Fashion Accessories - UK - January 2016

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