Mintel's Global Market Navigator Reveals Fashionable Markets
Written by Mintel
02 Oct 2009
As the 25th London Fashion Week opens today, figures from Mintel's Global Market Navigator show that the fashion industry has been remarkably resilient to the global economic downturn.
The UK, France and Italy have all experienced very stable markets over the past few years and that is predicted to continue over the next 4 years.
In the United States the clothing market has continued to grow throughout the downturn and is predicted to pick up the pace of growth next year and in 2011.
Mintel GMN goes on to reveal that the stereotypes of style hungry Italians, high spending French and fashion absorbed New Yorkers are not borne out by the figures.
In 2008 clothing spend per head of population in France was €355. In Italy it was slightly higher at €461 and in the United States that figure increases further to €497.
These are in stark contrast to the United Kingdom where even in the depths of the recession the UK spend per head was €728.
In 2005 and in the run-up to the global downturn the UK annual spend per capita rose as high as €927 and much of the recent decrease in that figure is due to the Pound’s deterioration against the Euro rather than the actual amount of money spent on the UK high street.
When looked at solely in Sterling the UK clothing market was valued at £35.6 billion in 2007 and only marginally declined to £35.5 billion in 2008.
This year the decline has been more noticeable but it still remains a sizeable market at £34.7 billion. Mintel GMN goes on to predict a return to steady growth over the next few years as the UK market value climbs to £37.5 billion in 2013.
“The 25th anniversary of London Fashion Week promises to be a great spectacle promoting the industry and the city of London”, says Steve Charlton, Managing Director of Mintel GMN.
“The United Kingdom clothing market is larger than both the French and Italian markets. Indeed, the UK market is one third of the size of the United States but the population of the Great Britain is just one fifth of America’s. Whether you look at London from a design or a financial perspective, it is clear to see why London Fashion Week is such an important event in the world of fashion”.
In all 4 countries, women’s wear is the major market segment.
In France, women’s wear makes up 24.7% of the market with kids clothing representing 16.3% and men’s wear 15.5%.
In the United Kingdom women's wear constitutes over half the market at just under 60%.
Men’s wear moves up into 2nd place with 22% of the market and kids’ wear represents 17.7%.
International - September 2009