Like most of the apparel and footwear categories, apparel accessories exhibited sharp volume decline in 2017. Consumers are favouring basic and essential apparel items and are recycling or keeping their old accessories.
While all subcategories showed lower volumes in 2017, hats/caps had the least negative performance, in contrast to scarves – the worst performing category. Both indicators are showing a change in styles in Venezuela where baseball caps and “gangsta hats” are very popular items, while scarves are less common among Venezuelans.
Apparel and footwear specialist retailers continued to be the most important channel for sales of apparel accessories in 2017 due to other channels focusing on more basic products.
Apparel accessories is largely fragmented with no visible leading brand. Some important companies and brands such as Avon, Zara and CyZone offer a small range of apparel accessories so their overall impact is very limited.
There are numerous artisanal products, in particular scarves and headbands, that emerged in the Venezuelan market after import restrictions limited the entry of foreign merchandise. Local designers may start to gain more value share over the forecast period due to the organisation of many local craft fairs in all major cities of the country is presented as a cheaper that recognised brands and advertising creative proposals through Instagram that allows consumers to have a more personalised alternative.
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This industry report originates from Passport, our Apparel and Footwear market research database