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Description

Description

Covered in this report

Fashion accessories are estimated to have recorded strong growth in the UK in 2019, rising 4.7% to £3.6 billion from £3.4 billion in 2018. However, large disparities within the category remain. The market is benefiting from trends in the wider fashion industry, notably premiumisation, which is causing polarity in the market, with people opting either to purchase high-end or affordable items. Furthermore, the category is becoming increasingly fragmented, with new accessory brands and retailers such as Astrid & Miyu gaining attention via social media advertising.


The continued development of online retailing and engagement with brands via social media is changing the way consumers shop, putting pressure on traditional bricks-and-mortar retailers. As a result, high-street specialists such as Accessorize and Claire’s are struggling to remain competitive in the saturated fashion accessories market. The brands and retailers standing out are those that are evolving and changing their approach – either by engaging with their target consumers via more personalised.

“Fashion accessories are expected to have performed well in 2019, mainly due to the continued growth of the luxury market. However, the future of the category is difficult to predict due to the uncertainty still surrounding Brexit. High street specialists have been underperforming over the last couple of years and the retail market for fashion accessories has become increasingly fragmented. Those wanting to do well must do more to stand out from competitors and offer customers a superior experience.”

– Chana Baram, Senior Retail Analyst

This Report looks at the following areas:

  • The rise of the affordable premium bag
  • Hair accessories are having a moment
  • Technology could play a bigger role in fashion accessory retailing

What's included

What's included

Table of contents

Table of contents

  1. Overview

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

          • The market
            • Fashion accessory spending is estimated to have grown by 5% in 2019
              • Figure 1: Best- and worst-case forecast of UK value sales of fashion accessories, 2014-24
            • Bags are the strongest growing category
              • Figure 2: Value share of the fashion accessories market, by category, 2016-19
            • Tourism numbers and spending declined in 2018, but has been on the up in 2019
              • Figure 3: Trends in inbound tourism to the UK, 2003-18
            • Companies and brands
              • High-street specialists are struggling to stand out
                • A new wave of fashion accessory collaborations enters the market
                  • Advertising spending on fashion accessories decreases in 2019
                    • Figure 4: Total above-the-line, online display and direct mail annual advertising expenditure on fashion accessories, 2016-19
                  • Premium brands seen as trustworthy and unique
                    • Figure 5: Attitudes towards and usage of selected brands, December 2019
                  • The consumer
                    • Figure 6: Types of fashion accessories purchased in the last 12 months, October 2017 and October 2019
                  • Most buy fashion accessories for themselves
                    • Figure 7: Who fashion accessories have been purchased for, October 2017 and October 2019
                  • Nearly three quarters bought fashion accessories in-store
                    • Figure 8: Channels used for buying fashion accessories, October 2019
                  • Many people have bought fashion accessories from a pureplay retailer
                    • Figure 9: Retailers where fashion accessories were bought in the last 12 months, October 2019
                  • When choosing accessories, there is considerable interest in price and longevity
                    • Figure 10: Reasons for purchasing fashion accessories, October 2019
                  • People are interested in innovations involving personalisation and sustainability
                    • Figure 11: Consumer interest in fashion accessory innovations, October 2019
                  • The convenience of online is most appealing to shoppers
                    • Figure 12: Behaviours of fashion accessory shoppers, October 2019
                  • What we think
                  • Issues and Insights

                    • The rise of the affordable premium bag
                      • The facts
                        • The implications
                          • Hair accessories are having a moment
                            • The facts
                              • The implications
                                • Figure 13: An example of the hair accessories sold at July Child, 2019
                              • Technology could play a bigger role in fashion accessory retailing
                                • The facts
                                  • The implications
                                    • Figure 14: Virtual try on Scarfi app in Westfield London, 2016
                                • The Market – What You Need to Know

                                  • Fashion accessory spending is estimated to have grown by 5% in 2019…
                                    • …but is forecast to slow over the next five years
                                      • Bags are the strongest growing category
                                        • Tourism numbers and spending declined in 2018
                                          • Inflation on accessories was down in 2019
                                          • Market Size and Forecast

                                            • Accessories grow by 4.7% in 2019
                                              • Figure 15: Best- and worst-case forecast of UK value sales of fashion accessories, 2014-24
                                            • The market is predicted to slow over the next five years
                                              • Figure 16: Value sales of fashion accessories in the UK, at current and 2019 prices, 2014-24
                                            • Forecast methodology
                                            • Market Segmentation

                                              • Bags show strongest growth
                                                • Figure 17: UK value sales of fashion accessories, by segment, 2014-19
                                                • Figure 18: Value share of the fashion accessories market, by category, 2016-19
                                              • The hair accessory trend has led to an uptick in spending
                                                • Costume jewellery sales remain relatively flat
                                                • Market Drivers

                                                  • Tourism and spending declined in 2018…
                                                    • Figure 19: Trends in inbound tourism to the UK, 2003-18
                                                  • …but the weak Pound encouraged spending in 2019
                                                    • Figure 20: Average monthly exchange rate between GBP and USD, 2015-19
                                                  • Brexit is causing uncertainty
                                                    • Figure 21: Economic outlook consumer tracker, November 2019
                                                  • Many more are inclined to add to savings
                                                    • Figure 22: Trends in what extra money is spent on, October 2018 vs October 2019
                                                  • Inflation on accessories is in decline
                                                    • Figure 23: Consumer prices inflation: accessories and clothing, October 2018-October 2019
                                                  • Handbags are the most popular fashion accessory bought
                                                    • Figure 24: Items respondents have purchased for themselves, June 2019
                                                • Companies and Brands – What You Need to Know

                                                  • High-street specialists are struggling to stand out
                                                    • Luxury brands see sales growth
                                                      • Sustainability is a big focus for new launches
                                                        • Advertising spending on fashion accessories is down in 2019
                                                          • High-end brands seen as unique while high-street specialists suffer
                                                          • Competitive Strategies

                                                            • Financial outlook
                                                              • Figure 25: Key financials of the main players in the fashion accessories market, 2015-18
                                                            • Mulberry struggling to stand out
                                                              • Figure 26: Mulberry’s AW19 campaign shot in a pub, 2019
                                                            • Investment leads to growth in international revenue for Furla
                                                              • Accessorize undergoes CVA
                                                                • Radley expands internationally as UK sales slow
                                                                  • Lulu Guinness’ new digital strategy
                                                                  • Launch Activity and Innovation

                                                                    • Retail openings
                                                                      • Selfridges extends accessories halls in London and Manchester
                                                                        • Figure 27: Selfridges extended accessories hall in Oxford Street store, 2018
                                                                      • Gieves & Hawkes dedicates a room to Ettinger accessories
                                                                        • Figure 28: Gieves & Hawkes new ‘Ettinger Accessories Room’, 2019
                                                                      • Louis Vuitton re-opens its Bond Street store
                                                                        • Figure 29: Inside Louis Vuitton’s new Bond Street store, 2019
                                                                      • Furla opens third London store
                                                                        • Figure 30: Furla’s new Westfield London boutique, 2019
                                                                      • Nappa Dori opens first European store in London
                                                                        • Figure 31: Nappa Dori’s first European store in Covent Garden, 2019
                                                                      • Mulberry launches concept store in Leeds
                                                                        • Pre-owned
                                                                          • Luxury accessories resale retailer Xupes opens flagship store
                                                                            • Vestiaire concession opens in Selfridges
                                                                              • Figure 33: Vestiaire Collective concession, 2019
                                                                            • Farfetch launches bag re-sale platform
                                                                              • Product launches
                                                                                • Radley launches men’s collection with Pat Cash
                                                                                  • Figure 34: Radley’s new Redchurch Street men’s collection, 2019
                                                                                • Furla launches new ‘see-now-buy-now’ collection
                                                                                  • Figure 35: Furla unveils its new icon 1927 SS20 collection, 2019
                                                                                • Eco-friendly
                                                                                  • Prada’s Re-Nylon bags
                                                                                    • Figure 36: Prada’s Re-Nylon bags, 2019
                                                                                  • New Look launches vegan range
                                                                                    • Figure 37: New Look teams up with The Vegan Society for new range, 2019
                                                                                  • Mulberry unveils its first 100% sustainable bag
                                                                                    • Figure 38: Mulberry’s Portobello Tote, 2019
                                                                                  • Retailers and brands ban exotics
                                                                                    • Collaborations
                                                                                      • Acne Studios and Mulberry launch collaboration
                                                                                        • Figure 39: Acne Studios & Mulberry collection, 2019
                                                                                      • Hype launches Disney collection
                                                                                        • Figure 40: Hype’s Disney accessories, 2019
                                                                                      • Cath Kidston launches Jungle Book range
                                                                                        • Figure 41: Cath Kidston Jungle Book collection, 2019
                                                                                      • Lulu Guinness collaborates with Christopher Brown
                                                                                        • Figure 42: Lulu Guinness x Christopher Brown collection, 2019
                                                                                    • Advertising and Marketing Activity

                                                                                      • Advertising spend is down in 2019
                                                                                        • Figure 43: Total above-the-line, online display and direct mail annual advertising expenditure on fashion accessories, 2016-19
                                                                                      • Prada tops list of spenders, closely followed by Loewe
                                                                                        • Figure 44: Total above-the-line, online display and direct mail advertising expenditure on fashion accessories, by top 20 advertisers, 2014-19
                                                                                      • Loewe launches ‘An Otters Tale’ holiday campaign
                                                                                        • Figure 45: Still image from Loewe’s Christmas Capsule collection, 2019
                                                                                      • Rewired clothing cashes in on Love Island fame
                                                                                        • Delvaux brings in celebrities for its latest film campaign
                                                                                          • Fashion accessories brands continue to bank on print advertising
                                                                                            • Figure 46: Total above-the-line, online display and direct mail advertising expenditure on fashion accessories, by advertiser and media type, 2016-19
                                                                                          • Prada focuses on digital
                                                                                            • Figure 47: Pixie Geldof in Prada’s social media holiday campaign, 2019
                                                                                            • Figure 48: Total above-the-line, online display and direct mail advertising expenditure on fashion accessories, by advertiser and media type, 2019
                                                                                          • Nielsen Ad Intel coverage
                                                                                          • Brand Research

                                                                                              • Brand map
                                                                                                • Figure 49: Attitudes towards and usage of selected brands, December 2019
                                                                                              • Key brand metrics
                                                                                                • Figure 50: Key metrics for selected brands, December 2019
                                                                                              • Brand attitudes: Radley appreciated for its quality
                                                                                                • Figure 51: Attitudes, by brand, December 2019
                                                                                              • Brand personality: Claire’s and Accessorize are the most accessible of the brands
                                                                                                • Figure 52: Brand personality – macro image, December 2019
                                                                                              • Michael Kors is viewed as stylish, but also perceived to be overrated
                                                                                                • Figure 53: Brand personality – micro image, December 2019
                                                                                              • Brand analysis
                                                                                                • Michael Kors increases its brand cachet since its takeover of other luxury brands
                                                                                                  • Figure 54: User profile of Michael Kors, December 2019
                                                                                                • Radley customers give the brand a positive endorsement
                                                                                                  • Figure 55: User profile of Radley, December 2019
                                                                                                • Accessorize benefits from high levels of awareness, but fails to stand out
                                                                                                  • Figure 56: User profile of Accessorize, December 2019
                                                                                                • Most are unaware of Furla, but it is the brand most likely to be a favourite
                                                                                                  • Figure 57: User profile of Furla, December 2019
                                                                                                • Claire’s has the highest levels of usage, but lowest number of recommendations
                                                                                                  • Figure 58: User profile of Claire’s Accessories, December 2019
                                                                                              • The Consumer – What You Need to Know

                                                                                                • The number of men buying bags has increased
                                                                                                  • Fashion accessories are a popular purchase for children
                                                                                                    • Many people have bought fashion accessories from a pureplay retailer
                                                                                                      • When choosing accessories, people are interested in price and longevity
                                                                                                        • People are interested in innovations of personalisation and sustainability
                                                                                                          • The convenience of online is most appealing to shoppers
                                                                                                          • Fashion Accessories Purchased

                                                                                                            • Buying patterns remain relatively similar over the last two years
                                                                                                              • Figure 59: Types of fashion accessories purchased in the last 12 months, October 2017 and October 2019
                                                                                                            • The number of men buying bags has increased
                                                                                                              • Figure 60: Number of men who bought bags, by age group, October 2017 and October 2019
                                                                                                            • Young shoppers are most likely to buy fashion accessories
                                                                                                              • Figure 61: Repertoire of fashion accessories purchased, by generation, October 2019
                                                                                                          • Who Fashion Accessories are Bought For

                                                                                                            • Most buy for themselves, but smaller accessories make for popular gifts
                                                                                                              • Figure 62: Who fashion accessories have been purchased for, October 2017 and October 2019
                                                                                                            • Men are more likely to buy for a partner
                                                                                                              • Figure 63: Who fashion accessories have been purchased for, by gender, October 2019
                                                                                                            • Fashion accessories frequently purchased for young children
                                                                                                              • Figure 64: Number of people who bought fashion accessories for their children, by age of child in household, October 2019
                                                                                                          • Where Fashion Accessories are Bought

                                                                                                            • Nearly three quarters bought fashion accessories in-store
                                                                                                              • Figure 65: Channels used for buying fashion accessories, October 2019
                                                                                                            • Pureplay retailers top place to buy fashion accessories
                                                                                                              • Figure 66: Retailers where fashion accessories were bought in the last 12 months, October 2019
                                                                                                            • Men are more likely to buy from luxury brands
                                                                                                              • Figure 67: Purchasing from value retailers vs. luxury brands, by gender, October 2019
                                                                                                            • Millennials are the most likely to shop around
                                                                                                              • Figure 68: Repertoire of retailers fashion accessories were bought from, by generation, October 2019
                                                                                                          • Triggers for Purchasing Fashion Accessories

                                                                                                            • Longevity and offers are most important factors
                                                                                                              • Figure 69: Reasons for purchasing fashion accessories, October 2019
                                                                                                            • Millennials are the most likely to want niche brands
                                                                                                              • Figure 70: People most likely to buy fashion accessories that are handmade or made by independent brands, by generation, October 2019
                                                                                                          • Interest in Fashion Accessory Innovations

                                                                                                            • Personalisation and sustainability pique consumers interests
                                                                                                              • Figure 71: Consumer interest in fashion accessory innovations, October 2019
                                                                                                            • Younger shoppers are particularly drawn to personalisation
                                                                                                              • Figure 72: Up To You Anthology homepage, 2019
                                                                                                            • The VIP model proves popular for accessories shoppers
                                                                                                              • Men are more interested in technology innovations
                                                                                                                • Figure 73: Interest in technology innovations for fashion accessories, by gender, October 2019
                                                                                                              • Fashion rentals most popular for younger consumers
                                                                                                              • Behaviours of Fashion Accessory Shoppers

                                                                                                                • The convenience of online appeals to shoppers
                                                                                                                  • Figure 74: Behaviours of fashion accessory consumers towards online shopping, October 2019
                                                                                                                • Good customer service can make a retailer stand out from the crowd
                                                                                                                  • Figure 75: Behaviours of fashion accessory consumers towards shopping experiences, October 2019
                                                                                                                • There is considerable consumer interest in more unique items
                                                                                                                  • Figure 76: Behaviours of fashion accessory consumers towards new products, October 2019
                                                                                                                • Fashion accessory trends are moving towards small status items
                                                                                                                  • Figure 77: Behaviours of fashion accessory consumers towards fashion accessory trends, October 2019
                                                                                                              • Appendix – Data Sources, Abbreviations and Supporting Information

                                                                                                                  • Abbreviations
                                                                                                                    • Consumer research methodology
                                                                                                                    • Appendix – Market Size and Forecast

                                                                                                                      • Forecast methodology
                                                                                                                        • Best- and worst-case forecast
                                                                                                                          • Figure 78: Forecast consumer spending on fashion accessories, 2019-24

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