Belts Seal The Fashion Accessory Market
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Belts are proving to be Britain’s most well-liked fashion accessory, according to new research, with the market forecast to rise by nearly 9% over the next five years. Last year more than 16m people (41%) bought a belt, with sales hiking 8.7% to reach GBP25m. And although sales are set to dip a little during 2009 to GBP24m, according to Mintel’s report on Fashion Accessories Retailing UK 2009, the market is probable to grow to GBP26m by the end of 2014.
But it is not only belts that are pulling in consumers. A third of British women say they “need” a wardrobe of different handbags.
Sales of handbags reached GBP507m in 2008, helped by growth of budget bags. While sales of handbags are also likely to drop during 2009, Mintel expects to see a recovery in 2010, with the market set to rise by 27% to reach GBP633m over the next five years.
“Accessories such as belts and handbags have benefited from fashion trends and celebrity styles,” said Katrin Magnussen, senior fashion analyst at Mintel. “More affordable – yet still good eminence – fashion handbags have increased in fame, as they gratify the desire to be in fashion, but not to bust the budget,” she adds.
Overall, the total fashion accessories market enlarged in value by 4.8% during 2008 to reach GBP1.05bn.
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