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 Content
Tagged: Fashion Accessories
Spending Gets More Personal as U.S. Consumers Get Out of Their Homes and Go Into Stores, Reports NPD
The importance of enhancing life at home during the pandemic remains, but retail trends show an increased interest in categories like apparel and beauty. Social Image Requests (optional): consumer, wearing mask, in a store, shopping for apparel
HIGHLIGHTS: Fashion Footwear Online Sales in the U.S. Showing Mixed Results, Reports NPD
Although online sales declined for the month, this channel fared three-times better than brick-and-mortar and as a result, online penetration spiked to 39% – the highest level since NPD began tracking it – compared to 28% during the first two months of the year.
Smaller Luggage and Functional Accessories Grow As Consumers Look to Travel Light, Reports NPD
U.S. consumer trends reveal spending on the smaller and functional fashion accessories that allow them to go hands-free, enhancing their travel and experiences.
Shifting Priorities Shape Fashion Footwear & Accessories Sales in 2020
Consumers have new priorities entering 2020 and these will factor into how the fashion footwear and accessories markets fare. Brands and retailers need to be bold in their efforts to drive consumer engagement through product, experience, and messaging.