The accessories segment is one of the popular product categories in the retail industry. Accessories are available in various categories, including shoes, bags, watches, and Jewelry. Accessories became the most essential category in the fashion industry.
The US is among the countries that are popular for fashion. New York and Los Angeles remain the most popular cities for the fashion industry across the globally.
The accessories segment in the US reached a value of $41 billion in 2021, growing 45% over that in the previous year. The segment grew due to growth in the retail product categories, following recovery in demand in the post-COVID-19 pandemic period. Brick and mortar and online businesses resumed their operations after being under restrictions for almost two years. Consumers also began spending more on lifestyle products. However, spending on luxury products remained low as they spent more on essential products.
The accessories segment in the country grew at a CAGR of 0.6% during 2017–2021.
The major accessory companies that have a strong presence in the US include Pandora Jewelry, Tapestry Inc, and Louis Vuitton. A variety of brands such as Louis Vuitton, Apple Inc, and Pandora Jewelry also influence the American fashion industry.
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