Apparel accessories had already registered steep retail volume declines in 2019 as the casualisation of more formal dress codes led to steep falls for ties and belts, while gloves witnessed the steepest decline due to both climate change and lifestyle factors. As the climate becomes warmer due to global warming in Hong Kong, China, consumers have less need for gloves.
Hats/caps was less severely affected in 2020 as these items complement the athleisure and streetwear fashion trends. In fact, caps featured in crossover collections towards the end of the review period, such as in the Valentino X Undercover range.
As witnessed in other apparel areas, consumers are becoming increasingly aware that they may access a wide range of apparel accessories at lower prices via online channels, an increasingly important factor in purchasing decisions due to the financial impacts of the global pandemic. Players such as G2000 (Apparel), which promotes its products in accordance with current fashion trends, can easily boost online sales by making outfit accessory suggestions available at the click of a button, thus catering for the consumer audience which follows online influencers and wishes to stay up to date with the very latest trends.
Apparel accessories is expected to return to strong double-digit constant 2020 retail value growth in 2021, followed by more moderate rates over the remainder of the forecast period. Actual constant value sales are, however, not expected to exceed pre-pandemic levels until 2023, such was the impact during the pandemic in 2020.
Premium apparel accessories witnessed declines in sales towards the end of the review period. This can be attributed to the disruptions created by the protests, which led many tourists to mainline China to postpone their shopping trips to Hong Kong, China.
The growth of fashion face masks witnessed during the pandemic will be difficult to sustain over the forecast period. Although fashion brands delved into cloth face masks in 2020, with brands such as Airism Line from Uniqlo Hong Kong and multiple other new products focusing on various colour patterns from independent producers, the sharp growth of 2020 will likely not continue over the forecast period.
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Understand the latest market trends and future growth opportunities for the Apparel Accessories industry in Hong Kong, China with research from Euromonitor International's team of in-country analysts – experts by industry and geographic specialisation.
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This report originates from Passport, our Apparel Accessories research and analysis database.
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