the offline channel and online channel. Based on geography, the market is segmented into China, Japan, India, Australia, and the rest of Asia-Pacific. For each segment, the market sizing and forecasts have been done based on value (in USD million).

By Product Type
Footwear
Apparel
Wallets
Handbags
Watches
Other Products
By End User
Men
Women
Kids/Children
Unisex
By Distibution Channel
Offline Retail Channel
Online Retail Channel
By Geography
China
Japan
India
Australia
Rest of Asia-Pacific
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APAC Fashion Accessories Market Research FAQs

The Asia Pacific Fashion Accessories Market is projected to register a CAGR of 5.21% during the forecast period (2024-2029)

Nike Inc., Zhejiang Semir Garment Co. Ltd., Puma SE, Bosideng International Holdings Limited and Li-Ning Company Limited are the major companies operating in the Asia Pacific Fashion Accessories Market.

The report covers the Asia Pacific Fashion Accessories Market historical market size for years: 2018, 2019, 2020, 2021, 2022 and 2023. The report also forecasts the Asia Pacific Fashion Accessories Market size for years: 2024, 2025, 2026, 2027, 2028 and 2029.

APAC Fashion Accessories Industry Report

Statistics for the 2024 APAC Fashion Accessories market share, size and revenue growth rate, created by Mordor Intelligence™ Industry Reports. APAC 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.

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Asia-Pacific Fashion Accessories Market Size & Share Analysis - Growth Trends & Forecasts (2024 - 2029)