Market Size of Asia Pacific Fashion Accessories Industry
| 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
*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.
