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.
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.
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.
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.
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.
If you purchase a report that is updated in the next 60 days, we will send you the new edition and data extract FREE! Home Page