2022
9
UK Fashion Accessories Market Report 2022
2022-02-04T03:03:52+00:00
OX1101329
2195
147683
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Report
en_GB
“Fashion accessories are set to make a considerable recovery in 2022, mainly driven by a return in demand for the luxury market. High street specialists continue to struggle, with the…

UK Fashion Accessories Market Report 2022

£ 2,195 (Excl.Tax)

Description

The UK Fashion Accessories industry report identifies consumer attitudes towards fashion accessories trends, shopping behaviours, and innovations in accessories in the UK. This market report covers the fashion accessoires market size, market forecast, market segmentation and industry trends for the Fashion Accessories market in the UK. 

Current Market Landscape

Consumer spending on fashion accessories saw positive growth throughout 2021, with consumer confidence starting to return. However, the way consumers are shopping has changed significantly over the last 18 months. Purchases made via smartphone have increased, surpassing laptop purchasing, with younger generations driving this shift.

  • Spending on fashion accessories saw an 8% rise in 2020, reaching just under £3.6 billion.
  • 52% of 16-24 year olds, and 58% of 25-34 year olds have made a mobile purchase for fashion accessories in the last 12 months.
  • 41% of consumers have foregone a fashion accessory purchase in the past 12 months.

The luxury end of the market, particularly handbags, took a hit throughout the pandemic, especially with restrictions on inbound tourism. However, since the lifting of restrictions including those on social events, spending for accessories has made a return, as people treat themselves and spend their lockdown savings. Handbags remain popular, but with a shift towards working from home, more practical styles such as rucksacks are also seeing heightened demand.

Future Market Trends in Fashion Accessories

The expansion of non-specialist retailers into fashion accessories continues to threaten specialists’ share of the market. 2021 saw handbag brands who rely on department stores have suffered as they disappear. The category continues to be increasingly fragmented, with brands continuing to invest heavily into digital marketing through social media. The supply chain crisis and the rising costs for retailers as well as increasing inflation and energy prices affecting the cost of living will present a new challenge for the industry.

COVID-19 has further fuelled interest in the circular economy and second-hand fashion accessories, as well as more transparency within retailers’ supply chains and product sourcing. Retailers are answering calls for sustainability, with materials such as vegan leather are increasingly appearing within the market, as well as mushroom leather and apple waste leather. The expansion of the rental and resale market also continues to offer an opportunity for growth within the fashion accessories sector.

Read on to discover more details or take a look at all of our UK Clothing market research.

Quickly understand

  • The lasting impact of COVID-19 on the fashion accessories market.
  • How consumers’ shopping behaviours and attitudes have changed towards fashion accessories since COVID-19.
  • How and where consumers have purchased accessories in the last 12 months.
  • Innovations and opportunities for accessories retailers/brands within the market.

Covered in this report

Products: Handbags, costume jewellery, belts, scarves, hats, gloves, ties, hair accessories.

Brands: ASOS, Amazon, Primark, Next, Ted Baker, TK Maxx, Mulberry, Louis Vuitton, Poundland, Longchamp, Accessorize, Claire’s, Monsoon Accessorize, Radley, Furla, Debenhams, Michael Kors, Coperni, Miomojo, Stella McCartney, Harvey Nichols, Net-A-Porter, Vestiaire Collective, Cocoon, Gucci, Prada, Christian Dior Couture, Loewe, Coach, Aspinal Of London, Fendi, Givenchy, Miu Miu Fashions, Richemont Group, Dolce & Gabbana, Newchic, Ettiger London, Balenciaga, Longchamp, Original Buff Sa, Tods Boutique, Dune Group.

Expert analysis from a specialist in the field

This report, written by Utku Tansel, a leading analyst in the Retail sector, delivers in-depth commentary and analysis to highlight current trends and add expert context to the numbers.

Fashion accessories are set to make a considerable recovery in 2022, mainly driven by a return in demand for the luxury market. High street specialists continue to struggle, with the market for fashion accessories becoming increasingly fragmented. Accessories retailers must keep up with advances in social media and online purchasing, as well as sustainable innovations with their products if they are to remain relevant.

Fiona McDonald
Research Analyst

Table of Contents

  1. Overview

    • Key issues covered in this Report
    • COVID-19: market context
    • Economic and other assumptions
    • Products covered in this Report
  2. Executive Summary

    • Impact of COVID-19 on fashion accessories
      • Figure 1: Short-, medium- and long-term impact of COVID-19 on the fashion accessories category, 2020-25
    • The market
    • Fashion accessory market set to see strong growth
      • Figure 2: Market forecast for fashion accessories, 2016-26
    • Demand returns, and market share remains flat
      • Figure 3: Estimated consumer spending on fashion accessories, by subcategory, 2021
    • Companies and brands
    • Sustainability remains a key focus for brands
    • Specialists struggle against the rest of the high street
    • Press remains the favoured advertising form for accessories
    • The consumer
    • Buying patterns remain similar, but overall purchasing is down
      • Figure 4: Types of fashion accessories bought in the last 12 months, 2019 and 2021
    • Online surpasses in-store as the most common way to shop accessories
      • Figure 5: Channels used to purchase fashion accessories in the last 12 months, December 2021
    • Online-only players take the lead
      • Figure 6: Retailers used to purchase fashion accessories in the last 12 months, 2021
    • Huge demand for better quality items
      • Figure 7: Main improvements consumers want from fashion accessories retailers/brands, 2021
    • Interest in the resale market is growing
      • Figure 8: Future interest in innovations within fashion accessories, 2021
    • Practical styles increase in popularity
      • Figure 9: Consumer shopping behaviours for handbags, 2021
  3. Issues and Insights

    • How COVID-19 has affected the accessories market
    • Growth opportunities for fashion accessories
    • Rental and second-hand expanding
    • Expansion into the Metaverse
    • Buy now, pay later options encourage younger consumers into luxury purchases
    • Innovative fabrics in handbags as sustainability remains in sharp focus
  4. Market Size and Performance

      • Figure 10: Short-, medium- and long-term impact of COVID-19 on the fashion accessories category, 2020-25
    • Market sees 8% annual growth as demand for accessories returns
      • Figure 11: Market size for consumer spending on fashion accessories, at current and constant prices, 2016-2021
  5. Market Forecast

    • Strong recovery for fashion accessories
      • Figure 12: Market forecast for fashion accessories, 2021-26
      • Figure 13: Market forecast for consumer spending on fashion accessories, at current and constant prices, 2021-26
    • Market drivers and assumptions
      • Figure 14: Key drivers affecting Mintel’s market forecast, 2015-26
    • Forecast methodology
  6. Market Segmentation

    • Bags account for biggest share of consumer spending
      • Figure 15: Estimated consumer spending on fashion accessories by subcategory, 2021
    • Costume jewellery sales on the upturn
    • Growth in hair accessories market
      • Figure 16: Breakdown of estimated consumer spending on fashion accessories, 2015-21
  7. Market Drivers

    • Changes in the population structure
      • Figure 17: Trends in the age structure of the UK population, 2020-30
      • Figure 18: Breakdown of trends in the age structure of the UK population, 2015-25
    • Number of wealthy individuals in the UK decreases
      • Figure 19: Number of HNWIs in the UK, 2008-20
    • Inbound tourism falls due to COVID-19 restrictions
      • Figure 20: Total overseas residents’ visits to the UK, 2010-20
    • GDP should reach pre-pandemic levels by the end of Q1 2022…
    • …but the post-COVID bounce back will be short-term
    • Employment has held up better than expected
    • Inflationary pressures are mounting
    • Consumers’ financial wellbeing has slipped from its recent high point…
      • Figure 21: Household financial wellbeing index, 2016-21
    • …and concerns over inflation are coming to the fore
      • Figure 22: Consumer concerns over cost-of-living changes, 2021
    • Summary of key economic data, 2020-26
      • Figure 23: Key economic data, 2020-26
  8. Leading Players

    • Financial performance
      • Figure 24: Key financials of the main players in the fashion accessories market, 2015-20
    • Mulberry
    • Furla UK
    • Radley continues to struggle post-pandemic
    • Monsoon Accessorize file for administration
    • Claire’s take steps towards turnaround
  9. Launch Activity and Innovation

    • New launches and collections
    • Adidas collaborates with Prada for recycled nylon collection
      • Figure 25: Adidas for Prada Re-Nylon Collection, 2021
    • Michael Kors announces MKC x 007 collection
    • Fabric and material innovations
    • Furla launches sustainable Re-Candy bag
      • Figure 26: Furla’s ‘Re-Candy’ bag, 2021
    • Vegan leather handbags launched by Coperni and Game of Thrones actress Maisie Williams
    • Miomojo wins PETA Vegan Fashion Award
    • Stella McCartney debuts Frayme Mylo bag made from mushroom leather
    • Circular economy
    • Harvey Nichols launches online fashion and accessories resale service
    • eBay’s “A is for Authenticity” authentication campaign
    • Yoox Net-A-Porter joins with Reflaunt for resale service
    • Vestiaire Collective opens UK authentication and logistics centre
    • Handbag rental service, Cocoon, receives investment from Kering
    • Technological innovations
    • Burberry launches virtual replica of its Tokyo store
    • Gucci Garden launches on Roblox
    • Furla launches capsule collection with Animal Crossing
  10. Advertising and Marketing Activity

      • Figure 27: Total above-the line, online display and direct mail advertising expenditure on fashion accessories, 2017-21
    • Louis Vuitton tops list of ad spenders
      • Figure 28: Total above-the line, online display and direct mail advertising expenditure on fashion accessories, top 20 retailers, 2017-21
    • Press remains the favourable advertising method
      • Figure 29: Total above-the line, online display and direct mail advertising expenditure on fashion accessories by media type, 2021
    • Shein takes over social media advertising
    • Latest advertising campaigns
    • Michael Kors x 007
    • Loewe’s cosy Christmas campaign
    • Longchamp’s Le Pliage bag features with campaign on Instagram
      • Figure 30: Longchamp’s Le Pliage Instagram campaign, July 2021
    • Nielsen Ad Intel coverage
  11. Fashion Accessories Purchased

    • Bags remain the most popular fashion accessory
      • Figure 31: Types of fashion accessories bought in the last 12 months, 2019 and 2021
    • Accessories most purchased by Gen Z
      • Figure 32: Purchasing of fashion accessories in the last 12 months, by demographic, 2021
    • Men show a preference for designer bags
    • Fashion purchases show recovery
      • Figure 33: Fashion items purchased in the last 3 months, 2019-21
  12. Who Fashion Accessories Are Bought For

    • Accessories remain a self-purchase
      • Figure 34: Who fashion accessories have been purchased for, 2019 and 2021
    • Men purchase for their partners
      • Figure 35: Who fashion accessories have been purchased for, by gender, 2021
    • Quarter of consumers bought accessories for their children
      • Figure 36: Number of people who bought fashion accessories for their children, by age of child in household, 2021
  13. How and Where They Shop

    • Online surpasses in-store shopping
      • Figure 37: Channels used to purchase fashion accessories in the last 12 months, 2021
    • Gen Z and Millennials prefer online
      • Figure 38: Channels used to purchase fashion accessories in the last 12 months, by demographic, 2021
    • Online-only retailers dominate
      • Figure 39: Retailers used to purchase fashion accessories in the last 12 months, 2021
    • Men using social media to discover new trends
      • Figure 40: Who has used social media to discover new bag trends in the last 12 months, by gender, 2021
    • Men prefer in-store shopping for accessories
  14. Improvements Wanted from Retailers Shopped at

    • Significant demand for better quality items
      • Figure 41: Main improvements consumers want from fashion accessories retailers/brands, 2021
    • Easier returns and better delivery services a priority
      • Figure 42: Main improvements consumers want from fashion accessories retailers/brands, 2021
  15. Interest in Innovations

    • Increasing interest in sustainable materials
    • Resell apps and platforms popular among Gen Z females
      • Figure 43: Future interest in innovations within fashion accessories, 2021
    • Style advice is back in fashion
  16. Bag shopping behaviour

      • Figure 44: Consumer shopping behaviours for handbags, 2021
    • Social media key to discovering new bag trends
    • Limited edition bags appeal to Millennials
      • Figure 45: Consumers who agree/disagree with the statement “buying limited edition bags appeals to me”, by generation, 2021
  17. Appendix – Data Sources, Abbreviations and Supporting Information

    • Abbreviations
    • Consumer research methodology
  18. Appendix – Forecast Methodology

    • Market forecast and prediction intervals
    • Market drivers and assumptions
      • Figure 46: Key drivers affecting Mintel’s market forecast, 2021-26
    • Forecast methodology

About the report

This market report provides in-depth analysis and insight supported by a range of data. At the same time, introductory and top-level content is provided to give you an overview of the issues covered.

Market

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Mintel’s proprietary consumer research provides our analysts with the attitudinal and behavioral data used to provide valuable insight to topical issues.

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Mintel provides overviews of the top brands and manufacturers, and uses consumer research to explore attitudes and reactions to brands, as well as insight into what will resonate with consumers.

Data

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*databooks not available with UK B2B Industry reports.

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