New data has found that 40% of fashion accessories customers are willing to pay more for items manufactured in Britain, as the UK fashion accessories market reached £2.9bn in the twelve months to October 2017.
Spending on accessories from British customers grew 3.6% to £2.9bn last year compared with 2016, findings from market research firm Mintel have revealed.
In the five years to 2017, sales of fashion accessories grew by 21% – the market was valued at £2.4bn in 2012.
Tamara Sender, senior fashion analyst at Mintel, said: “British fashion accessory producers have a great opportunity to make the most of the patriotic trend, with four in 10 shoppers willing to pay more to support home-grown talent, particularly those in the more affluent AB socioeconomic group.
“This forms part of a larger trend for consumers placing greater importance on provenance and expecting more transparency from the fashion industry.”
More than half (52%) of fashion accessories shoppers bought items online, peaking among millennials aged 18 to 37.
Pureplay online retailers were the most popular places to buy fashion accessories online, and 59% of respondents bought product from their websites.
In terms of product, nearly a quarter (24%) of men aged 16 to 34 bought a “manbag” – this grew from 16% of the same demographic in 2016.
Overall, 15% of British men surveyed bought a “manbag” in 2017. More than half (54%) of British women bought a handbag.
Combined, the handbag and “manbag” market accounts for 50% of fashion accessory sales, growing by 5.5% to reach £1.45bn in 2017, compared with the previous year.
Sender said: “Designer handbag sales as a whole have benefited from an increase in inbound tourism spend as more overseas consumers visited the UK in 2017, taking advantage of the more favourable exchange rate following the EU referendum.”
Meanwhile, 31% of shoppers said they did not purchase a fashion accessory in 2017.
Mintel surveyed 2,000 internet users aged 16 and over in October.
The top five accessories bought by British shoppers in 2017:
• Handbags/manbags (34%)
• Belts (27%)
• Scarves (23%)
• Gloves (21%)
• Hats (21%)