Market Size of Europe Fashion Accessories Industry
| Study Period | 2019 - 2029 |
| Base Year For Estimation | 2023 |
| Forecast Data Period | 2024 - 2029 |
| Historical Data Period | 2019 - 2022 |
| CAGR | 11.50 % |
| Market Concentration | Low |
Major Players
*Disclaimer: Major Players sorted in no particular order |
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Europe Fashion Accessories Market Analysis
The European fashion accessories market is expected to register a CAGR of 11.5% during the forecast period.
One of the factors driving the fashion accessories market is the increasing trend of eco-fashion. Companies are making conscious efforts to choose the best quality materials that are soft and comfortable and do not have a detrimental effect on the environment. For example, German brands like OGNX, Mandala, Jaya Organics, Magadi, and Ambiletics use the latest eco-friendly solutions and strive to source innovative and sustainable material for their accessory collections, including t-shirts, leggings, sweatpants, and others. In July 2022, apparel manufacturers in Leicester, United Kingdom, formed a federation to establish the area as a sustainable manufacturing hub for British fashion. In addition, innovations in design, material, and fit are expected to favor the market's growth in the coming years. For instance, in the case of apparel, consumers are more attracted to color, fabric, and style, encouraging the manufacturers to introduce trendy apparel suitable for various activities, including formal meetings, outdoor activities, sports activities, and others. In 2022, Lululemon, the renowned Canadian activewear retailer, announced its entry into Spain, and it is coming up with a Spanish version of its e-commerce site.
Furthermore, during the forecast period, the European fashion accessories market is expected to be driven by factors such as changes in consumer lifestyles, greater household expenditure, favorable demographics, and a shift in demand for branded products. In some regions across Europe, consumers have been observed to spend highly on fashion accessories, boosting the sales of such products in the market. For example, online retail sales for clothing increased to an all-time high of 31% in 2020 owing to the increasing online shopping trend during the COVID-19 pandemic, according to the data published by the UK Fashion and Textiles Industry. Thus, the increasing consumer spending on clothing is further expected to drive the growth of the fashion accessories market in Europe.
