According to the Packaged Facts, there is growth in the two major accessories. There are six accessories which are used rapidly. Out of them, bags and ties/other neck wear are the leading ones. The market has improved tremendously because the market has quickly returned to the previous situation after recession. Packaged Facts analyzed and forecasted that the whole market of the fashion accessories will reach about $20 billion by the completion of the year 2012 and the expansion of the market will be done for about 24% between the years 2008 and 2012.
As the ladies hand bags represent the status symbol in the society, the growth in the sales of bag category has occurred and it is of about 10% increase. 53% growth in the sales of bags has occurred between the years 2004 and 2008 with more than 11% CAGR compound annual growth rate.
Because of the growth in the neck wear and the tie category, there is a growth in the fashion accessories for men and women. The neck wear and the tie category has increased nearly 31%, during the year 2008, it reached to about $770 million since 2004 with a CAGR of 7%.
The positive effects of the fashion consumerism are very clear and the main factor that it keeps the sales on gradual increment even during the worst times, is the vanity of the consumers. Suppose when we take the case of hand bag, the low-income consumers will also buy the hand bag apart from the expensive purchases made by the luxurious consumers during the down turn.
According to the AccessoriesMagazine.com-2008, there is a slight growth in the Women’s accessories. As the retail sales during the year 2005 is about $30.15 billion and the sales for the year 2006 is $30.92 billion, 2007 it is $31.15%, 2008 it is $32.46% and an estimated one for the future and it is $32.94billion.
As the ladies hand bags represent the status symbol in the society, the growth in the sales of bag category has occurred and it is of about 10% increase. 53% growth in the sales of bags has occurred between the years 2004 and 2008 with more than 11% CAGR compound annual growth rate.
Because of the growth in the neck wear and the tie category, there is a growth in the fashion accessories for men and women. The neck wear and the tie category has increased nearly 31%, during the year 2008, it reached to about $770 million since 2004 with a CAGR of 7%.
The positive effects of the fashion consumerism are very clear and the main factor that it keeps the sales on gradual increment even during the worst times, is the vanity of the consumers. Suppose when we take the case of hand bag, the low-income consumers will also buy the hand bag apart from the expensive purchases made by the luxurious consumers during the down turn.
According to the AccessoriesMagazine.com-2008, there is a slight growth in the Women’s accessories. As the retail sales during the year 2005 is about $30.15 billion and the sales for the year 2006 is $30.92 billion, 2007 it is $31.15%, 2008 it is $32.46% and an estimated one for the future and it is $32.94billion.
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