Global personal accessories market to grow 9% annually to 2019
According to a new market report, the global accessories market - which includes jewelry, bags, watches and writing and marking instruments - will grow 9% at CAGR (compound annual growth rate) to 2019.
Key vendors in the accessories market are Coach, Kering, LVMH and Prada Group, found the market researcher Tech Navio. Other prominent vendors include Burberry Group, Chanel, Dolce & Gabanna, Mulberry and Pandora.
The market was found to be a very niche market, but one that is slowly makings its mark in the global forum. According to Global Personal Accessories Market 2015-2019, the industry is highly fragmented, which leads to fierce competition among brands and hinders market growth.
Furthermore, the report highlights premiumisation as a market trend. An analyst from the team said: “In countries such as the US, China and India, customers are brand conscious and always looking for some value addition to their products and they are willing to pay more as well. In India and China, people are becoming aware of international brands and are slowly adhering to the concept of westernization."
"Also, there is an urge among many consumer to be portrayed as 'exclusive'. This has led manufacturers to introduce many premium range products in the market. For instance, Bentley Motors has come up with a premium range of handbags.”
The report, the Global Personal Accessories Market 2015-2019, was prepared based on in-depth market analysis with inputs from industry experts.
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