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Menswear to fuel 24% growth of UK value clothing by '21
28
Jul '16
The UK value clothing market is set to grow by 3.2 billion pounds by 2021 which translates to 23.6 per cent growth on the 2016 figure, according to retail research and analysis firm Verdict Retail.

The company's latest report projects the menswear segment as the main market driver, outpacing womenswear with its forecast growth of 29.2 per cent by 2021, a British website has reported.

Kate Ormrod, senior analyst at Verdict Retail, explains: “Menswear has taken a back seat over the past decade as value retailers have been focusing on enhancing womenswear offers. However, as male interest in fashion and personal appearance builds, retailers are starting to respond to male consumers' growing demands for more choice, style, and newness.

“The likes of H&M and New Look have an opportunity to make significant share gains, but they must drive destination appeal and loyalty among shoppers.”

Verdict Retail's survey of 10,000 UK consumers found that the country's value clothing shoppers now place more importance on value for money and quality than they have previously, with value for money scoring 8.6 out of 10 for importance when it comes to store selection, and quality scoring 8.4.

“Focusing solely on price will not satisfy value clothing shoppers. Retailers will lose favour if they opt to downgrade the quality of fabric and fit of their clothes to protect margins and offset rising inflationary pressures caused by the weak pound following Britain's decision to leave the EU, Ormrod said.

She stressed that value players need to make investment across the board with improved instore merchandising, a personalised shopping experience online with a range of delivery options, enhanced product design and quality, and regular newness to entice frequent spending and retain shopper loyalty.

Verdict Retail has forecast that the online channel will account for 11.5 per cent of the UK value clothing market in 2016, compared to 22.5 per cent for the total UK clothing and footwear market, indicating how far behind value clothing retailers are in terms of online maturity – accentuated by Primark's notable online absence. However, over the next five years, online value clothing sales are forecast to grow by 84.9 per cent to a share of 17.2 per cent. (SH)

Fibre2Fashion News Desk – India

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