Updated Dec 3, 2022 18:20

Apparel Accessory Market in the United States

Market Overview
The U.S. apparel accessory market declined dramatically to $ in , waning by -% against the previous year. This figure reflects the total revenues of producers and importers (excluding logistics costs, retail marketing costs, and retailers' margins, which will be included in the final consumer price). Over the period under review, consumption recorded a relatively flat trend pattern. As a result, consumption attained the peak level of $, and then contracted rapidly in the following year.

In value terms, apparel accessory production amounted to $ in . Over the period under review, production showed a relatively flat trend pattern. The growth pace was the most rapid in 2017 with an increase of %. Over the period under review, production attained the maximum level at $ in 2018; however, from 2019 to , production stood at a somewhat lower figure.


Consumption
In , apparel accessory consumption in the United States fell to tons, shrinking by -% against the previous year. Over the period under review, consumption showed a perceptible decrease. As a result, consumption reached the peak volume of tons. From to , the growth of the consumption failed to regain momentum.

The revenue of the apparel accessory market in the United States amounted to $ in , growing by % against the previous year. This figure reflects the total revenues of producers and importers (excluding logistics costs, retail marketing costs, and retailers' margins, which will be included in the final consumer price). In general, consumption saw a relatively flat trend pattern. As a result, consumption attained the peak level of $. From to , the growth of the market remained at a lower figure.


Market Forecast
Depressed by shrinking demand for apparel accessory in the United States, the market is expected to continue its downward consumption trend over the next eight years. The performance of the market is forecast to contract with an anticipated CAGR of -% for the period from to , which is projected to depress the market volume to tons by the end of .

In value terms, the market is forecast to contract with an anticipated CAGR of +% for the period from to , which is projected to bring the market value to $ (in nominal prices) by the end of .


Market Structure
Apparel accessory market in the United States consists almost entirely of imported products. In recent years, import price have increased sharply. Despite the hike in price, the United States relies completely on foreign supplies: the volume of domestic output remains insufficient to satiate market demand. In , the share of imports in total consumption accounted for % in value terms and % in physical terms. The share of imports decreased moderately (- percentage point) over the period under review.


Trade Balance
The United States remains a net importer of apparel accessory; in physical and value terms, imports consistently exceeded exports from 2013 to . In , there was a significant trade deficit of tons, which was equal to $. This tangible trade deficit reflects the fact that the market remains dependent on imports, which is likely to continue in the medium term.