India Personal Accessories Market, By Product Type (Watches, Fashion Jewelry, Handbags and Wallets, Others), By End User (Female, Male), By Distribution Channel (Multi-Brand Stores, Specialty Stores, Exclusive Stores, Online, Supermarket/Hypermarket), By Region, By Top 3 Leading States, Competition, Forecast & Opportunities, 2028
The India personal accessories market was valued at USD1622.96 million in 2022 and is expected to grow at a CAGR of over 7.10% to reach USD2406.73 million by 2028, on account of growing young population and rapid urbanization. Furthermore, rising middle-class disposable income, growing number of working women, increasing proliferation of international brands, and organized retail is growing in popularity and are expected to boost personal accessories sales in India during the forecast period.
Personal accessories are designed to complement a customer's fashion sense and other distinguishing characteristics. Personal accessories are any product that is used to complete a person's outfit secondarily. The consumer accessories finish an outfit and enhance the wearer's appearance. Accessories are available in various shapes, sizes, colors, and other characteristics.
However, higher income, increased literacy levels, increased exposure and awareness levels, higher internet usage, increasing urbanization, the changing role of women and children in the decision-making process, increased demand for better shopping experiences, and impulsive purchase behavior among young population have all contributed to a continuous and sustained shift in consumer demand patterns from necessities to lifestyle products and services fueling the India personal accessories market. Furthermore, the growth of the personal accessories market is propelled by both the demand and supply side. Consumers' needs and desires have evolved as a result of rising discretionary incomes, changing social scenarios, overall exposure to cultures and trends, and demographic advantages. In contrast, retailers' confidence has been bolstered by the corporatization of Indian fashion retail, the emergence, and acceptance of domestic brands, personalization, and new channels.
Western culture's influence has sparked a surge in demand for India personal accessories market
The increasing influence of fashion statements from western culture on the Indian population is boosting the demand for products in this market, such as bucket-style bags, oversize neck chains, and so on. Customers in the Indian business world are extremely sensitive and demanding. In addition, many Indian brands provide consumers with high-quality products at reasonable prices.
Indian brides prefer to accessorize themselves on their wedding day, so western-influenced fashion jewelry is rising. Brides have begun to prefer artificial or semi-precious fashion jewelry for their wedding day, which has resulted in healthy growth in recent years. The current market choice and demand for fashion jewelry have prompted the introduction of new trends not only during the festive season but also during the wedding season.
E-commerce has significantly established itself as a pioneering medium for driving the market growth
The growing popularity of online retail stores is fueling India's demand for personal accessories. The market offers promising opportunities because of e-commerce. Many personal accessories brands have branched into e-commerce, allowing for widespread brand presence in Tier II and Tier III cities where brand retail shops may not exist.
Customers are divided into two categories: online and offline. Offline catering is a tried and tested product. Customers who shop offline have the opportunity to interact with the service and product, forming a tangible bond with the brand. E-commerce allows one to reach many customers, connect with millennials, and connect with value-seekers, and is a significant first step in interacting with the brand.
Trending men’s accessories fueling the market growth
Due to the continuous change in fashion trends, accessories are no longer just for women. It blurs the lines between well-defined styles for men and women. Indian men have embraced Indian fashion and accessories, beginning to wear more colorful accessories such as bracelets, watches, and sunglasses, as well as demonstrating a higher level of fashion consciousness and awareness, increasing the men's personal accessories market in India. The men's accessory category requires product diversification in urban areas and further propagation and acceptance in semi-urban areas.
The India personal accessories market is segmented based on product type, end user, distribution channel, region, top 3 leading states, and competitional landscape. Based on product type, the market is further segmented into watches, fashion jewelry, handbags and wallet, and others (eyewear, belts, etc). The end user segment, which is further segmented into female and male. The distribution channel is segmented into multi-brand stores, exclusive stores, specialty stores, online, supermarket/hypermarket. The market analysis also studies the regional segmentation divided into north, west, south, and east.
Titan Company Limited, Fossil India Private Limited (India), Timex Group India Ltd, Casio India Co. Private Limited (India), Baggit India Private Limited (India), Hidesign India Private Limited (India), Voylla Fashions Private Limited (India), Pipa Bella Accessories Private Limited (India), Da Milano Leathers Private Limited, Swatch Group (India) Private Limited. are some of the leading market players in India personal accessories market. New market players are also actively entering the market in the recent years and further strengthening the growth of the future market growth.
Years considered for this report:
Historical Years: 2018-2021
Base Year: 2022
Forecast Period: 2024F–2028F
In this report, India Personal Accessories market has been segmented into following categories, in addition to the industry trends which have also been detailed below:
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