The Europe E-commerce Fashion Accessories Market would witness market growth of 14.0% CAGR during the forecast period (2023-2030).
The introduction and incorporation of new and advanced technology in eCommerce, such as virtual fittings to improve the consumer experience, is expected to lead to significant market possibilities. This technology eliminates the need for users to see and examine the tangible product and replicates the in-store experience.
E-commerce provides consumers with a vast selection of fashion accessories from which to choose. The unavailability or insufficiency of system security, standard communication protocols, and dependability is a significant factor inhibiting market expansion. Most market leaders are employing acquisition strategies to capture the largest market share possible.
One of the primary factors driving the market is the shift in consumer behavior. The modern consumer seeks convenience, diversity, and personalization in their shopping experience. E-commerce platforms provide all of these and more. With the power to shop anytime, anywhere, consumers are no longer bound by the constraints of physical stores or geographical locations. This behavior change has led to a surge in online fashion accessory shopping. Technology is at the heart of the market. The advancement of mobile devices, user-friendly apps, and secure payment gateways has made it easier than ever for consumers to shop online. Augmented reality (AR) and virtual reality (VR) applications transform how shoppers interact with fashion accessories. Try-before-you-buy features, where consumers can virtually try on accessories, have become a common practice.
According to the International Trade Administration, Germany's e-commerce industry is one of the largest in Europe. The total number of e-commerce consumers, internet penetration, and annual average expenditures are all higher than the European average. In 2021, total sales reached USD 127.5 billion, a 24 percent increase over 2020. The robust e-commerce industry in Germany can be attributed to the large percentage of the population (81 percent) that possesses a smartphone. In 2021, 59% of online purchases were made via mobile devices. Germany has a high smartphone penetration rate, with a significant portion of the population owning and regularly using smartphones. This widespread smartphone usage provides a solid foundation for mobile e-commerce.
The International Trade Administration reports that Internet purchasing is more prevalent in the United Kingdom than in any other nation. Customer e-commerce accounted for 30% of the UK's total retail sector, up from 20% in 2020, and generated over $120 billion annually. In 2021, 82% of the UK purchased at least one product online. In 2020, there were 53 million active social media users in the UK. The rising trend of internet shopping and the increasing number of social media users in the UK are expected to expand e-commerce fashion accessories further. The above aspects will drive market growth in this region.
The Germany market dominated the Europe E-commerce Fashion Accessories Market by Country in 2022, and would continue to be a dominant market till 2030; thereby, achieving a market value of $28,991.5 million by 2030. The UK market is experiencing a CAGR of 13% during (2023 - 2030). Additionally, The France market would exhibit a CAGR of 14.8% during (2023 - 2030).
Based on Product Type, the market is segmented into Watches & Jewelry, Luggage & Bags, and Others. Based on countries, the market is segmented into Germany, UK, France, Russia, Spain, Italy, and Rest of Europe.
Free Valuable Insights: The Global E-commerce Fashion Accessories Market will Hit $630.2 Billion by 2030, at a CAGR of 15%
The market research report covers the analysis of key stake holders of the market. Key companies profiled in the report include H & M Hennes & Mauritz AB, Walmart, Inc., Amazon.com, Inc., Nike, Inc., Industria de Diseno Textil, S.A. (Inditex S.A.), eBay, Inc., ASOS Plc (Frasers Group), Revolve Group, Inc., Zalando SE, and Nordstrom, Inc.
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