Sales of personal accessories continue to fall, as the effects of the COVID-19 pandemic lead to further disruption, national lockdowns, social distancing, store closures and travel restrictions, causing global demand to suffer. The discretionary nature of personal accessories caused this category to be particularly negatively impacted, as consumers focused on buying essentials in times of adversity. Consumers who continued to purchase accessories online accelerated the growth of e-commerce.
Historically dependent on the instore retailing channel of personal accessories, the industry will have to invest in an increasingly digitally orientated approach. While brands will need to invest in their e-commerce capabilities, developing complementary in-store digital tools alongside their e-commerce offerings will also prove essential.
As many consumers felt isolation as a result of the pandemic, many have realised that they want to create a better world through their actions and purchase choices, and they want more meaningful possessions. Beyond sustainability initiatives, consumers will demand that brands offer unique, exceptional products with purpose.
Consumer attitudes are changing in the wake of the pandemic, coinciding with changes in the fashion cycle. The pandemic has accelerated a pre-existing critique of consumerism and led to changes in consumer attitudes with many embracing a “less is more” approach. It has highlighted the importance of sustainability in purchasing decisions, and the rise of circular business models, especially resale, which has continued to flourish.
The disruption of travel has meant that tourism in Western Europe and the US came to a halt, and sales were dealt a further blow by lockdowns and store closures, while Asian consumers shopped domestically. Brands and companies will need to employ a more localised, omnichannel approach to appeal to domestic consumers as the uncertainty and instability continues in 2021.
If you purchase a report that is updated in the next 60 days, we will send you the new edition and data extract FREE! Home Page