Accessories market to beat the recession test

The accessories market grew by 7% in 2007, and the sector is set to benefit from insulation against a squeeze in consumer spending next year, according to  research firm Mintel.

The accessories market grew to more than £1 billion last year, mostly driven by women's handbags. Women's accessories accounted for 70% of total accessories sales in 2007.
Mintel expects the market to  have expanded by a further 8% in 2008, as accessories represent a guilt-free purchase – they are cheaper than clothing and can update an existing look.

But Mintel warned that increased accessories offers at clothing retailers' have put pressure on accessories specialists.

Senior fashion analyst Katrin Magnussen said: "Since 2005, both Claire's and Accessorize have seen a decline in their percentage of customers."

Mintel said Marks & Spencer is the leading player in fashion accessories, with the number of adults buying M&S accessories increasing by eight percentage points since 2004.
But Mintel added that M&S's reign is under threat from Primark and the supermarkets.