United Kingdom (UK) Accessories Market to 2027

United Kingdom (UK) Accessories Market to 2027

Summary

The UK Accessories Market to 2027 report offers comprehensive insight and analysis of the UK Accessories market, the major players, the key trends, and consumer attitudes. It provides detailed analysis of the key trends shaping the market, market sizes and forecasts, and the performace of key retailers. The report also includes consumer data from 2023.

With the effects of high inflation set to leave a lasting impact on consumer spending habits, as shoppers continue to cut back on items they don’t need, growth in the UK accessories market will remain soft, with only a 3.9% rise expected in 2024. Though it will be partly protected by its higher share of luxury goods, as wealthy shoppers remain more resilient, it is suffering from the removal of tax-free shopping in the UK, with tourists diverting spend on designer accessories like handbags to other European shopping destinations.

Scope

In 2023, the accessories market is expected to have grown by just 2.2%, as inflationary pressures led consumers to cut back on fashion spend due to higher prices and less discretionary income. However, the high presence of luxury goods within the sector allowed accessories to achieve slightly stronger growth than clothing and footwear.

The online UK accessories market is expected to have grown by just 2.3% in 2023, as pureplays such as ASOS and Boohoo witnessed a slowdown in demand as the shift back to stores continued.

Luxury players like Louis Vuitton and Chanel won market share in 2023 thanks to wealthy shoppers’ resilience amid economic challenges , while value players like Primark are also supported by consumers' trading down

As tourist numbers normalize following the pandemic, the UK accessories market is losing out due to the UK government’s decision to remove tax-free shopping in January 2021, as international tourists divert spend to other European shopping destinations where tax-free shopping is still available.

Reasons to Buy

Understand where the demand lies within the UK Accessories market across various price positionings, categories, and retailers, to allow you to maximise customer acquisition.

Learn how continued inflationary challenges will impact the UK Accessories market, and which players are most at threat from changing consumer habits.

Identify the key approaches retailers are taking to stand out in the UK Accessories market, and how you can adapt these to fit your own business.