The UK clothing and footwear market was worth an estimated £44.45bn in 2005, accounting for just under 6% of total consumer expenditure.
April 14, 2007 (Press Release) --
Clothing & Footwear Industry Market Review 2006
The UK clothing and footwear market was worth an estimated £44.45bn in 2005, accounting for just under 6% of total consumer expenditure. The historical perspective is important, showing that this proportion of the typical household budget was 10% back in 1960, so that clothing (worth £38.35bn) and footwear (£6.1bn), although among the basic human needs, are now less of a spending priority.
The ability of consumers to spend less has been partly due to falling prices for these products. Between 2001 and 2005, average clothing and footwear prices fell by 14.4%, while the general cost of living went up by 12.6%, so that shoppers are buying far more in volume terms, even though their spending in current prices is increasing only modestly.
In current terms, between 2001 and 2005, 21.2% more was spent on clothing for women, girls and infants, taking the market to £24bn in 2005. Much less (£12bn) was spent on men's and boys' clothing, which also grew more slowly between 2001 and 2005 (14%). Accessories and other clothing costs (hire, cleaning, dressmaking, etc.) contributed a value of £2.35bn in 2005.
Falling prices are basically the result of importers and retailers being able to source cheaper supplies from countries where production costs are lower. The major trade issue at present is the Republic of China which, following the end of a world trade agreement in 2005, flooded the US and EU markets with cheap products. In 2006, restraining action is being imposed on cheap Chinese exports, and this could lead to some firming up of prices.
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You can also call us at +91-(022)-2757 8668 or +91-(022)-2757 9131
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The UK clothing and footwear market was worth an estimated £44.45bn in 2005, accounting for just under 6% of total consumer expenditure. The historical perspective is important, showing that this proportion of the typical household budget was 10% back in 1960, so that clothing (worth £38.35bn) and footwear (£6.1bn), although among the basic human needs, are now less of a spending priority.
The ability of consumers to spend less has been partly due to falling prices for these products. Between 2001 and 2005, average clothing and footwear prices fell by 14.4%, while the general cost of living went up by 12.6%, so that shoppers are buying far more in volume terms, even though their spending in current prices is increasing only modestly.
In current terms, between 2001 and 2005, 21.2% more was spent on clothing for women, girls and infants, taking the market to £24bn in 2005. Much less (£12bn) was spent on men's and boys' clothing, which also grew more slowly between 2001 and 2005 (14%). Accessories and other clothing costs (hire, cleaning, dressmaking, etc.) contributed a value of £2.35bn in 2005.
Falling prices are basically the result of importers and retailers being able to source cheaper supplies from countries where production costs are lower. The major trade issue at present is the Republic of China which, following the end of a world trade agreement in 2005, flooded the US and EU markets with cheap products. In 2006, restraining action is being imposed on cheap Chinese exports, and this could lead to some firming up of prices.
For more information, Please visit : http://www.bharatbook.com/detail.asp?id=9970
or email us at : info@bharatbook.com
You can also call us at +91-(022)-2757 8668 or +91-(022)-2757 9131
For searching our huge collection of reports, Please visit :
http://www.bharatbook.com/general/customresearch.asp
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