Sales for non-wallet money accessories increased 13 per cent to almost US $ 23 million in the 12 months ending on October 2016, as per the report by The NPD Group, global information company.
The report underlined that women’s small and mini-sized handbags sales grew 2 per cent offsetting the overall decline in women’s handbag sales, and dollar sales rose 3 per cent. Lower price point money accessories (under US $ 75) contributed the most growth to the category.
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, as per the company.
“Consumers are realizing that they don’t need to carry everything with them at all times. 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,” said Beth Goldstein, Executive Director and Industry Analyst, Accessories and Footwear, The NPD Group, Inc.