The market for little luxuries is still growing as consumers grow more confident—and sick of their stagnant wardrobes.
Adding some flair to the economy, clothing accessories stores are showing a pattern of growth. As signs of an economic recovery continue to develop, consumers are spending again on small luxury items. AnythingResearch.com notes that the accessory list includes jewelry, wallets, handbags, gloves, hats, and more.
Although the overall industry took a dip in 2009, AnythingResearch.com predicts strong growth may be partially because it allows consumers to make smaller, more frequent purchases to update their wardrobes. Clothing accessories stores have seen a year-over-year growth rate of 9 percent.
By the Numbers:
Annual growth in employment growth in handbags, luggage and clothing accessories stores from 2011 to 2016, according to IBISWorld
Annual revenue growth percentage for handbags, luggage and clothing accessories stores from 2008 to 2011, according to IBISWorld
Year-over-year growth rate for Clothing Accessories Stores, according to AnythingResearch.com