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The right handbag, belt, necktie, or scarf can provide the visual accent that completes a new outfit -- or that makes over an old one. Yes, the $16.3 billion fashion accessories market is benefiting from the national economic downturn, as consumers satisfy their craving to shop by picking up that cool new silk handkerchief or winter hat, instead of a costlier dress or business suit. But accessories inspire impulse and add-on purchases during better times, too. The virtually unstoppable market will thus climb to $20.2 billion by 2012. In this totally new Packaged Facts report, seven categories are examined: bags, belts/small leather goods, gloves/mittens, handkerchiefs/pocket squares, hats, scarves/shawls, and ties/other neckwear. Sales patterns, and the business and societal trends that shape them, are analyzed in depth. Detailed demographic data from Simmons Market Research Bureau are presented, too. Plus, our analysis of competition in this market includes case studies on: Coach, Hermes, HSN, Jones Apparel Group, and Randa Accessories. We also profile Three Marketers to Watch: New Era Cap, Vera Wang Bridal House, Ltd., and World of Good.
Read an excerpt from this report below. Report MethodologyMen's and Women's Fashion Accessories in the U.S.: Bags, Belts, Gloves, Hats, Scarves, Ties and Handkerchiefs is based on information gathered from primary, secondary, and syndicated sources. Primary research involves on-site study of how accessories are sold through retail stores; Packaged Facts also consults with industry executives. Secondary research involves the evaluation and comparison of data from mountains of articles found in financial, marketing, and retail publications, as well as corresponding websites. Company literature, government agencies, and other sources also provided valuable secondary data. Stats on market revenues and growth trends were derived from all publicly available data on the fashion accessories marketplace, be they quantitative or qualitative, factoring in a broad range of societal and economic trends to shape the most accurate possible view of sales progress. Analysis of consumers' purchase and use of accessories is based on semi-annual surveys by Simmons Market Research Bureau, Inc., one of the leading compilers of demographic data in the United States. Topical data on consumers' purchasing habits are provided by BIGresearch LLC, which conducts monthly online surveys. The Bottom Line: What Your Company Really Gets... With Men's and Women's Fashion Accessories in the U.S., you and your marketing team will gain a comprehensive overview of the ins and outs of the accessories business. Most importantly, the report anchors accessories in the broader fashion world and societal contexts, as well as in the rapidly transforming retail scene. Such valuable qualitative perspective is supported with extensive hard data presented in well-organized tables and charts. How Your Company Will Benefit from This Report... If your company is already an established player in fashion accessories, this report is bound to freshen and strengthen your marketing plan. If your company is newly targeting the accessories consumer, then this report is a great intro to the accessories marketplace, and thus a launching pad for a successful venture.
Market Insights: A Selection From The Report Bags Account for a Third of Accessories Sales In 2008, the bags category accounts for over 36% of the fashion accessories market, based on Packaged Facts’ estimates of retail dollar sales. [Table 1-3] Bags have gained six share-points since 2004. The belts/small leather goods category is second-ranked, with over 21% of sales - down over three points. Belts/small leather goods barely edge out the ties/other neckwear category and its 20%. Men Account for Surprisingly Notable Shares of Accessories Retail Dollars… In Table 1-3, Packaged Facts breaks out retail dollars and share according to the genders that are purchasing various fashion accessories. (It is not possible to accurately break out gender-spends on hats and handkerchiefs/pocket squares.) Some readers may be surprised at the ratios of male-spends to female: When it comes to belts/small leather goods, for example, men account for about $2.3 billion worth in 2008, or almost two thirds of the category’s retail value. And in the gloves/mittens category, men account for $402.0 million, or 47%. ...Though Women Still Lead Accessories Spending Overall Because reliable data on spending by gender for hats and handkerchiefs/pocket squares is not available, gender-spends in Table 1-3 are not totaled. However, sub-totals of the remaining five fashion accessories categories reveals men’s spending brushes the $5.6 billion mark in 2008. This level is more than 28% higher than the $4.3 billion that men spent in 2004. Women remain the champion spenders in this market, paying out almost $10.8 billion in 2008, which coincidentally is 28% higher than the $8.4 billion female-spend of four years earlier. Product Trend: Luxury Accessories Intros Continue... Packaged Facts reiterates an observation made earlier in this report: there is no reversing America’s heightened taste for luxury goods. Traditional patterns of consumer purchasing show upscale products either continue to sell decently well during periods of economic recession, or their audience trades down in price-points - but only a notch to upper-middle price-tiers. In the NewsAccessories Transform Consumer Fashion Sense into Billion Dollar Surge New York, December 16, 2008 - Mixing old outfits with new accessories has become an increasingly popular solution for American consumers eager to garner maximum fashion style kudos for minimum dollars. The trend is expected to push the U.S. fashion accessories market to over $16 billion by the end of the year, according to market research publisher Packaged Facts in the all-new report, Men’s and Women’s Fashion Accessories in the U.S.: Bags, Belts, Gloves, Hats, Scarves, Ties and Handkerchiefs. Two of the six major accessories categories covered in the report are experiencing bullish growth: bags and ties/other neckwear. Their strong progress is largely responsible for the projected resiliency of the market through the foreseeable future. Packaged Facts forecasts that the overall fashion accessories market will reach $20 billion by the end of 2012, expanding almost 24% between 2008 and 2012. The bag category ascended over 10% in 2008 due to ladies’ handbags becoming status symbols. Between 2004 and 2008 bags experienced a total growth of 53%, with a compound annual growth rate (CAGR) of more than 11%. American men’s increasingly sophisticated fashion sense has been monumental to the fortitude of the tie/other neckwear category. Anticipated to reach $3 billion by the end of 2008, the category has gained nearly 31%—about $770 million—since 2004 with a CAGR of 7%. The positive effects of prudent fashion consumerism are obvious. But one factor is likely to keep sales of some luxury goods afloat even during the worst of times: consumer vanity. “Vanity is a balancing factor. For some low-income consumers a ‘must-have’ handbag must be had. And people secure in their wealth will likely keep making luxury purchases even during a downturn,” says Tatjana Meerman, publisher of Packaged Facts. Men’s and Women’s Fashion Accessories in the U.S.: Bags, Belts, Gloves, Hats, Scarves, Ties and Handkerchiefs provides a comprehensive overview of the ins and outs of the accessories industry. Detailed demographic data, sales patterns, and the business and societal trends that shape them are analyzed in depth. The report also anchors accessories in the broader fashion world and societal contexts, as well as in the rapidly transforming retail scene. About Packaged Facts - Packaged Facts, a division of Market Research Group, publishes market intelligence on a wide range of consumer industries, including consumer goods and retailing, foods and beverages, demographics, pet, and financial products. Packaged Facts also offers a full range of custom research services.
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