Retail sale of clothing in specialised stores revenue in the United Kingdom 2011-2023
Even though the UK’s reputation as a European fashion hub has always been second to countries such as France and Italy, which have rich legacies in art and design, it has definitely improved over the last few years. In fact the country’s apparel and footwear market is expected to increase from 57 billion Euros in 2015 to around 67 billion Euros by the end of 2020. The retail sector however has not inspired much confidence off late with sales surprisingly decreasing in the run-up to Christmas.
Brexit causing uncertainty in the apparel retail market
The 2009 recession in the UK witnessed three critical phases in terms of retail sales. The first saw a reduction in prices to combat falling demand, the second, a decline in the number of people visiting the high street and finally a restoration in consumer confidence accompanied by an increase in average prices. Brexit related uncertainties and concerns are expected to have a similar effect and therefore the retail apparel market has been estimated to grow only marginally over the period 2018-2023, increasing from 56.5 billion U.S. dollars in 2018 to just over 59 billion in 2023.
Brexit causing uncertainty in the apparel retail market
The 2009 recession in the UK witnessed three critical phases in terms of retail sales. The first saw a reduction in prices to combat falling demand, the second, a decline in the number of people visiting the high street and finally a restoration in consumer confidence accompanied by an increase in average prices. Brexit related uncertainties and concerns are expected to have a similar effect and therefore the retail apparel market has been estimated to grow only marginally over the period 2018-2023, increasing from 56.5 billion U.S. dollars in 2018 to just over 59 billion in 2023.
