Home / Knowledge / News / Fashion / British fashion market witnessing steep decline
British fashion market witnessing steep decline
19
Oct '16
The fashion market in the UK has suffered its steepest decline since 2009, which is driven by falling frequencies of buying, reveals the data collected by an insight and consultancy company. The market has been witnessing a decrease in sales for the last four consecutive months and has lost close to £700 million compared to this time last year.

The results are derived from data collected over a period of 52 weeks by Kantar Worldpanel, a global expert in shoppers’ behaviour. The fashion market contracted for the first time in 6 years in June 2016, with a 0.1 per cent fall in sales growth, said the company.

Retailers are dealing with falling sales by decreasing their investment in their lines, instead of acting on it in a proactive manner. The company suggests that retailers should understand their customers and fulfil their demands, rather than chasing after micro trends.

“Fashion retailers are still following the same patterns of over-buying and deep discounting and consumers are increasingly reluctant to pay full price. Retailers have responded to falling sales by investing less in their lines, when what they need to be doing instead is addressing these problems more proactively. Rather than chasing after the same ‘micro trends’ as every one of their competitors, they need to work on understanding what their customers really want and to fulfil their needs,” said Glen Tooke, consumer insight director at Kantar Worldpanel.

“Most recently the decline has been driven by falling frequencies of buying, giving retailers fewer opportunities to encourage shoppers to part with their cash. As such, they need to ensure that stock availability is as high as it can be - online and offline - and that the shopping experience is based on what the customer actually wants, not what the retailer thinks they should experience,” added Tooke.

The company has not taken into account the closure of BHS, a retailer that was worth over £400 million which closed down in August. If this amount is not reapportioned throughout the market, the decline is likely to continue.

“Only ten of our top fashion retailers are worth more than the £700 million which the market has lost, so this decline is equal to one of them disappearing from our high streets. Given the events of this summer this no longer seems impossible,” continued Tooke. (KD)

Fibre2Fashion News Desk – India

Must ReadView All

Apparel/Garments | On 27th Apr 2017

Boohoo's revenue increases 51% to reach £294.6 mn

Fashion e-commerce marketplace Boohoo has recorded a 51 per cent...

Apparel/Garments | On 27th Apr 2017

Amazon catching up with Flipkart in India: RedSeer

Online marketplace Amazon India has caught up with its biggest rival...

Textiles | On 27th Apr 2017

Seven new organisations join ZDHC Programme

The Zero Discharge of Hazardous Chemicals (ZDHC) Programme from...

Interviews View All

Poojaa Kumar Deepak
Zeven

Zeven's performance sports apparel is designed for the Indian body type,...

Anshul Sood
Oceedee

‘Indian footwear market is nascent and largely a trend follower’

Abhishek Samdaria
Reflete

GST will certainly reduce a lot of paperwork in future

Lynda Kelly
Suominen Corporation

Suominen Corporation is a manufacturer of nonwovens as roll goods for...

Kevin Nelson
TissueGen

Kevin Nelson, Chief Scientific Officer, TissueGen discusses the growing...

Kerem Durdag
Biovation II LLC

Kerem Durdag, CEO, Biovation II LLC, provides an insight into future...

Pranav Mishra
Huemn

Designers Pranav Mishra and Shyma Shetty’s Huemn is known for its...

Karan Arora
Karan Arora

Bridal couture created with rich Indian heritage, exquisite craftsmanship...

Robert Brunner
Devereux

Golfwear and menswear brand Devereux is set for greener pastures. Robert...

Press Release

Press Release

Letter to Editor

Letter to Editor

RSS Feed

RSS Feed

Submit your press release on


editorial@fibre2fashion.com

Letter To Editor






(Max. 8000 char.)

Search Companies





SEARCH

news category


Related Categories:
April 2017

April 2017

Subscribe today and get the latest update on Textiles, Fashion, Apparel and so on.

SUBSCRIBE


Browse Our Archives

GO


E-News Insight
Subscribe Today and Get the
Latest News Update in Your Mail Box.
Advanced Search