Growth in apparel accessories over the forecast period is expected to be driven by the rise of personal style, the desire to keep pace with latest fashion trends pushed by fast fashion brands and growing disposable incomes after a difficult 2017; H&M, for example, offered trendy hair accessories at prices such as COP19,900 and belts at COP24,900, whilst local fashion brand ranges cost 60% more. However, as in other categories, brands are adjusting to reach lower price points to encourage young consumers to purchase and increase their purchase rotation throughout collections and not only during sales periods.
Hats/caps and gloves are expected to see the fastest value growth over the forecast period. Driven by athleisure trend, millennials spend more time outside whilst exercising and are likely to wear caps as part of the casual attire, and for sun protection as Colombians’ awareness about the damaging effects of its exposure continue to grow.
Easy access to the internet was a growing government priority during the review period, as the rising preference for online shopping amongst millennials and Generation X has changed shopping patterns. Channel distribution is expanding to e-commerce, where a wider range of accessories for athletes and non-sports enthusiasts, such as gloves and scarves, can be posted and commercialised.
The trend for using apparel accessories to create a personal style will favour the expansion of sales overall. Studio F and Vélez are the leading brands in apparel accessories; both brands offer a wide range of accessories sold through physical stores located in large cities but also selling its products through official online sites.
Private label still plays a rather marginal role in the category. Falabella is the main retailer, and it is gradually enlarging its functional apparel accessories range; however, it is difficult for private label manufacturers to identify a strong positioning for their products in this highly competitive industry.
In the review period, many smaller brands registered strong performances to the decline in purchasing power and consumers’ substitution of products from leading brands with cheaper alternatives. Whilst economic improvement is expected to be achieved by the end of the forecast period, consumers will most likely demand higher-quality products in apparel accessories.
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This industry report originates from Passport, our Apparel and Footwear market research database