Clothing’s share of the UK apparel market is expected
to fall by 0.4ppts to 72.1% by 2028, as consumers opt for capsule wardrobes,
second-hand and become less interested in following the latest fashion trends,
even as inflation stabilises.
The
UK apparel market is expected to slow further in 2024, with growth dropping
0.3% to £60.9bn ($76bn) and will ”remain soft” till 2028 as shoppers continue
to spend cautiously according to a GlobalData report titled: “The Apparel Market in the UK to 2028.”
UK
clothing shares to drop as consumers move to capsule wardrobes, resale
Clothing will see its share of the overall
UK apparel market fall by 0.4 percentage points to 72.1% between 2023 and 2028,
as consumers invest in footwear, capsule wardrobes and become less receptive to
the latest trends, while spending continues to be diverted into the secondhand
market.
While inflation is expected to soften to
2.6% in 2024 and slowdown in the second half, from 2025 onwards, inflation is
projected to return to around 2.0%, in line with the Bank of England’s
recommendation, which should help consumers’ finances recover to healthier
levels.
Currently, inflationary pressures are
leading UK apparel consumers to prioritise value for money instead of price as
shoppers seek apparel that lasts and has a lower cost per wear over time,
reinforcing the trend toward capsule wardrobes.
Recognising this trend, other players are
adapting their strategies, with Marks
& Spencer (M&S) launching capsule wardrobe edits, while value
brands including PrettyLittleThing and Asda’s
George have introduced premium collections to cater to this growing demand.
Womenswear is the biggest subsector in the
clothing market and is expected to achieve a CAGR of 2.1% between 2023 and
2028, reaching £27.8bn.
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Menswear is expected to reach £13.8bn,
growing at a CAGR of 1.8%. However, childrenswear is the weakest, with a CAGR
of only 1.2% due to declining birth rates in the UK affecting the demand for
children’s clothing.
Footwear, on the other hand, is expected to
outperform during the same period, with its share rising by 0.2 percentage
points to 17.9%, supported by the continued popularity of trainers and
consumers’ interest in health and wellness in the post-pandemic era.
More
consumers are considering purchasing second-hand apparel in the future
Consumers are reducing apparel spending and
prolonging garment life through repairs or sustainable resale and rental models
like Vinted which facilitate the buying and selling of second-hand apparel.
Just Style recently examined Vinted’s success layer-by-layer to
ascertain what is fuelling the growth of resale platforms and what it means for
the wider apparel industry.
39.7% of UK consumers intend to purchase
second-hand clothing in the future along with 17.8% in footwear and 23.3% in
accessories.