Apparel Accessories in Asia Pacific

March 2021

Growth was already slowing in the region in 2019 due to a weaker performance in China and a sharp decline in Hong Kong. With the arrival of Coronavirus (COVID-19), Asia Pacific then saw falling sales levels in 2020, with even explosive growth in face masks unable to prevent this. A strong rebound is expected in 2021, although annual growth rates in the rest of the forecast period will be relatively modest.

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Key Findings

Growth already slowing in 2019

Apparel accessories was already seeing a slight slowdown in 2019in Asia Pacific, with slower growth in China, by far the biggest single market, and a steep decline in protest-hit Hong Kong. In addition, the Japanese market continued to see falling sales, negatively affected by a shrinking population and a stagnating economy.

Face masks see dynamic growth in 2020

Although apparel accessories were in decline overall, hit by the COVID-19 pandemic, one area was thriving: other apparel accessories, and face masks in particular. Some of the annual growth rates in 2020 were simply astounding – eg more than 11,000% in Thailand – although the one country with less spectacular growth was China, meaning that this category’s booming sales in Asia Pacific as a whole were unable to offset the declines in the other products areas in apparel accessories. Retail shutdowns and lockdowns hurt sales of most products, with consumers also needing fewer new apparel accessories such as ties or scarves as they were spending much more time at home than usual.

E-commerce continues gaining share

Although store-based retailing continues to dominate apparel accessories sales in Asia Pacific, e-commerce, already seeing healthy annual growth prior to the pandemic, was significantly boosted by the singular circumstances in 2020, including closures of non-essential retail outlets and people unable or unwilling to leave their homes.

Swift return to positive growth expected in 2021

Apparel accessories will bounce back to see positive growth in 2021, as consumers return to buying products like ties, belts, hats/caps, gloves and scarves. Even other apparel accessories will continue to see positive growth in 2021, although, as the region emerges from the pandemic, sales in other apparel accessories will slip into decline from 2022.

Introduction

Scope
Key findings

Regional Overview

Asia Pacific the biggest apparel accessories market
Quick recovery from 2020’s one-off COVID-19-related decline
Sales of other apparel accessories record strong growth in the region
Thailand records 11,000% growth in other apparel accessories
Hong Kong records a declining 2015-2020 CAGR due to civil unrest
COVID-19 turns performances upside down in 2020
Store-based retailing still accounts for two thirds of regional sales…
...but the e-commerce share gains are boosted by the pandemic

Leading Companies and Brands

Share of “others” rises due to booming face mask sales in Asia Pacific
Luxury brands perform well during the pandemic
China and Japan the main markets for all the top 10 players
Louis Vuitton takes top spot from Hermès

Forecast Projections

Strong rebound expected in 2021 for the Chinese market…
…with sales immediately returning to pre-pandemic levels
No rebound needed in 2021 from COVID-19…
…as other apparel accessories maintained overall growth rates in 2020

Country Snapshots

China: Market Context
China: Competitive and Retail Landscape
Hong Kong, China: Market Context
Hong Kong, China: Competitive and Retail Landscape
India: Market Context
India: Competitive and Retail Landscape
Indonesia: Market Context
Indonesia: Competitive and Retail Landscape
Japan: Market Context
Japan: Competitive and Retail Landscape
Malaysia: Market Context
Malaysia: Competitive and Retail Landscape
Philippines: Market Context
Philippines: Competitive and Retail Landscape
Singapore: Market Context
Singapore: Competitive and Retail Landscape
South Korea: Market Context
South Korea: Competitive and Retail Landscape
Taiwan: Market Context
Taiwan: Competitive and Retail Landscape
Thailand: Market Context
Thailand: Competitive and Retail Landscape
Vietnam: Market Context
Vietnam: Competitive and Retail Landscape
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