Apparel accessories saw slow but stable growth during most of the review period, but in 2020 retail volume growth accelerated rapidly, whilst the current value growth rate also rose, but to a lesser extent. However, the differences in performance between categories were significant.
Ties saw the strongest decline within apparel accessories in 2020, as the shift by men to casualwear was accelerated by the increase in working from home. Hats/caps, however, saw a slower decline, supported by consumers spending more time outdoors and looking for protection from the sun.
Due to store closures and consumer caution about contracting COVID-19, e-commerce saw dynamic growth in apparel accessories in 2020. However, some brands creatively used social media to drive consumer interest in store-based shopping in the post-lockdown period.
Apparel accessories is set to maintain growth in 2021, although declines are expected in 2022 and 2023, before returning to slow growth thereafter. In 2021, opposite trends to those seen in 2020 are forecast, with a return to growth for most categories, and decline for other apparel accessories.
Ties is set to see the slowest return to growth, despite seeing the strongest decline in 2020. In fact, even by 2025 it is not predicted to have returned to the 2019 level of sales.
Wealthier Canadians are not expected to travel as frequently in the early part of the forecast period due to the maintenance of travel restrictions both in Canada and elsewhere globally until COVID-19 is controlled, along with concerns over contracting the virus. Sales of luxury accessories are expected to benefit as a result.
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This report originates from Passport, our Apparel Accessories research and analysis database.
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