2008 CENSUS REPORT
| The year 2008 will go down as one of the toughest for retailers in decades. Soaring energy costs, a dramatic downturn in the housing market, a tight credit environment, the sinking value of the U.S. dollar and a global recession were just some of the factors that prompted consumers to cut back on discretionary purchases. According to the National Retail Federation, 2008 holiday sales declined 2.8 percent across the board, with apparel and accessories retailers down a disappointing 9.4%. For the year, most experts believe that fashion accessories companies experienced sales that ranged from flat to as much as 30 percent down. “Most of the consumer behavior we saw in 2008 will continue well into this year,” reported Rosalind Wells, the National Retail Federation’s chief economist. The luxury market suffered the most dramatic drop in 2008, as aspirational customers saw their earning power decrease the most of any consumer sector. This spelled a difficult year for previously strong categories like upscale handbags, shoes and other higher-priced branded accessories. As a result of this shakeup, retailing is undergoing a major consolidation that will leave only the strongest and most adaptable companies standing. |
The following are statistics by classification, with our panelists’ views on trends that will shape 2009...
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TOTAL WOMEN'S ACCESSORIES
U.S. Retail Sales
|
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$ Billions |
| Projected 2009 |
$32.94 |
| 2008 |
$32.46 |
| 2007 |
$31.15 |
| 2006 |
$30.92 |
| 2005 |
$30.15 |
TOTAL WOMEN'S ACCESSORIES
U.S. Retail Sales All Outlets
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|
2008 |
% Change '08 over '07 |
% Projected '09 over '08 |
% Projected '10 over '09 |
| Fashion/Bridge Jewelry |
$9.0 billion |
+3.5% |
+3.0% |
+2.0% |
| Fashion/Sport Watches |
$3.15 billion |
-3.0% |
-1.0% |
flat |
| Handbags |
$7.64 billion |
+6.5% |
+2.0% |
+4.0% |
| Small Leathergoods |
$846 million |
flat |
flat |
flat to -2.0% |
| Belts |
$678 million |
-2.0% |
-3.0% |
flat |
Hosiery
(sheer & casual combined) |
$5.3 billion |
+4.0% |
sheers flat
casual +2.5% |
sheers flat
casual +2.0% |
| Slippers/Casual
Footwear |
$716 million |
flat |
+2.5% |
+1.5% |
| Scarves/Wraps |
$724 million |
+4.0% |
+4.0% |
+3.0% |
| Cold Weather |
$503 million |
+1.5% to 2.0% |
+5.0% |
+1.5% |
| Sunglasses |
$2.23 billion |
flat |
flat |
+0.5% |
| Hats |
$1.01 million |
+1.5% |
+1.0% |
+2.0% |
| Hair Accessories |
$346 million |
+2.0% |
+2.5% |
+1.0% |
| Rainwear/Umbrellas |
$348 million |
flat |
flat |
flat |
| Total: |
$32.46 billion |
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Accessories magazine's Annual Census Report is a proprietary compilation of industry statistics and trends. Information is gathered via confidential interviews with department and specialty chain store GMMs and DMMs, as well as industry consultants and specific classification associations.
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