The UK Accessories Market 2017-2022

The UK Accessories Market 2017-2022

Summary

Shopper penetration has fallen substantially in 2017, leading to 4.0 million fewer consumers shopping for accessories. The 25-34s are the only age group to maintain shopping levels. Tourism has provided a much needed boost to the market, with the premium and luxury segments propping up a weaker midmarket. International players, brands with British heritage, and the aspirational premium department stores have gained share following a 19% rise in holiday visitors in H1 2017.

UK accessories market is facing a tough time, with the premium and luxury segments preventing us from painting an even weaker picture for 2016 and 2017. A fall in shopper numbers and a cut back on self-treating is to blame for a lacklustre performance.Women’s accessories will outperform men’s out to 2022, the opposite trend we are seeing in clothing, with replacement having a far greater influence on purchasing decisions among males.

Percentage of clothing shoppers that purchased accessories fell from 50.6% in 2016 to 40.9% in 2017 as a result of squeezed discretionary budgets forcing consumers to prioritise spend. With replacement named as the biggest trigger of spend among accessories shoppers, skewed heavily by male shoppers, retailers will face an even tougher time to stimulate treat purchases and impulse buys as consumers defer spend and extend replacement cycles on products such as leather goods and winter softs.

M&S, Debenhams and Next are expected to lose 0.6 percentage points from a combined share in 2017, falling to 10.9%. While, Primark is forecast to grow its share of spend from 3.5% to 3.7% in 2017, ranking it second behind Debenhams with just 0.5 percentage points separating the players.

Price remains the core driver of spend forcing retailers to minimise inflationary price increases in 2017 and 2018. The demand for low prices plays into the hands of the value clothing specialists which are forecast to gain share. Discount branded players such as TK Maxx, The Outnet and Brand Alley also stand to benefit.

The report The UK Accessories Market 2017-2022, offers comprehensive insight and analysis of the market (including forecasts up to 2022), the major players, the main trends, and consumer attitudes. It provides in-depth analysis of the following: the hot issues impacting the market (the tourism boost to the premium and luxury segments, online displays restricting impulse purchases, under 35s driving the market, untapped potential in men’s accessories, autumn/winter 17 and spring/summer 18 accessories trends), strategies for success, market sizes and forecasts, retailer profiles, retailer market shares, consumer data and future outlook.

Companies mentioned in this report: H&M, Primark, M&S, Debenhams, Arcadia, Harrods, Selfridges, Fenwick, Liberty, Harvey Nichols, Burberry, Mulberry, Topshop, Zara, ASOS, Net-a-Porter, River Island, New Look, Cos, Coach, Herschel Supply Co, Olivia Burton, Monica Vinader, Hugo Boss, Skagen, Michael Kors, Marc Jacobs, Fossil, Miss Selfridge, boohoo.com, TK Maxx, JD Sports, H&M, John Lewis, Next, Moncler, Thom Browne, Notonthehighstreet.com, Very.co.uk, Accessorize, Monsoon, Gucci, Loewe, Claire’s, Ted Baker, Radley, Fiorelli, OrlaKiely, ASDA, Kurt Geiger, Matalan, Shoe Zone, Dune, Aldo, Russell & Bromley, Amazon, Tesco, Sainsbury’s, Peacocks, House of Fraser, Topman, & Other Stories, Kate Spade, Off-White, Y-3, Whistles, Brand Alley.

Scope

• 4.0 million fewer domestic consumers shop for fashion accessories in 2017.
• Replacement purchases are now the main trigger of purchasing accessories among domestic shoppers, compared to consumers spending because they want a treat.
• Price remains the core driver of spend forcing retailers to minimise inflationary price increases in 2017 and 2018.
• While the accessories specialists channel is forecast to grow 0.3 percentage points over the next five years, Accessorize and Claire’s will struggle, and premium and luxury specialist brands will outperform.

Reasons to buy

• Learn how shopper penetration has changed over the last two years, to understand how much of an impact strained consumer budgets have had on accessories spend in order to refocus your strategy on areas of high growth.
• Utilise our spend per head data to understand which age groups are driving the market and how to encourage spend within these lucrative segments.
• Learn how accessories purchase triggers differ between genders and age groups to understand how best to ignite spending among your core customer base.
• Identify which retailers are growing their share in the accessories market and what their future prospects are in order to understand the threat they pose, emulate their strategies and protect your own share.