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Fashion Accessories - UK - January 2014

“Consumers aged 25-34 are starting to dominate fashion accessories purchases, so retailers need to make sure that their products and retail offering meet their needs. This growing demographic are strongly influenced by new trends and show the most interest in purchasing accessories online, highlighting the growth potential for the online fashion accessories market.”

– Tamara Sender, Senior Fashion Analyst

Some questions answered in this report include:

  • How can retailers drive sales of other fashion accessories apart from handbags?
  • Which demographics dominate purchases of accessories?
  • Which retailers and brands stand out in the sector?
  • How retailers can stand out in a price sensitive market?

The fashion accessories market has continued to grow in 2013 driven by strong handbag sales. While accessories have performed well, growth has slowed as young people, who are the keenest buyers, become more cautious due to increased financial pressures. The market has become increasingly price sensitive and more promotional, with Mintel’s consumer research finding that low prices and sales/special offers are the main motivators for purchasing new accessories.

While price is key to motivating purchases, other factors such as quality, a good selection of brands and online options are also important when deciding which retailer to buy from. A new fashion trend and innovative products are key purchasing incentives for under-35s, who are the main purchasers, when buying handbags and costume jewellery.

This report looks at what consumers spend their extra money on, which fashion accessories they have bought in the last 12 months, where they have purchased them and what motivates them to buy from one retailer over another. It also analyses the reasons why consumers buy handbags and costume jewellery.

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Table of contents

  1. Introduction

      • Definition
        • Abbreviations
        • Executive Summary

            • The market
              • Figure 1: Best- and worst-case forecast of UK value sales of fashion accessories, 2008-18
            • Accessories market continues to grow
              • Market factors
                • Growing 25-34s to dominate fashion accessories market
                  • Ageing population presents opportunities
                    • Technology products encroach on accessories spend
                      • Leisure activities take priority over accessories and clothing
                        • Companies, brands and innovation
                          • Brand research
                            • Figure 2: Fashion accessories brand personality – micro image, December 2013
                          • The consumer
                            • Clothes and shoes are main priorities
                              • Figure 3: What extra money is spent on, October 2013
                            • 25-34s show growing interest in handbags
                              • Figure 4: Recent purchase of accessories, by gender, October 2013
                            • Value retailers remain most popular for accessories
                              • Figure 5: Where fashion accessories are bought, by gender, October 2013
                            • Low price is the main motivator
                              • Figure 6: Importance of factors for consumers choosing one retailer over another when buying fashion accessories, October 2013
                            • 25-34s mainly buy handbags and jewellery for a special occasion
                              • Figure 7: Factors that motivate purchases of handbags and costume jewellery, October 2013
                            • What we think
                            • Issues and Insights

                                • How can retailers drive sales of other fashion accessories apart from handbags?
                                  • The facts
                                    • The implications
                                      • Which demographics dominate purchases of accessories?
                                        • The facts
                                          • The implications
                                            • Which retailers and brands stand out in the sector?
                                              • The facts
                                                • The implications
                                                  • How retailers can stand out in a price sensitive market?
                                                    • The facts
                                                      • The implications
                                                      • Trend Applications

                                                          • Trend: Second Skin
                                                            • Trend: Experience is All
                                                              • Futures: Old Gold
                                                              • Market Environment

                                                                • Key points
                                                                  • Population trends
                                                                    • Figure 8: Trends in the age structure of the UK population, 2008-18
                                                                  • Growing 25-34s to dominate fashion accessories market
                                                                    • Growth potential for male fashion accessories
                                                                      • Ageing population presents opportunities
                                                                        • Socio-economic groups
                                                                          • Figure 9: Forecast adult population trends, by socio-economic group, 2008-18
                                                                        • Technology products encroach on accessories spend
                                                                          • Leisure activities take priority over accessories and clothing
                                                                            • Figure 10: What extra money is spent on, November 2013
                                                                        • Strengths and Weaknesses

                                                                          • Strengths
                                                                            • Weaknesses
                                                                            • Who's Innovating?

                                                                              • Key points
                                                                                • Clothing retailers launch accessory stores
                                                                                  • Figure 11: Mango Touch, London’s One New Change
                                                                                • Retailers extend accessories range
                                                                                  • Figure 12: Interior of M&S’s new accessories department at Pantheon store in London
                                                                                • Celebrity/designer collaborations
                                                                                  • Figure 13: Holly Fulton clutch bag for Radley
                                                                                • Focus on quality
                                                                                  • Ethical accessories
                                                                                    • Figure 14: Topshop accessories department
                                                                                  • New stores and pop-ups
                                                                                      • Figure 15: Radley pop-up shop in Westfield London Stratford
                                                                                  • Competitive Context

                                                                                    • Key points
                                                                                      • Accessories outperform other areas of fashion over last five years
                                                                                        • Figure 16: UK retail value sales of clothing, footwear and accessories, 2008-13
                                                                                      • Accessories account for 4% of total fashion market
                                                                                        • Figure 17: UK retail value sales of clothing, footwear and accessories, as a percentage of total fashion sales, 2013
                                                                                    • Market Size and Forecast

                                                                                      • Key points
                                                                                        • Market continues to grow
                                                                                          • Figure 18: Best- and worst-case forecast of UK value sales of fashion accessories, 2008-18
                                                                                        • The future
                                                                                          • Fashion accessories sales to rise 30% by 2018
                                                                                            • Figure 19: Value sales of fashion accessories, 2008-18
                                                                                          • Factors used in the forecast
                                                                                          • Segment Performance

                                                                                            • Key points
                                                                                              • Figure 20: UK retail sales of fashion accessories, by sector, 2012 and 2013
                                                                                            • Handbags
                                                                                              • Costume jewellery
                                                                                                • Hats
                                                                                                  • Scarves
                                                                                                    • Belts
                                                                                                    • Space Allocation Summary

                                                                                                      • Key points
                                                                                                        • Space allocations: Detailed estimates
                                                                                                          • Figure 21: Space allocation estimates for fashion accessories, September 2013
                                                                                                        • Retail product mix
                                                                                                          • Figure 22: Estimated sales breakdown for fashion accessories, 2012/13
                                                                                                        • Estimated sales densities
                                                                                                          • Figure 23: Major retailers sales densities for fashion accessories, 2013
                                                                                                      • Retailer Profiles

                                                                                                        • Accessorize
                                                                                                          • Figure 24: Accessorize store, London
                                                                                                        • Background
                                                                                                          • Financial performance and strategy
                                                                                                            • Figure 25: Financial performance of Monsoon Accessorize Limited, 2011 and 2012
                                                                                                          • Retail offering and brand positioning
                                                                                                            • Recent developments and marketing
                                                                                                              • Claire’s Accessories
                                                                                                                • Background
                                                                                                                  • Financial performance and strategy
                                                                                                                    • Figure 26: Financial performance of Claire’s Accessories UK Limited, 2012 and 2013
                                                                                                                  • Retail offering and brand positioning
                                                                                                                    • Recent developments and marketing
                                                                                                                      • Mulberry
                                                                                                                        • Background
                                                                                                                          • Financial performance and strategy
                                                                                                                            • Figure 27: Financial performance of Mulberry Group plc, 2012 and 2013
                                                                                                                          • Retail offering and brand positioning
                                                                                                                            • Recent developments and marketing
                                                                                                                              • Radley
                                                                                                                                • Figure 28: Radley pop-up store in Westfield Stratford
                                                                                                                              • Background
                                                                                                                                • Financial performance and strategy
                                                                                                                                  • Figure 29: Financial performance of Radley + Co. Limited, 2011 and 2012
                                                                                                                                • Retail offering and brand positioning
                                                                                                                                  • Recent developments and marketing
                                                                                                                                    • Swarovski
                                                                                                                                      • Background
                                                                                                                                        • Financial performance and strategy
                                                                                                                                          • Figure 30: Financial performance of Swarovski UK Limited, 2011 and 2012
                                                                                                                                        • Retail offering and brand positioning
                                                                                                                                          • Recent developments and marketing
                                                                                                                                          • Brand Communication and Promotion

                                                                                                                                            • Key points
                                                                                                                                              • Figure 31: Main monitored media advertising expenditure on fashion accessories, by main fashion accessories brands and retailers, 2009-13
                                                                                                                                              • Figure 32: handbag designed by Laura Bailey for Radley for Spring/Summer 2013
                                                                                                                                          • Brand Research

                                                                                                                                            • Brand map
                                                                                                                                                • Figure 33: Attitudes towards and usage of brands in the fashion accessories sector, December 2013
                                                                                                                                              • Correspondence analysis
                                                                                                                                                • Brand attitudes
                                                                                                                                                  • Figure 34: Attitudes, by fashion accessories brand, December 2013
                                                                                                                                                • Brand personality
                                                                                                                                                  • Figure 35: Fashion accessories brand personality – macro image, December 2013
                                                                                                                                                  • Figure 36: Fashion accessories brand personality – micro image, December 2013
                                                                                                                                                • Brand experience
                                                                                                                                                  • Figure 37: Fashion accessories brand usage, December 2013
                                                                                                                                                  • Figure 38: Satisfaction with various fashion accessories brands, December 2013
                                                                                                                                                  • Figure 39: Consideration of fashion accessories brands, December 2013
                                                                                                                                                  • Figure 40: Consumer perceptions of current fashion accessories brand performance, December 2013
                                                                                                                                                • Brand index
                                                                                                                                                  • Figure 41: Fashion accessories brand index, December 2013
                                                                                                                                                • Target group analysis
                                                                                                                                                  • Figure 42: Target groups, December 2013
                                                                                                                                                  • Figure 43: Fashion accessories brand usage, by target groups, December 2013
                                                                                                                                                • Group One – Conformists
                                                                                                                                                  • Group Two – Simply the Best
                                                                                                                                                    • Group Three – Shelf Stalkers
                                                                                                                                                      • Group Four – Habitual Shoppers
                                                                                                                                                        • Group Five – Individualists
                                                                                                                                                        • The Consumer – What Fashion Items Extra Money is Spent On

                                                                                                                                                          • Key points
                                                                                                                                                            • Clothes and shoes are main priorities
                                                                                                                                                              • Figure 44: What extra money is spent on, October 2013
                                                                                                                                                            • Young people place more importance on handbags
                                                                                                                                                              • Costume jewellery and scarves compete
                                                                                                                                                              • The Consumer – Recent Purchase of Accessories

                                                                                                                                                                • Key points
                                                                                                                                                                    • Figure 45: Recent purchase of accessories, October 2013
                                                                                                                                                                  • 25-34s show growing interest in handbags
                                                                                                                                                                    • Costume jewellery
                                                                                                                                                                      • Seasonal accessories
                                                                                                                                                                        • Tie purchases remain steady
                                                                                                                                                                          • Figure 46: Recent purchase of accessories, by gender, October 2013
                                                                                                                                                                          • Figure 47: Recent purchase of accessories, by age, October 2013
                                                                                                                                                                          • Figure 48: Recent purchase of accessories, July 2012 and October 2013
                                                                                                                                                                        • 25-34s are the highest users
                                                                                                                                                                          • Figure 49: Repertoire of fashion accessories bought in the last 12 months, by gender, October 2013
                                                                                                                                                                      • The Consumer – Where Fashion Accessories Are Bought

                                                                                                                                                                        • Key points
                                                                                                                                                                            • Figure 50: Where fashion accessories are bought, by gender, October 2013
                                                                                                                                                                          • Value retailers remain most popular for accessories
                                                                                                                                                                            • M&S draws more men for accessories purchases
                                                                                                                                                                              • Department stores increase their appeal
                                                                                                                                                                                • 25-34s buy more accessories from women’s fashion stores
                                                                                                                                                                                  • Figure 51: Where fashion accessories are bought, by age, October 2013
                                                                                                                                                                                • Accessorize
                                                                                                                                                                                  • Where men shop
                                                                                                                                                                                    • Over half have bought accessories online
                                                                                                                                                                                      • Figure 52: Where fashion accessories are bought, in-store and online, October 2013
                                                                                                                                                                                    • Designer shoppers
                                                                                                                                                                                    • The Consumer – What Encourages Consumers to Buy Accessories

                                                                                                                                                                                      • Key points
                                                                                                                                                                                          • Figure 53: Importance of factors for consumers choosing one retailer over another when buying fashion accessories, October 2013
                                                                                                                                                                                        • Low price is the main motivator
                                                                                                                                                                                          • Over half have purchased discounted accessories
                                                                                                                                                                                            • Older people seek quality
                                                                                                                                                                                              • Nearly half of women want good selection of brands
                                                                                                                                                                                                • 25-34s most attracted to retailers for their online services
                                                                                                                                                                                                  • One in ten under-35s favour apps for purchases
                                                                                                                                                                                                    • Over a third look for best delivery options
                                                                                                                                                                                                      • ABs value store environment
                                                                                                                                                                                                        • Main customer motivators by retailers purchased from
                                                                                                                                                                                                          • Figure 54: Consumers who consider low price to be one of the factors that motivates them to buy fashion accessories, by retailer where accessories are bought, as a percentage above or below average, October 2013
                                                                                                                                                                                                          • Figure 55: Consumers who consider sale/special offer to be one of the factors that motivates them to buy fashion accessories, by retailer where accessories are bought, as a percentage above or below average, October 2013
                                                                                                                                                                                                          • Figure 56: Consumers who consider made from good quality materials to be one of the factors that motivates them to buy fashion accessories, by retailer where accessories are bought, as a percentage above or below average, October 2013
                                                                                                                                                                                                          • Figure 57: Consumers who consider store environment to be one of the factors that motivates them to buy fashion accessories, by retailer where accessories are bought, as a percentage above or below average, October 2013
                                                                                                                                                                                                        • Designer shoppers look for online options
                                                                                                                                                                                                        • The Consumer – What Motivates Purchases of Handbags and Costume Jewellery

                                                                                                                                                                                                          • Key points
                                                                                                                                                                                                              • Figure 58: Factors that motivate purchases of handbags and costume jewellery, October 2013
                                                                                                                                                                                                            • Discounts main reason for handbag and jewellery purchases
                                                                                                                                                                                                              • Two fifths motivated by replacement
                                                                                                                                                                                                                • 25-34s are motivated by a special occasion
                                                                                                                                                                                                                  • Figure 59: Factors that motivate purchases of handbags and costume jewellery, by age, October 2013
                                                                                                                                                                                                                • Gifting market
                                                                                                                                                                                                                  • Fashion trends
                                                                                                                                                                                                                    • In-store information
                                                                                                                                                                                                                      • Over-55s buy on impulse
                                                                                                                                                                                                                        • Men interested in innovative items
                                                                                                                                                                                                                          • Under-25s look for accessories to accompany outfit
                                                                                                                                                                                                                            • Findings of research on costume jewellery
                                                                                                                                                                                                                                • Figure 60: Attitudes towards shopping in-store and online for costume jewellery and precious metal jewellery, July 2013
                                                                                                                                                                                                                            • Appendix – Market Size and Forecast

                                                                                                                                                                                                                                • Figure 61: Best- and worst-case forecast of UK value sales of fashion accessories, 2013-18
                                                                                                                                                                                                                            • Appendix – Brand Research

                                                                                                                                                                                                                                • Figure 62: Brand usage, December 2013
                                                                                                                                                                                                                                • Figure 63: Brand commitment, December 2013
                                                                                                                                                                                                                                • Figure 64: Brand momentum, December 2013
                                                                                                                                                                                                                                • Figure 65: Brand diversity, December 2013
                                                                                                                                                                                                                                • Figure 66: Brand satisfaction, December 2013
                                                                                                                                                                                                                                • Figure 67: Brand attitude, December 2013
                                                                                                                                                                                                                                • Figure 68: Brand image – macro image, December 2013
                                                                                                                                                                                                                                • Figure 69: Brand image – micro image, December 2013
                                                                                                                                                                                                                                • Figure 70: Profile of target groups, by demographics, December 2013
                                                                                                                                                                                                                                • Figure 71: Psychographic segmentation by target groups, December 2013
                                                                                                                                                                                                                                • Figure 72: Brand usage, by target groups, December 2013
                                                                                                                                                                                                                              • Brand index
                                                                                                                                                                                                                                • Figure 73: Brand index, December 2013
                                                                                                                                                                                                                            • Appendix – The Consumer – What Fashion Items Extra Money is Spent On

                                                                                                                                                                                                                                • Figure 74: Most popular what extra money is spent on, by demographics, October 2013
                                                                                                                                                                                                                                • Figure 75: Next most popular what extra money is spent on, by demographics, October 2013
                                                                                                                                                                                                                            • Appendix – The Consumer – Recent Purchase of Accessories

                                                                                                                                                                                                                                • Figure 76: Most popular recent purchase of accessories, by demographics, October 2013
                                                                                                                                                                                                                                • Figure 77: Next most popular recent purchase of accessories, by demographics, October 2013
                                                                                                                                                                                                                                • Figure 78: Factors that motivate consumers to buy accessories from a particular retailer, by most popular recent purchase of accessories, October 2013
                                                                                                                                                                                                                                • Figure 79: Factors that motivate consumers to buy accessories from a particular retailer, by next most popular recent purchase of accessories, October 2013
                                                                                                                                                                                                                            • Appendix – The Consumer – Where Fashion Accessories Are Bought

                                                                                                                                                                                                                                • Figure 80: Most popular where accessories are bought – In-store/Online, by demographics, October 2013
                                                                                                                                                                                                                                • Figure 81: Next most popular where accessories are bought – In-store/Online, by demographics, October 2013
                                                                                                                                                                                                                                • Figure 82: Other where accessories are bought – In-store/Online, by demographics, October 2013
                                                                                                                                                                                                                                • Figure 83: Recent purchase of accessories, by most popular where accessories are bought – In-store/Online, October 2013
                                                                                                                                                                                                                                • Figure 84: Recent purchase of accessories, by next most popular where accessories are bought – In-store/Online, October 2013
                                                                                                                                                                                                                                • Figure 85: Recent purchase of accessories, by other where accessories are bought – In-store/Online, October 2013
                                                                                                                                                                                                                            • Appendix – The Consumer – What Encourages Consumers to Buy Accessories

                                                                                                                                                                                                                                • Figure 86: Most popular factors that motivate consumers to buy accessories from a particular retailer, by demographics, October 2013
                                                                                                                                                                                                                                • Figure 87: Next most popular factors that motivate consumers to buy accessories from a particular retailer, by demographics, October 2013
                                                                                                                                                                                                                            • Appendix – The Consumer – What Motivates Purchases of Handbags and Costume Jewellery

                                                                                                                                                                                                                                • Figure 88: Most popular factors that motivate purchases of handbags and accessories, by demographics, October 2013
                                                                                                                                                                                                                                • Figure 89: Next most popular factors that motivate purchases of handbags and accessories, by demographics, October 2013
                                                                                                                                                                                                                                • Figure 90: Factors that motivate purchases of handbags and accessories, by most popular where accessories are bought – In-store/Online, October 2013
                                                                                                                                                                                                                                • Figure 91: Factors that motivate purchases of handbags and accessories, by next most popular where accessories are bought – In-store/Online, October 2013
                                                                                                                                                                                                                                • Figure 92: Factors that motivate purchases of handbags and accessories, by other where accessories are bought – In-store/Online, October 2013

                                                                                                                                                                                                                            Companies Covered

                                                                                                                                                                                                                            • Accessorize UK
                                                                                                                                                                                                                            • Bank of England
                                                                                                                                                                                                                            • Claire's Stores Europe
                                                                                                                                                                                                                            • Condé Nast Publications Inc.
                                                                                                                                                                                                                            • Facebook, Inc.
                                                                                                                                                                                                                            • Google UK
                                                                                                                                                                                                                            • Grazia
                                                                                                                                                                                                                            • Hearst Magazines
                                                                                                                                                                                                                            • House of Fraser Plc
                                                                                                                                                                                                                            • Jean Paul Gaultier SA
                                                                                                                                                                                                                            • John Lewis Plc (department store)
                                                                                                                                                                                                                            • Karen Millen
                                                                                                                                                                                                                            • Links London Ltd
                                                                                                                                                                                                                            • Monsoon Accessorize Ltd - UK
                                                                                                                                                                                                                            • Mulberry Group
                                                                                                                                                                                                                            • Next Group
                                                                                                                                                                                                                            • Radley
                                                                                                                                                                                                                            • Roberto Cavalli
                                                                                                                                                                                                                            • Stephen Webster
                                                                                                                                                                                                                            • Swarovski
                                                                                                                                                                                                                            • Twitter, Inc.
                                                                                                                                                                                                                            • Valentino
                                                                                                                                                                                                                            • Viktor & Rolf
                                                                                                                                                                                                                            • Westfield Group

                                                                                                                                                                                                                            Fashion Accessories - UK - January 2014

                                                                                                                                                                                                                            US $2,648.76 (Excl.Tax)