UK value clothing market to be worth £14.1bn this year
Driven by low consumer confidence and economic uncertainty, the UK value clothing market is expected to outperform the wider UK clothing market over the next five years, according to a new report.
The rise of trend-led fast growing brands like Primark, Pep&Co and Boohoo is contributing to shoppers' appetite to trade down, said data analytics and consulting firm GlobalData, based on a survey of 10,000 UK consumers and a panel of 5,000 clothing shoppers.
The value clothing market is forecast to reach £14.1 billion this year, and the menswear subsector will grow by a staggering 12.1% by 2024.
But as some brands thrive, some have experienced serious decline. Looking back at the last five years, New Look has been the biggest loser within the value clothing market, losing 2.6 percentage points of share due to its loss of relevance and growing competition in the youth segment.
Overall, clothing specialists are experiencing a boom, with the report forecasting an increase of 1.6 percentage points over the next five years thanks to strong performance from PrettyLittleThing, Boohoo.com and Primark.
Online value retailers in particular will benefit from a strong 37% surge over the next five years, the report said.
And when it comes to fulfilment methods, value shoppers continue to favour home delivery thanks to delivery saver schemes such as Asos Premier and Amazon Prime, however click & collect is growing in appeal, with 41% of shoppers using this option in the past year.
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