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Clothing Retailing Market Report Plus 2009
Key Note Publications Ltd, Aug 2009, Pages: 124
This Market Report examines the UK clothing retailing market, which encompasses women’s, men’s and children’s clothes, as well as clothing accessories. Consumer spending on clothing rose by just 10% between 2004 and 2008 — well below the 19.2% increase in overall consumer expenditure due to the fact that the price of clothing almost certainly fell during the period under review, while the price of many other goods, such as food, rose sharply. Year-on-year growth in clothing expenditure also experienced a decline in 2008, reflecting the impact of the UK recession with consumers becoming increasingly cautious as the year progressed. According to estimates, supermarkets (notably ASDA, Sainsbury’s and Tesco) now account for more clothing sales than any other type of outlet.
Supermarkets’ share of the clothing market increased from around 10% in 2000 to 23% in 2008, and this expansion is likely to continue as the major multiples devote increasing amounts of floor space to non-food items such as clothes. Supermarkets are particularly strong in the childrenswear sector, accounting for around a third of volume sales of school clothing and footwear.
Small independent retailers have been badly affected by the recession, having already been hit by the expansion of the supermarket chains. Even some larger chains, such as Woolworths, which sold a variety of children’s clothes including school wear, have succumbed to the economic downturn. Other victims include Ethel Austin, which went into administration in May 2008 (it was subsequently bought out of receivership), and Principles, which entered administration in March 2009. Meanwhile, chains such as Next and Debenhams have reported falling sales. The recession, which has sparked a price war among the major retailers, is likely to spur the process of consolidation in the industry.
The clothing market benefits from a large amount of direct advertising by retailers, which often use well-known names to advertise their wares; for example, Marks & Spencer has featured the former supermodel Twiggy and the musician and presenter Myleene Klass in its recent clothing advertising. The clothing industry also benefits from a great deal of hidden advertising in the form of fashion supplements in the press and clothing programmes on the television. The clothing market’s total main media advertising expenditure amounted to £56.7m in the year ending March 2009.
The recession is likely to result in very subdued sales growth in 2009, while an anaemic recovery is also likely to constrain sales in 2010. Value growth will also be depressed by intense competition and discounting among retailers. The authors forecast that sales growth will revive gradually between 2011 and 2013 as the economic environment improves, and the market is forecast to increase by an overall 18.6% between 2004 and 2013.
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