What you need to know
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.
Products covered in this report
For the purposes of this report, Mintel has used the following definitions:
The report looks at purchases of fashion accessories through all retail channels. It covers a broad range of accessories including:
All types of handbags/manbags made from leather and synthetic fabrics, including backpack-style handbags.
Costume jewellery made from non-precious metals, belts, scarves, hats, gloves, ties and hair accessories.
Excluded from the report are precious metal jewellery, watches, rucksacks, luggage, laptop bags, purses and wallets.
