The UK fashion and textiles market is estimated to export £8 billion worth of products at wholesale prices in 2013. A new report just released titled “Clothing Manufacturing in the UK”, highlights that the UK clothing industry has reported declining revenues since 2008 with only sporadic and temporary increases in revenues reported over this time. The UK clothing manufacturing market is estimated to be worth £3.2 billion in 2013.
The UK consumer reduced expenditure during the economic downturn with as a result they were seeking more value-for-money products which facilitated further imports from foreign manufacturers in the sector. A significant number of UK manufacturers within the clothing industry were affiliated with the more luxury target market and this accentuated the decline in revenues.
Surprisingly, at the same time as UK consumers spent less on clothes, the retail sector reported an increase in revenue from foreign buyers as the weakened pound drove a temporary sales boost. In addition, the launch of online platforms for clothing retailers are helped to temporarily lift sales during this difficult period. During the period 2008 to 2013, revenue figures fell by 0.5% on an annual basis. In 2013, we are expected to see a 1.9% decline in revenues for the UK clothing market. The stronger than expected growth in GDP is forecast to help sales with only a 0.5% contraction of revenue forecast in 2014. The UK clothing sector is forecast to return increasing revenues post 2014 as disposable incomes start to improve.
Over the next five years, the UK clothing market is forecast to report a 0.7% CAGR increase with the market valued at £3.3 billion by 2018.
For more information on the UK clothing manufacturing market, see the latest research: UK Clothing Manufacturing Market
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