What you need to know
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 options, such as costume jewellery retailer Astrid & Miyu, which offers a curated piercing experience, or by incorporating elements that enhance the customer experience like Net-a-Porter has done with its VIP service for loyal customers and introduction of more independent brands.
Products covered in this Report
This Report looks at the purchasing of fashion accessories through all retail channels. It covers a broad range of accessories including:
Bags, costume jewellery, belts, scarves, hats, gloves, ties and hair accessories.
Excluded from the Report are:
Precious metal jewellery
Watches
Purses/wallets
