Fashion Accessories Retailing - UK - July 2009
Belts are the most popular fashion accessory, with more than 16 million broadband users buying at least one in the last year. The over-35s have less interest in buying accessories as they have changing spending priorities. Instead, there exist opportunities to promote belts to the accessories-buying 16-24s who are the most are the most interested in changing fashions and they have few commitments other than spending on themselves.
There are opportunities to drive online sales of accessories further. Sixteen percent of people, bought fashion accessories online in 2008, and the online fashion market is expected to be worth £4.12 billion in 2009.
A third of women ‘need’ a ‘wardrobe’ of different handbags. Whether in store or online, wide selections and effective displays are key to attracting occasion-specific purchases.
When buying accessories, the ‘feelgood’ factor is key for a third of women. Quality is fundamental for a fifth of women. In-store purchases which emphasise the whole shopping experience – from visual merchandising to staff service on the floor and at the till are likely to keep online sales at bay in the short-term
Over-55s women provide the greatest opportunity in the handbag market: over half of this group consider a handbag to be an important purchase, but only a third actually bought one in the last twelve months. This group has a great interest in quality, so increases in buying frequency, or upgrades in value of purchase offer considerable potential amongst this group.
The over-35s are amongst the least frequent buyers of accessories: neither feelgood nor quality motivates here. Two-thirds of this group are not buying on an annual basis. Encouraging some self-indulgence alongside some help with style, could grow this market: longer styles for more ‘mature’ waistlines and more visual cues (ie mannequins and photo posters) to show how they can be worn.
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