Tis the Season to Accessorize
Beth Goldstein, Executive Director, Industry Analyst ;
Fashion Accessories
@blgoldstein
As we head into this holiday season, I’m happy to report that there is finally momentum in the fashion accessories market. The declines in the accessories business over the past three years have leveled out a bit - through September, year-over-year trends in all categories have improved, and there are clear bright spots that will carry into the holiday season.
Status Symbols Endure
The women’s designer bag and small personal accessories market remains on fire, up 17 percent in the first ten months of 2018*. This will continue through holiday as the smaller, more “accessible” price point items in this space will be among the most sought after items.
Hands-Free Versatility Lends a Hand
Fashion backpacks, fanny/waist packs, crossbody bags, and shoulder bags and wallets with convertible straps are helping to offset losses from satchels and totes. Consumers have become very passionate about function, so products with more features and brands that promote ease of use and multi-occasion wear this holiday will stand out as offering value, even at high price points.
Travel Smart
The luggage business has taken off (pun intended), up 16 percent so far this year.* Consumers are looking for products that make travel easier, and the innovation spanning luggage, bags, and small accessories will propel these products through holiday. Digitally native brands with strong social media presence and storytelling will gain share of both mind and wallet.
Make it Your Own
The ability to customize and personalize everything from jewelry and bags to luggage and small accessories will attract shoppers looking for unique gifts, and inspire self-gifting among those looking to express their own individuality. Brands and retailers are offering lots of opportunities to accessorize accessories this holiday, both in-store and online.
Craving Coziness
The Danish trend of hygge has fully caught on in the U.S., promoting comfort and
coziness for all. I expect the cold-weather accessories business will benefit from this, regardless of how cold and snowy the season is.
Source: The NPD Group/Consumer Tracking
Service
*Source: The
NPD Group/Retail Tracking Service, January-October 2018
Related Blog Posts
Breaking Down Black Friday
In 2017 the 2 weeks of Black Friday/Cyber Monday posted a decline of -3 per cent across the fashion industry in Canada as buying visits (both online and in-store) experienced declines. In an attempt to reverse this trend, this year we saw promotions starting as early as the first week of November.
Luggage Takes Flight
Record travel among consumers and an increased online focus on from brands and retailers has made luggage the fastest growing online accessories category.
Welcome to the neighborhood Nordstrom Rack
It’s been quite some time since Nordstrom announced that they were going to be opening their first Nordstrom Rack store in Canada; and since then, there has been significant buzz around when this was going to happen.
The March Four’easter
With four snowstorms hitting the Northeast in March, seasons are blurring as late winter/early spring is seemingly colder and snowier than ever. Contrary to early ads touting sandal weather, boot sales in March have grown the last two years, with the top growing cities being New York, Philadelphia, Chicago and Boston.
Trending Articles
- It’s the Most Influenced Time of the Year…
- The Pressure is Building
- Foodies and Homebodies Rejoice – This Holiday Season is All About Lifestyle Books
- Holiday Shoppers Get the Best of Both Worlds – In-Store Spirit with Online Ease, Reports NPD
- Unit Sales of Voice-Enabled Speakers in the U.S. Were Up 36 Percent Heading Into the Holiday Season
- An Increasing Number of Restaurant Meals Are Being Eaten At Home Because That’s Where U.S. Consumers Want to Be
