Four million British consumers stopped buying fashion accessories in 2017, with the number of UK shoppers buying accessories dropping from 50.6% in 2016 to 40.9% in 2017.
The decline equates to £390m in lost revenue for the year.
The share of UK clothing shoppers fell as a direct result of decreased in “wants-driven” purchasing, according to the report published by data and analytics company GlobalData.
The report showed average annual spend per head decline by 0.8% in 2017 to £98, compared to a flat performance in 2016.
The report indicated that midmarket accessories leaders continued to lose share of spend as value retailers improved ranges while the premium market prospered from tourism boosts.
However, despite this decline, it is predicted UK consumer spending on fashion accessories will grow by 0.3% over the next five years.
High street retailers like Accessorize and Claire’s are predicted to struggle, and premium and luxury specialist brands will outperform.
GlobalData Principal retail analyst Honor Strachan said: “Replacement purchases are now the main trigger of purchasing accessories among domestic shoppers, compared to consumers spending to treat themselves. This puts huge pressure on retailers to encourage trading up, or to diversify to make up for absent sales.
“While the premium and luxury segments of the UK fashion accessories market bask in the attention of high-spending overseas visitors, the mass market players are suffering from a major drop in domestic consumer willingness.”
Additionally, it was indicated that women’s accessories spending are predicted to outperform men’s accessories expenditure over the next five years.