The recession has retailers accepting the fact that this won't be a big spending holiday season. But one bright spot this season is accessory sales, which are holding up much better than clothing sales.
"Accessories have always remained very important to us, but perhaps they're different than before," said Ron Frasch, president and chief merchandising officer at Saks Fifth Avenue. "We're seeing a greater interest in accessories that are more gift-giving accessories, maybe things like small leather goods, soft accessories. We're seeing the good in spite of everything, especially across the contemporary accessories zone within handbags under $1,000."
Frasch cited brands such as Marc by Marc Jacobs and Tory Burch as those weathering the storm in handbags, and established labels such as Cartier, Chopard and Graff in Saks' fine jewelry segment. He noted that jewelry brands spanning multiple price levels, such as David Yurman and Judith Ripka, are hanging tough.
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Jim Gold, president and chief executive officer of Bergdorf Goodman, said the store is also pushing through holiday with the help of "iconic brands that will stand the test of time," such as Chanel, Bottega Veneta and Nancy Gonzalez. Accessories fare especially well in a challenging economic climate when consumers may consider "recycling an outfit or postponing a major wardrobe purchase," but still spend on accessories that can complete a look.
Accessories are a great way to change your look without buying a new dress or pants. A new scarf or piece of trendy costume jewelry can be just the thing to brighten up last year's purchase. It's also a great way to look chic if you are traveling and can't take much luggage.
