Global hair accessories market expected to reach $25.9 billion by 2027
The global hair accessories market size is expected to reach $25.9 billion by 2027, rising at a market growth of 9.6% CAGR (compound annual growth rate) during the forecast period.
According to new data from Regional Outlook, factors like an increasing preference for fashionable or trendy products serving utility purposes along with trying out trendy hairdo are estimated to propel the growth of the hair accessories market over the forecast period.
In addition, swift development in the advanced production technologies, the prevalence of various fashion trends and hairstyles, and the high accessibility of attractive accessories is expected to attract more customers to invest and fuel market growth.
The report suggests that Millennials and Gen Z are highly influenced by celebrities and are more eager to try out similar looks, motivating them to spend more on hair accessories. Along with that, these demographics are reportedly more comfortable in expressing individuality and investing in making style statements.
Increasing consumer disposable income is also enabling people to spend on various apparel, fashion, and accessories. In addition, the trend of showing off luxurious pictures on social media platforms is expected to also augment the growth of the market.
Recent developments in the hair accessories market include two new products from L'Oréal - one of which caters to the increasing number of customers who try to recreate the salon experience at home.
In September 2020, GHD launched the Platinum + Styler - the world's first predictive straightener. The straightener takes into consideration the thickness or thinness of a person's hair to determine the amount of power it requires to get their hair straight and manage the ideal 365-degree styling temperature.