Fashion Accessory Rebound Driven By Changing Consumer Priorities, Reports NPD
U.S. dollar sales of fashion accessories grew 4 percent the first 10 months of 2018, according to The NPD Group, a significant market turnaround from the declines seen over the past two years. Much of this growth is attributed to growth in sales of untraditional silhouettes, signaling a shift in consumer preferences and priorities across wearers.
PORT WASHINGTON, N.Y., Dec. 6, 2018 /PRNewswire-PRWeb/ -- U.S. dollar sales of fashion accessories grew 4 percent the first 10 months of 2018, according to The NPD Group, a significant market turnaround from the declines seen over the past two years. Much of this growth is attributed to growth in sales of untraditional silhouettes, signaling a shift in consumer preferences and priorities across wearers.
Double-digit sales gains in backpacks, fanny/waist packs, and luggage, alongside sales declines in the historically key categories – like totes, shoppers, and messenger bags – reveals a significant shift in the way consumers are accessorizing. The most notable component of this shift is the fanny pack category – beyond the unique nature of these products, the category represents just one percent of fashion accessories sales and is generating nearly a quarter of the industry's growth.
"Changing consumer behaviors, such as travel and the pursuit of convenience, are changing the way consumers everywhere think about the accessories they need," said Beth Goldstein, fashion footwear and accessories industry analyst, The NPD Group. "New lifestyle needs will make categories like luggage, backpacks and even fanny packs popular items on shopping and wish-lists during the 2018 holiday season."
Growth of these less traditional categories is not isolated. The New York, Los Angeles, and San Francisco designated market areas (DMAs) are the top three growth regions for backpacks and fanny/waist packs, but these categories are also growing in many small and large markets across the U.S.
Backpacks are no longer a back-to-school only purchase and continue to replace traditional work-like bags. While everyday backpacks grew across both male and female wearers, fashion backpacks drove the majority of the growth among females.
While the premium channel drove much of the growth in fanny/waist packs, the mid-tier/value channel is also a source of growth across both men and women. Further demonstrating growth across price points, both moderate and designer brands contributed to growth in the fanny/waist pack category.
"Fashion is still important to consumers, but consumers are also asking what the product can do for them – a question many upstart brands, like Lo & Sons and Dagne Dover, are doing a good job of answering," said Goldstein. "Brands who guide the consumer, offering solutions to problems they didn't know they had, will be the fashion accessories leaders."
Source: The NPD Group / Retail Tracking Service
About The NPD Group
NPD offers data, industry expertise, and prescriptive analytics to help our clients grow their businesses in a changing world. Over 2000 companies worldwide rely on us to help them measure, predict, and improve performance across all channels, including brick-and-mortar and e-commerce. We have offices in 27 cities worldwide, with operations spanning the Americas, Europe, and APAC. Practice areas include apparel, appliances, automotive, beauty, books, B2B technology, consumer technology, e-commerce, fashion accessories, food consumption, foodservice, footwear, home, juvenile products, media entertainment, mobile, office supplies, retail, sports, toys, travel retail, games, and watches / jewelry. For more information, visit npd.com. Follow us on Twitter: @npdgroup.
SOURCE The NPD Group, Inc.
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