North America Fashion Accessories Market Size

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.