Thursday, 6 July 2017

UK clothing market to reach 51.2 billion pounds by 2022

The UK clothing market is predicted to grow by 16.6 percent over the next five years to hit 51.2 billion pounds. However, the UK apparel market growth is likely to be driven by inflation following Brexit, which will remain above the 2.0 percent mark until 2020 as the weak pound continued to push up manufacturing and import costs.

Clothing is predicted to be the third fastest growing sector in the UK, following health and beauty, and food and grocery, according to the report ‘The UK Clothing Market 2017-2022′ from GlobalData. Clothing volume is expected to remain weak, as consumers cut back on their on their disposable income and prioritize other expenditures.

However, even though consumer spending will be under pressure, the UK clothing market will remain robust, as it predicted to grow 16.6 percent over the next over the next five years compared to 12.7 percent over the previous five-year period.

Menswear has been highlighted as the fastest growing clothing subsector to 2022, as it is predicted to grow 21.2 percent, outperforming womenswear by 5.8 percentage points. Growth in the UK menswear category is set to be driven by the increasing influence of fashion, as well as retailers growing investment in the category.

Paul Smith SS 2017

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