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Clothing & Footwear Industry Market Review 2008
Key Note Publications Ltd, Feb 2008, Pages: 170
The UK market for clothing and footwear was worth an estimated £48.55bn in 2007, divided between clothing (£42.45bn) and footwear (£6.1bn). Together, they account for barely 6% of total consumer spending, the lowest proportion in history. Like food and heating — the other basics of human survival — clothing and footwear have diminished in importance, in relative terms, in the household budget.
The main reason for this record low proportion of consumer spending has been the declining prices of these products. Most items of clothing and footwear now cost less than they did at the turn of the century, not only relative to earnings but also in absolute terms (i.e. at current prices).
In some categories, such as women's outerwear, prices have been falling for even longer, although the amount spent on women's clothing easily exceeds the amount spent on menswear, which has been generally sluggish. The trend towards casual dress has affected men more than women, who require larger wardrobes than ever to clothe themselves for work, formal and informal occasions, sport and family outings.
Underpinning the dramatic decline in prices has been the sourcing of clothing and footwear from countries that offer low labour costs. More than 90% of most apparel lines are imported. The People's Republic of China and Hong Kong are the leading exporters, but UK imports as a whole are spread across a range of countries, from Italy and Turkey to Vietnam and Bangladesh. Inevitably, the UK manufacturing base has shrunk dramatically, although exports of luxury and designer products have sustained the remaining industry.
Low prices have also been maintained by fierce high-street competition, with numerous distinct sectors competing for the clothing shopper's pound: department stores (e.g. Debenhams), chains such as Marks & Spencer (M&S) and Primark, supermarkets (e.g. ASDA and Tesco) and sports chains such as JJB Sports are all in competition with the specialists, both multiples (led by Next and Arcadia) and independent boutiques.
Despite the surfeit of discounting, polarisation between `cheap' and `luxury' is a growing feature of the market. We predict that the number of consumers who turn their backs on the bargain-basement products will increase in the future. Luxury brands from Europe and the US are spending record amounts on advertising to attract aspiring consumers, and cheap clothing is increasingly being tainted by ethical issues (labour conditions and the environment). However, there is no sign of a major surge in market value, so the share of consumer spending taken by clothing and footwear is likely to continue to fall over the next 5 years (2008 to 2012).
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