US $527 Billion Personal Accessories Industry See Decline in Consumer Spending, But Expect Growth By 2020

Personal accessories are set to decrease by 1% in 2015 to $527 billion. Fashion trends are driving stronger growth for jewelry, but other personal accessories categories are seeing a slow growth rate in 2015. Factors in this slow growth are a decline in consumer spending, heavy reliance on European markets and unfavorable US dollar exchange rates.

International companies are hoping to cast a wider net in their channel strategies and reach more consumers with their omni-channel presence. Currently the Asia-Pacific market is 53% of the world’s personal accessories market.

By 2020, the global personal accessories industry is forecast to reach $645 billion, which would be a 4.1% annual growth rate.

Source: Business Wire