UK women will turn their backs on expensive, celebrity endorsed bags this year, according to Mintel.
Sales of handbags rose 139 per cent between 2002 and 2007, mainly owing to the success of the so-called “it bag”, endorsed by celebrities. Over the past three years, the market has enjoyed year-on-year growth of 30 per cent, to reach£468 million last year.
Although sales are set to pass the half-billion pound mark this year to hit£553 million, this is up only 18 per cent on 2007. In the next five years, women will continue to buy handbags, but the growth rate will be slower as they start to choose more reasonably priced high street handbags.
“Women have become more cynical about celebrity endorsed products,” said Mintel senior fashion analyst Katrin Magnussen. “Many will no longer be as quick to spend hundreds, even thousands, of pounds on a bag, just because the likes of Posh Spice have been snapped with one. Especially when, these days, the must-have looks are quickly translated to the high street.”
“Also, in light of the uncertain economic climate, women may well need to tighten their purse strings and so less expensive handbags will help them satisfy their appetite for a new handbag.”
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