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Fashion Accessories - UK - January 2016

“The fashion accessories market has faced a more challenging year in 2015 due to a slowdown in the luxury market. The handbags category, which accounts for half the market, has seen growth slow as consumers are opting for mid-priced bags over luxury labels and due to a trend for smaller styles such as cross-body bags. In this climate it has become even more important for brands and retailers to focus on engaging with aspirational Millennial shoppers and to develop collections that appeal to them, as well as to tap into the growth opportunities provided by wearable technology.”
– Tamara Sender, Senior Fashion Analyst

This report examines the following questions:

  • How is the fashion accessories market performing?
  • What can retailers/brands to do encourage purchasing?
  • How are the latest innovations changing the market?

The fashion accessories market is seeing slower growth as the slowdown in the luxury market is impacting sales. Handbag sales, which account for the largest share of the sector, have been hit by a trend for smaller and less expensive styles and a move towards mid-priced brands over luxury labels. Millennials are the main fashion accessories buyers and brands need to focus on attracting this growing new demographic of aspirational shoppers.

Online purchasing of accessories has risen significantly in the last two years, but there is still room for retailers to do more to drive purchasing by improving their online images and using outfit recommendation tools.

Technology fashion accessories are becoming a key growth opportunity as wearable technology is becoming more mainstream and several retailers and brands in the sector are starting to embrace this new category with items that link to your smartphone and incorporate contactless payment.

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Table of contents

  1. Overview

    • What you need to know
      • Products covered in this report
      • Executive Summary

          • The market
            • Accessories grow 3.4% in 2015
              • Figure 1: Value sales of fashion accessories in the UK, at current prices, 2010-20
            • Handbags account for 50% of market
              • French are the main visitors to the UK
                • Companies, brands and innovations
                  • Radley is the most trusted brand, while Gucci is seen as the most stylish
                    • Figure 2: Attitudes towards and usage of selected brands, September and October 2015
                  • Designer brands see weaker sales
                    • New developments
                      • Increasing activity in wearable tech accessories
                        • The consumer
                          • Half of women bought a handbag in last year
                            • Figure 3: Types of fashion accessories purchased in the last 12 months, October 2015
                          • Big rise in online purchasing of accessories
                            • Figure 4: Where fashion accessories were bought from in the last 12 months, October 2015
                          • Majority plan fashion accessories purchases
                            • Figure 5: Main reason for buying the last fashion accessory purchased, October 2015
                          • High demand for better online images
                            • Figure 6: Agreement with attitudes towards shopping for fashion accessories, October 2015
                          • 40% of Millennials prefer designer bags
                            • Figure 7: Agreement with attitudes towards handbags/manbags – ‘I prefer designer bags’, by generations, October 2015
                          • What we think
                          • Issues and Insights

                            • How is the fashion accessories market performing?
                              • The facts
                                • The implications
                                  • What can retailers/brands to do encourage purchasing?
                                    • The facts
                                      • The implications
                                        • How are the latest innovations changing the market?
                                          • The facts
                                            • The implications
                                            • The Market – What You Need to Know

                                              • Accessories grow 3.4% in 2015
                                                • Handbag sales slow
                                                  • Costume jewellery sees low sales growth
                                                    • Embellishments have been a key trend
                                                      • Tourism impacts the luxury market
                                                        • Consumers prioritise leisure activities over fashion spend
                                                          • Rising personal technology ownership
                                                          • Market Size and Forecast

                                                            • Accessories grow 3.4% in 2015
                                                              • Figure 8: Best- and-worst-case forecast of value sales of fashion accessories, 2010-20
                                                            • Handbag sales slow
                                                              • Figure 9: Value sales of fashion accessories in the UK, at current prices, 2010-20
                                                            • Forecast methodology
                                                            • Market Segmentation

                                                              • Handbags account for 50% of market
                                                                • Figure 10: UK value sales of fashion accessories, by segment, 2012-15
                                                              • Jewellery
                                                                • Hats
                                                                  • Scarves
                                                                    • Belts
                                                                      • Hair accessories
                                                                        • Embellishments have been a key trend
                                                                        • Market Drivers

                                                                          • Tourism figures
                                                                            • Figure 11: % change of inbound tourism to the UK, by world region, January-October 2014-January-October 2015
                                                                          • French are the main visitors to the UK
                                                                            • Figure 12: Top 20 countries, by volume of visits to the UK, 2014
                                                                          • Those from the US are the biggest spenders
                                                                            • Figure 13: Top 20 countries ranked, by amount spent when visiting the UK, 2014
                                                                          • Handbags are the most purchased accessory
                                                                            • Figure 14: Spending habits for clothing, footwear and accessories, March 2015 and September 2015
                                                                          • Inflation in the price of accessories
                                                                            • Figure 15: Consumer prices inflation: accessories and clothing, November 2014-November 2015
                                                                          • Consumers prioritise leisure activities over fashion spend
                                                                            • Figure 16: What extra money is spent on, October 2014 and October 2015
                                                                          • Rising personal technology ownership
                                                                            • Figure 17: Personal ownership of consumer technology products, by age, September 2015
                                                                          • Population
                                                                            • Figure 18: Trends in the age structure of the UK population, 2010-20
                                                                        • Key Players – What You Need to Know

                                                                          • Designer brands see weak sales
                                                                            • Focus on the UK
                                                                              • Increasing activity in wearable tech accessories
                                                                                • Young fashion retailers dedicate most space to accessories.
                                                                                  • Radley is the most trusted brand
                                                                                    • Gucci stands out as most stylish brand
                                                                                    • Space Allocation Summary

                                                                                      • Young fashion retailers dedicate most space to accessories
                                                                                        • Figure 19: Space allocation estimates for fashion accessories, October 2015
                                                                                      • Footwear retailers grow focus on accessories
                                                                                      • Competitive Strategies

                                                                                        • Financial outlook
                                                                                          • Figure 20: Key financials of the main players in the fashion accessories market, 2013-15
                                                                                        • Retail offering and brand positioning
                                                                                          • Digital activity
                                                                                            • New developments
                                                                                            • Launch Activity and Innovation

                                                                                              • Increasing activity in wearable tech accessories
                                                                                                • Figure 21: Ringly with black onyx, November 2015
                                                                                                • Figure 22: Bellabeat’s Leaf, November 2015
                                                                                              • Use of 3D printing
                                                                                                • Figure 23: WonderLuk pop-up at Topshop
                                                                                              • High street and designer collaborations
                                                                                                • Use of social media
                                                                                                  • Figure 24: Burberry Snapchat campaign
                                                                                              • Advertising and Marketing Activity

                                                                                                • Category advertising spend up
                                                                                                  • Figure 25: Recorded above-the-line, online display and direct mail total advertising expenditure on handbags, hats and gloves, jewellery, leather goods and neckwear, by leading UK fashion accessories brands and retailers, 2010-15
                                                                                                • Share of advertising spend
                                                                                                  • Figure 26: Percentage of recorded above-the-line, online display and direct mail total advertising expenditure on handbags, hats and gloves, jewellery, leather goods and neckwear, by leading UK fashion accessories brands and retailers, by media type, 2014
                                                                                                • What we’ve seen in 2015
                                                                                                  • Nielsen Media Research coverage
                                                                                                  • Brand Research

                                                                                                      • What you need to know
                                                                                                        • Brand map
                                                                                                          • Figure 27: Attitudes towards and usage of selected brands, September and October 2015
                                                                                                        • Key brand metrics
                                                                                                          • Figure 28: Key metrics for selected brands, September and October 2015
                                                                                                        • Brand attitudes: Radley is most trusted brand
                                                                                                          • Figure 29: Attitudes, by brand, September and October 2015
                                                                                                        • Brand personality: Mulberry perceived as exclusive
                                                                                                          • Figure 30: Brand personality – macro image, September and October 2015
                                                                                                        • Gucci is most stylish brand
                                                                                                          • Figure 31: Brand personality – micro image, September and October 2015
                                                                                                        • Brand analysis
                                                                                                          • Gucci revival helps brand image
                                                                                                            • Figure 32: User profile of Gucci, September 2015
                                                                                                          • Michael Kors seen as an accessible brand
                                                                                                            • Figure 33: User profile of Michael Kors, September 2015
                                                                                                          • Mulberry is highly trusted
                                                                                                            • Figure 34: User profile of Mulberry, October 2015
                                                                                                          • Radley has a good reputation
                                                                                                            • Figure 35: User profile of Radley, October 2015
                                                                                                          • Burberry viewed as a classic
                                                                                                            • Figure 36: User profile of Burberry, September 2015
                                                                                                          • Cambridge Satchel Company seen as urban
                                                                                                            • Figure 37: User profile of The Cambridge Satchel Company, October 2015
                                                                                                          • Anya Hindmarch seen as vibrant
                                                                                                            • Figure 38: User profile of Anya Hindmarch, October 2015
                                                                                                        • The Consumer – What You Need to Know

                                                                                                          • Half of women bought a handbag in last year
                                                                                                            • 25-44s drive costume jewellery purchases
                                                                                                              • Young buy most fashion accessories
                                                                                                                • Big rise in online purchasing of accessories
                                                                                                                  • Majority plan fashion accessories purchases
                                                                                                                    • Gift buying
                                                                                                                      • High demand for better online images
                                                                                                                        • Growing demand for tech fashion accessories
                                                                                                                          • 40% of Millennials prefer designer bags
                                                                                                                            • Nearly three quarters buy discounted bags
                                                                                                                            • Purchasing of Fashion Accessories

                                                                                                                              • Half of women bought a handbag in last year
                                                                                                                                • Young men buy manbags for themselves
                                                                                                                                  • Figure 39: Types of fashion accessories purchased in the last 12 months, October 2015
                                                                                                                                • 25-44s drive costume jewellery purchases
                                                                                                                                  • Driving accessories purchases among men aged 25+
                                                                                                                                    • Millennials buy most fashion accessories
                                                                                                                                        • Figure 40: Repertoire of purchases of three or more fashion accessories, by age, October 2015
                                                                                                                                    • Where Fashion Accessories are Bought

                                                                                                                                      • Value retailers lead for accessories
                                                                                                                                        • Figure 41: Where fashion accessories were bought from in the last 12 months, October 2015
                                                                                                                                      • Big rise in online purchasing of accessories
                                                                                                                                        • Young women prefer to buy from fashion stores
                                                                                                                                          • Figure 42: Where fashion accessories were bought from in the last 12 months, by age, October 2015
                                                                                                                                        • Accessorize loses popularity
                                                                                                                                        • What Motivates People to Buy Fashion Accessories

                                                                                                                                          • Majority plan fashion accessories purchases
                                                                                                                                            • Figure 43: Main reason for buying the last fashion accessory purchased, October 2015
                                                                                                                                          • Young women treat themselves to accessories
                                                                                                                                            • Women more likely than men to buy on impulse
                                                                                                                                              • Gift buying
                                                                                                                                                • Figure 44: Burberry Regent Street store
                                                                                                                                            • Attitudes towards Shopping for Fashion Accessories

                                                                                                                                              • High demand for better online images
                                                                                                                                                • Figure 45: Agreement with attitudes towards shopping for fashion accessories, October 2015
                                                                                                                                              • Using outfit recommendations to drive demand from men aged 25-44
                                                                                                                                                • Growing demand for tech fashion accessories
                                                                                                                                                    • Figure 46: Agreement with “I would be interested in a fashion accessory that incorporates the latest technology”, by age, October 2015
                                                                                                                                                  • 25-34s interested in personalising accessories
                                                                                                                                                  • Attitudes towards Handbags

                                                                                                                                                      • Figure 47: Attitudes towards handbags/manbags, October 2015
                                                                                                                                                    • 40% of Millennials prefer designer bags
                                                                                                                                                        • Figure 48: Agreement with attitudes towards handbags/manbags – ‘I prefer designer bags’, by generations, October 2015
                                                                                                                                                      • Young women tend to buy non-leather handbags
                                                                                                                                                        • Nearly three quarters buy discounted bags
                                                                                                                                                          • 18-24s drawn to small bags
                                                                                                                                                          • Appendix – Market Size and Forecast

                                                                                                                                                            • Forecast Methodology
                                                                                                                                                            • Appendix – Data Sources, Abbreviations and Supporting Information

                                                                                                                                                                • Abbreviations
                                                                                                                                                                  • Consumer research methodology

                                                                                                                                                                  Fashion Accessories - UK - January 2016

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