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UK Clothing, Footwear, Accessories & Luxury Goods Specialists
Market Data and Forecast to 2013
- Publication Date:October 2009
- Publisher:World Market Intelligence
- Product Type: Report
UK Clothing, Footwear, Accessories & Luxury Goods Specialists Market Data and Forecast to 2013
UK clothing and footwear market is fundamentally a mature market, with heightened competition among the retailers. This market is a factor of changing demographics, consumer and fashion trends and the demands of new generation. The consumer regards clothing and footwear products as disposable, and this generates the market for re-purchasing and multiple sales. Changing fashions and trends play a major role in fashion products sales as products would be out of stores once done with that season Clothing and footwear production in the UK is being increasingly outsourced to developing nations in Asia and Eastern Europe. Almost 90% of the apparel production in the UK is outsourced. China and Hong Kong are the leading nations for outsourcing of apparel and footwear production. However, UK has a host of other cost centers including Vietnam, Turkey and Bangladesh. Leading retailers like Mark & Spenser source 44% of its products from Asian production units. With low labor and production costs, Asian and Eastern European nations have become production hubs for the developed nations. With the production being taken away from the UK, retailers are concentrating on adding value to the output by concentrating on design rather than production. Among the end users, women's section in the clothing and footwear is very mature and hence intensified competition can be seen. The prices in the women's and girl wear section have been on a declining trend for a long time. Discounting is playing a major role in this segment with all the major high-street stores and specialty stores competing for the same market. In fact discounting has hit the clothing and footwear section as a whole, which can be seen from the lower prices of the clothing and footwear in absolute terms (at current prices). In addition, global trade has opened up low cost centers which produce products at much cheaper price. In spite of this trend, the polarization between luxury goods and value goods has grown like never before. Designer pieces and branded products still demand high prices, with fashion brands from Europe and US making entry into markets through extensive advertising. Further, casual wear has gained strength and market, although formal wear still dominates the market. With the corporate and business going easy on the dress code, semi-formal dressing has gained prominence. Also life style changes have seen the demand for evening wear and sportswear increase. For the fiscal year 2008, the clothing and footwear market accounted for £33.7 billion (US$62.5 billion) in retail sales, an increase of 2.9% over the previous year. Clothing accounts for more than 80% this market. Being non-essential items these products are likely to see decline in sales in 2009. The recession is affecting the consumer confidence and clothing and footwear retailing has been adversely affected due to the tightening of consumer spending.
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