Accessorise, accessorise, accessorise.
Consumers are following the mantra of the fashionistas and style gurus more closely than ever before.
The fashion accessories market has out-performed all other sectors in the clothing industry, growing by around 40% between 2000 and 2005
The fashion accessories market has out-performed all other sectors in the clothing industry, growing by around 40% between 2000 and 2005 and showing no signs of slowing. Total retail sales grew 20% over the same period.
The boost has generally been attributed to higher levels of employment and personal disposable income, while the cult of celebrity also exerts a massive influence. Every item worn by a Kate Moss or a David Beckham will be often receive a boost in sales.
According to Mintel consumer research, sales of women’s accessories alone grew by 68% during this period while men’s spending increased by 5%, highlighting a considerable variation across product ranges.
Specialist's market
The retail environment is fiercely competitive, so finding a niche in the accessories market may help you establish a foothold.
Claire Collins, founder of Violet May, agrees that if you spot a gap in the market for a certain item then it’s wise to capitalise on it. Her company makes luxury business accessories that are orientated towards women aged between 25 and 40.
“I felt there was a gap in the market for this and I’m passionate about accessories and fashion,” she says. “I did it because there aren’t any products out there that are functional and stylish. It’s definitely an undeveloped sector.”
Indeed, the products that sell well to men and those that appeal to women are quite specific. It seems retailers should look to cater for a certain market – to specialise.
Women spend more on handbags than anything else in the accessories market. In 2005 they accounted for 61% of all women’s sales, totalling £350m.
The value of the market grew by a massive 146% between 2000 and 2005 – effectively trebling – with 27% of women having bought at least one handbag during 2005.
As for men, ties accounted for half of all male accessory purchases in 2005, standing at £156m. Belts also figured prominently, as the next most popular accessory for men to buy after ties.
Only 20% of consumers had not bought any accessories over the last year, and only 15% said that they never buy any accessories at all – leaving plenty of scope to encourage dormant purchasers to buy more frequently.
