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Fashion Accessories - UK - January 2014

Published By :

Mintel

Published Date : Jan 2014

Category :

Lifestyle

No. of Pages : 154 Pages

Consumers aged 25-34 are starting to dominate fashion accessories purchases, so retailers need to make sure that their products and retail offering meet their needs. This growing demographic are strongly influenced by new trends and show the most interest in purchasing accessories online, highlighting the growth potential for the online fashion accessories market.
Table of Content

Introduction

Definition
Abbreviations

Executive Summary

The market
Figure 1: Best- and worst-case forecast of UK value sales of fashion accessories, 2008-18
Accessories market continues to grow
Market factors
Growing 25-34s to dominate fashion accessories market
Ageing population presents opportunities
Technology products encroach on accessories spend
Leisure activities take priority over accessories and clothing
Companies, brands and innovation
Brand research
Figure 2: Fashion accessories brand personality – micro image, December 2013
The consumer
Clothes and shoes are main priorities
Figure 3: What extra money is spent on, October 2013
25-34s show growing interest in handbags
Figure 4: Recent purchase of accessories, by gender, October 2013
Value retailers remain most popular for accessories
Figure 5: Where fashion accessories are bought, by gender, October 2013
Low price is the main motivator
Figure 6: Importance of factors for consumers choosing one retailer over another when buying fashion accessories, October 2013
25-34s mainly buy handbags and jewellery for a special occasion
Figure 7: Factors that motivate purchases of handbags and costume jewellery, October 2013
What we think

Issues and Insights

How can retailers drive sales of other fashion accessories apart from handbags?
The facts
The implications
Which demographics dominate purchases of accessories?
The facts
The implications
Which retailers and brands stand out in the sector?
The facts
The implications
How retailers can stand out in a price sensitive market?
The facts
The implications

Trend Applications

Trend: Second Skin
Trend: Experience is All
Futures: Old Gold

Market Environment

Key points
Population trends
Figure 8: Trends in the age structure of the UK population, 2008-18
Growing 25-34s to dominate fashion accessories market
Growth potential for male fashion accessories
Ageing population presents opportunities
Socio-economic groups
Figure 9: Forecast adult population trends, by socio-economic group, 2008-18
Technology products encroach on accessories spend
Leisure activities take priority over accessories and clothing
Figure 10: What extra money is spent on, November 2013

Strengths and Weaknesses

Strengths
Weaknesses

Who\'s Innovating?

Key points
Clothing retailers launch accessory stores
Figure 11: Mango Touch, London’s One New Change
Retailers extend accessories range
Figure 12: Interior of M&S’s new accessories department at Pantheon store in London
Celebrity/designer collaborations
Figure 13: Holly Fulton clutch bag for Radley
Focus on quality
Ethical accessories
Figure 14: Topshop accessories department
New stores and pop-ups
Figure 15: Radley pop-up shop in Westfield London Stratford

Competitive Context

Key points
Accessories outperform other areas of fashion over last five years
Figure 16: UK retail value sales of clothing, footwear and accessories, 2008-13
Accessories account for 4% of total fashion market
Figure 17: UK retail value sales of clothing, footwear and accessories, as a percentage of total fashion sales, 2013

Market Size and Forecast

Key points
Market continues to grow
Figure 18: Best- and worst-case forecast of UK value sales of fashion accessories, 2008-18
The future
Fashion accessories sales to rise 30% by 2018
Figure 19: Value sales of fashion accessories, 2008-18
Factors used in the forecast

Segment Performance

Key points
Figure 20: UK retail sales of fashion accessories, by sector, 2012 and 2013
Handbags
Costume jewellery
Hats
Scarves
Belts

Space Allocation Summary

Key points
Space allocations: Detailed estimates
Figure 21: Space allocation estimates for fashion accessories, September 2013
Retail product mix
Figure 22: Estimated sales breakdown for fashion accessories, 2012/13
Estimated sales densities
Figure 23: Major retailers sales densities for fashion accessories, 2013

Retailer Profiles

Accessorize
Figure 24: Accessorize store, London
Background
Financial performance and strategy
Figure 25: Financial performance of Monsoon Accessorize Limited, 2011 and 2012
Retail offering and brand positioning
Recent developments and marketing
Claire’s Accessories
Background
Financial performance and strategy
Figure 26: Financial performance of Claire’s Accessories UK Limited, 2012 and 2013
Retail offering and brand positioning
Recent developments and marketing
Mulberry
Background
Financial performance and strategy
Figure 27: Financial performance of Mulberry Group plc, 2012 and 2013
Retail offering and brand positioning
Recent developments and marketing
Radley
Figure 28: Radley pop-up store in Westfield Stratford
Background
Financial performance and strategy
Figure 29: Financial performance of Radley + Co. Limited, 2011 and 2012
Retail offering and brand positioning
Recent developments and marketing
Swarovski
Background
Financial performance and strategy
Figure 30: Financial performance of Swarovski UK Limited, 2011 and 2012
Retail offering and brand positioning
Recent developments and marketing

Brand Communication and Promotion

Key points
Figure 31: Main monitored media advertising expenditure on fashion accessories, by main fashion accessories brands and retailers, 2009-13
Figure 32: handbag designed by Laura Bailey for Radley for Spring/Summer 2013

Brand Research

Brand map
Figure 33: Attitudes towards and usage of brands in the fashion accessories sector, December 2013
Correspondence analysis
Brand attitudes
Figure 34: Attitudes, by fashion accessories brand, December 2013
Brand personality
Figure 35: Fashion accessories brand personality – macro image, December 2013
Figure 36: Fashion accessories brand personality – micro image, December 2013
Brand experience
Figure 37: Fashion accessories brand usage, December 2013
Figure 38: Satisfaction with various fashion accessories brands, December 2013
Figure 39: Consideration of fashion accessories brands, December 2013
Figure 40: Consumer perceptions of current fashion accessories brand performance, December 2013
Brand index
Figure 41: Fashion accessories brand index, December 2013
Target group analysis
Figure 42: Target groups, December 2013
Figure 43: Fashion accessories brand usage, by target groups, December 2013
Group One – Conformists
Group Two – Simply the Best
Group Three – Shelf Stalkers
Group Four – Habitual Shoppers
Group Five – Individualists

The Consumer – What Fashion Items Extra Money is Spent On

Key points
Clothes and shoes are main priorities
Figure 44: What extra money is spent on, October 2013
Young people place more importance on handbags
Costume jewellery and scarves compete

The Consumer – Recent Purchase of Accessories

Key points
Figure 45: Recent purchase of accessories, October 2013
25-34s show growing interest in handbags
Costume jewellery
Seasonal accessories
Tie purchases remain steady
Figure 46: Recent purchase of accessories, by gender, October 2013
Figure 47: Recent purchase of accessories, by age, October 2013
Figure 48: Recent purchase of accessories, July 2012 and October 2013
25-34s are the highest users
Figure 49: Repertoire of fashion accessories bought in the last 12 months, by gender, October 2013

The Consumer – Where Fashion Accessories Are Bought

Key points
Figure 50: Where fashion accessories are bought, by gender, October 2013
Value retailers remain most popular for accessories
M&S draws more men for accessories purchases
Department stores increase their appeal
25-34s buy more accessories from women’s fashion stores
Figure 51: Where fashion accessories are bought, by age, October 2013
Accessorize
Where men shop
Over half have bought accessories online
Figure 52: Where fashion accessories are bought, in-store and online, October 2013
Designer shoppers

The Consumer – What Encourages Consumers to Buy Accessories

Key points
Figure 53: Importance of factors for consumers choosing one retailer over another when buying fashion accessories, October 2013
Low price is the main motivator
Over half have purchased discounted accessories
Older people seek quality
Nearly half of women want good selection of brands
25-34s most attracted to retailers for their online services
One in ten under-35s favour apps for purchases
Over a third look for best delivery options
ABs value store environment
Main customer motivators by retailers purchased from
Figure 54: Consumers who consider low price to be one of the factors that motivates them to buy fashion accessories, by retailer where accessories are bought, as a percentage above or below average, October 2013
Figure 55: Consumers who consider sale/special offer to be one of the factors that motivates them to buy fashion accessories, by retailer where accessories are bought, as a percentage above or below average, October 2013
Figure 56: Consumers who consider made from good quality materials to be one of the factors that motivates them to buy fashion accessories, by retailer where accessories are bought, as a percentage above or below average, October 2013
Figure 57: Consumers who consider store environment to be one of the factors that motivates them to buy fashion accessories, by retailer where accessories are bought, as a percentage above or below average, October 2013
Designer shoppers look for online options

The Consumer – What Motivates Purchases of Handbags and Costume Jewellery

Key points
Figure 58: Factors that motivate purchases of handbags and costume jewellery, October 2013
Discounts main reason for handbag and jewellery purchases
Two fifths motivated by replacement
25-34s are motivated by a special occasion
Figure 59: Factors that motivate purchases of handbags and costume jewellery, by age, October 2013
Gifting market
Fashion trends
In-store information
Over-55s buy on impulse
Men interested in innovative items
Under-25s look for accessories to accompany outfit
Findings of research on costume jewellery
Figure 60: Attitudes towards shopping in-store and online for costume jewellery and precious metal jewellery, July 2013

Appendix – Market Size and Forecast

Figure 61: Best- and worst-case forecast of UK value sales of fashion accessories, 2013-18

Appendix – Brand Research

Figure 62: Brand usage, December 2013
Figure 63: Brand commitment, December 2013
Figure 64: Brand momentum, December 2013
Figure 65: Brand diversity, December 2013
Figure 66: Brand satisfaction, December 2013
Figure 67: Brand attitude, December 2013
Figure 68: Brand image – macro image, December 2013
Figure 69: Brand image – micro image, December 2013
Figure 70: Profile of target groups, by demographics, December 2013
Figure 71: Psychographic segmentation by target groups, December 2013
Figure 72: Brand usage, by target groups, December 2013
Brand index
Figure 73: Brand index, December 2013

Appendix – The Consumer – What Fashion Items Extra Money is Spent On

Figure 74: Most popular what extra money is spent on, by demographics, October 2013
Figure 75: Next most popular what extra money is spent on, by demographics, October 2013

Appendix – The Consumer – Recent Purchase of Accessories

Figure 76: Most popular recent purchase of accessories, by demographics, October 2013
Figure 77: Next most popular recent purchase of accessories, by demographics, October 2013
Figure 78: Factors that motivate consumers to buy accessories from a particular retailer, by most popular recent purchase of accessories, October 2013
Figure 79: Factors that motivate consumers to buy accessories from a particular retailer, by next most popular recent purchase of accessories, October 2013

Appendix – The Consumer – Where Fashion Accessories Are Bought

Figure 80: Most popular where accessories are bought – In-store/Online, by demographics, October 2013
Figure 81: Next most popular where accessories are bought – In-store/Online, by demographics, October 2013
Figure 82: Other where accessories are bought – In-store/Online, by demographics, October 2013
Figure 83: Recent purchase of accessories, by most popular where accessories are bought – In-store/Online, October 2013
Figure 84: Recent purchase of accessories, by next most popular where accessories are bought – In-store/Online, October 2013
Figure 85: Recent purchase of accessories, by other where accessories are bought – In-store/Online, October 2013

Appendix – The Consumer – What Encourages Consumers to Buy Accessories

Figure 86: Most popular factors that motivate consumers to buy accessories from a particular retailer, by demographics, October 2013
Figure 87: Next most popular factors that motivate consumers to buy accessories from a particular retailer, by demographics, October 2013

Appendix – The Consumer – What Motivates Purchases of Handbags and Costume Jewellery

Figure 88: Most popular factors that motivate purchases of handbags and accessories, by demographics, October 2013
Figure 89: Next most popular factors that motivate purchases of handbags and accessories, by demographics, October 2013
Figure 90: Factors that motivate purchases of handbags and accessories, by most popular where accessories are bought – In-store/Online, October 2013
Figure 91: Factors that motivate purchases of handbags and accessories, by next most popular where accessories are bought – In-store/Online, October 2013
Figure 92: Factors that motivate purchases of handbags and accessories, by other where accessories are bought – In-store/Online, October 2013

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