Fashion for less as Brits bag a bargain!
If you can't resist a 'buy one get one free' t-shirt offer, or the latest must-have fashions for less than a tenner, then you are not alone. MINTEL's exclusive consumer research finds that Brit's today can't get enough of sniffing out a good deal, with 70% saying they love a bargain, and 30% wanting to pay as little as possible for their clothes.
This obsession with cheap fashion from shops such as Primark, Asda and Matalan has led to a growth in the value clothing market* of 45% between 2002 and 2007 alone, with sales worth £6.3 billion last year. In comparison the clothing market as a whole grew by only around half this rate during the same period.
"Value clothing has become a lot more accessible and more importantly acceptable, especially with the growth of Primark and the supermarkets," comments Katrin Magnussen, senior retail analyst at MINTEL. "Today, many Brits are simply addicted to the rush of buying a new outfit, and the fact that it doesn't break the bank is a real added bonus. It is clear that for many the draw of the ‘buy today, wear tonight, forget next week’ outfit is just irresistible."
What is more, MINTEL's research shows that value clothing now really is at the heart of British shopping, with two in five (36%) adults buying all their basics at these shops. This rises to as many as four in ten (41%) amongst 15-24 year old's.
Future is all sewn up
Today, it is hard to escape the doom and gloom of the impending economic crisis. But MINTEL believes that value clothing could be the perfect antidote for many fashion fanatics.
"As we start to feel the pinch of rising interest rates and the looming credit crunch, cheap fashion could allow shopaholics to keep up to date with the very latest trends despite shopping on a budget," comments Katrin. "Value clothing is one market that could escape unscathed if British shoppers do choose to tighten their purse strings."
Looking to the future, it doesn't look as if the value clothing bubble is set to burst anytime soon, as MINTEL forecasts a further 38% growth (2007- 2012) to reach £8.7 billion by 2012.
* Mintel’s definition of value retailers includes George at Asda, Tesco, Primark, Matalan, The Peacocks Group, TJ Hughes, TK Maxx, The Officers Club, Ethel Austin, Netto, Aldi, Lidl, Costco, Makro and Wilkinson. Sainsbury’s and New Look are not considered to be value retailers due to their own positioning.