Small money accessories reported to be the fastest growing handbag segment
The NPD Group on Monday released a new report that found that smaller size handbags and accessories sales are increasing. According to the global information company, sales for non-wallet money accessories increased 13% to almost $23 million in the 12 months ending on October 2016.
Women’s small and mini-sized handbags sales grew 2% offsetting the overall decline in women’s handbag sales, and dollar sales increased 3%. Lower price point money accessories (under $75) contributed the most growth to the category and the southern U.S. drove the most growth of small handbags.
Also in the southern U.S., the $150 and $75-$100 price points were the fastest growing segment in the US accounting for 42% of dollar growth.
“Consumers are realizing that they don’t need to carry everything with them at all times,” said Beth Goldstein, executive director and industry analyst, accessories and footwear, The NPD Group, Inc. “The desire to simplify and streamline is made easier with the prevalence of electronic payment and loyalty membership app options – consumers can consolidate most of those cards that used to fill their wallets onto their mobile phones."
According to NPD Group Chief Industry Analyst Marshal Cohen, small accessories are natural gifts and smaller sizes with lower price tags “will increase the opportunity for self-gifting this holiday season, as well as filling stockings.”
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