SOURCE: Packaged Facts

December 15, 2008 16:44 ET

Accessories Transform Consumer Fashion Sense Into Billion Dollar Surge

NEW YORK, NY--(Marketwire - December 15, 2008) - Mixing old outfits with new accessories has become an increasingly popular solution for American consumers eager to garner maximum fashion style kudos for minimum dollars. The trend is expected to push the U.S. fashion accessories market to over $16 billion by the end of the year, according to market research publisher Packaged Facts in the all-new report, "Men's and Women's Fashion Accessories in the U.S.: Bags, Belts, Gloves, Hats, Scarves, Ties and Handkerchiefs."

Two of the six major accessories categories covered in the report are experiencing bullish growth: bags and ties/other neckwear. Their strong progress is largely responsible for the projected resiliency of the market through the foreseeable future. Packaged Facts forecasts that the overall fashion accessories market will reach $20 billion by the end of 2012, expanding almost 24% between 2008 and 2012.

The bag category ascended over 10% in 2008 due to ladies' handbags becoming status symbols. Between 2004 and 2008 bags experienced a total growth of 53%, with a compound annual growth rate (CAGR) of more than 11%.

American men's increasingly sophisticated fashion sense has been monumental to the fortitude of the tie/other neckwear category. Anticipated to reach $3 billion by the end of 2008, the category has gained nearly 31% -- about $770 million -- since 2004 with a CAGR of 7%.

The positive effects of prudent fashion consumerism are obvious. But one factor is likely to keep sales of some luxury goods afloat even during the worst of times: consumer vanity. "Vanity is a balancing factor. For some low-income consumers a 'must-have' handbag must be had. And people secure in their wealth will likely keep making luxury purchases even during a downturn," says Tatjana Meerman, publisher of Packaged Facts.

"Men's and Women's Fashion Accessories in the U.S.: Bags, Belts, Gloves, Hats, Scarves, Ties and Handkerchiefs" provides a comprehensive overview of the ins and outs of the accessories industry. Detailed demographic data, sales patterns, and the business and societal trends that shape them are analyzed in depth. The report also anchors accessories in the broader fashion world and societal contexts, as well as in the rapidly transforming retail scene. For further information, visit http://www.packagedfacts.com/Men-rsquo-Women-1905380/.

About Packaged Facts -- Packaged Facts, a division of Market Research Group, publishes market intelligence on a wide range of consumer industries, including consumer goods and retailing, foods and beverages, demographics, pet, and financial products. Packaged Facts also offers a full range of custom research services. For more information contact Jenn Tekin at (240) 747-3015 or jtekin@marketresearch.com.

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