Editor’s Note
This article contains conflicting market size data for 2024. The text states two different figures: USD 814.63 billion and USD 1,079.60 billion. Readers are advised to consult primary sources for definitive figures.
Fashion accessories are products used to enhance, complement, or complete an outfit. They include products such as watches, jewelry, belts, scarves, handbags, and wallets. Furthermore, fashion accessories play a crucial role in fashion by adding color, texture, and interest, making them an essential element of personal style. The growing consumer preference for personal expression and style drives the demand for fashion accessory products. Manufacturers, such as Kering S.A., Richemont S.A., Hermes International S.A., and Luxottica Group SpA, are engaged in manufacturing high-end fashion accessories using bio-based materials and eco-friendly manufacturing processes.
The growing consumer awareness towards fashion accessories due to factors such as exposure to global trends through digital influencers, social media marketing, and e-commerce drives the growth of the global fashion accessories market. The increasing awareness is boosting the demand for innovative, modern, and personalized accessories, such as jewelry, luxury handbags, designer eyewear, and smart wearable devices. Furthermore, the growing influence of trendsetting celebrities and collaborations between luxury brands and streetwear have further increased the appeal of fashion accessories. Additionally, the growing consumer preference for branded fashion accessories and the increasing focus towards circular fashion models, which emphasize waste reduction through upcycling and recycling practices.
The increasing urbanization due to rising disposable incomes, growing working population, increasing modern retail infrastructure, and exposure to fashion trends drives the growth of the global fashion accessories market. According to the United Nations Department of Economic and Social Affairs, over 56% of the world’s population lives in urban areas and is expected to reach nearly 70% by 2050. The growing changing lifestyle and increasing preference for stylish, versatile, and functional accessories drives market growth. Moreover, the growing metro-centric work cultures, social gatherings, and digital connectivity drive the demand for designer handbags, smartwatches, eyewear, and jewelry that blend fashion with practicality.