Clothing -check, Footwear –check, Accessories – So many to choose from!
The fashion accessories is evolving as a completely separate market in itself, raking in substantial investments and thereby increasing its contribution to the Indian fashion industry year by year. The fashion accessories market of India was observed at US$ 3.4 billion in 2014 and is estimated to grow at compounded annual growth rate (CAGR) of 12 percent to reach US$ 10.6 billion by 2024. Though this market is dominated by unorganised players (street markets and flea markets), organised retail is also focussing its efforts to increase its share. The share of organised retail stands at a small pie - 16 percent for bags, belts and wallets and 45 percent for watches, according to a reputed research firm.
However, there is a lot of scope for growth and investments in this arena as India’s demography and working class mechanics is changing. Women are becoming independent and are not hesitant to shop – online and offline. Today, fashion accessories have upgraded from ‘need-based’ situation to ‘want-based’ luxury. Accessories enhance the overall look and give totally a new dimension to one’s personality. From the ice-age Cro-Magnons fashioning fur hats and sewn lower-leg leggings to body art and ornaments used for camouflaging and to signify various social rituals and occasions, accessorising has come a long way.
Modern fashion accessories can be casually classified into the following key categories – scarves, shawls, stoles, dupattas, caps, hats, mufflers, gloves, mittens, muffs, hosiery, neckties & bows, handkerchiefs, socks etc. (apparel accessories), bags, belts and wallets (leather & other accessories), semi-precious and junk jewellery (fashion jewellery), time wear, eye wear and foot wear etc. The products further in each of these categories are becoming more and more diversified, expanding the overall portfolio of the segment at quite a high pace.
India has always been culturally rich in terms of textile, handloom and accessories. From maang-tika and bangles to the bindi and dupatta (for women to be specific), modern and fusion accessories have also become very popular with the younger clan and are being purchased all over the country.
The market for fashion accessories in India is evolving on an unprecedented scale and is expected to garner bigger shares in the near future. The fashion accessories market of India was estimated at US$ 3.4 billion in 2014 and is pegged to grow at CAGR of 12 percent to reach US$ 10.6 billion by 2024.
The size of the market for watches and belts, bags, wallets has been estimated to enhance by a ratio of 2:1 from the years 2014 to 2019. Though the same ratio may not be noted for the second half of the decade, they definitely would move towards a higher market share and a more organised structure.
Apart from the above discussed stuff, there are many other products which are included in the accessories market – for instance Jewellery. Jewellery is another promising market witnessing tremendous growth. Jewels embellish a woman and they are a must have. Jewellery has been used by women of all classes and ages to enhance their look and has also held a certain social and ritualistic significance. Today, there is a considerable shift towards occasion-specific, fashion jewellery.