THE RETAIL BULLETIN - The home of retail news
HOME
RETAIL NEWS
RETAIL EVENTS
Fashion
Department Stores
Shopping Centres & Retail Parks
Home & DIY
Electricals
Health & Beauty
General Merchandise
Entertainment
Sports & Leisure
Retail Solutions
Food & Drink
Interviews
RETAIL INSIGHTS
RETAIL SOLUTIONS
ABOUT US
CONTACT US
SUBSCRIBE FOR FREE
Menswear to spearhead £3.2 billion growth in UK value clothing market

A new report is predicting that the UK value clothing market is set to grow by £3.2 billion over the next five years with menswear being the main market driver.

GENERAL MERCHANDISE

Menswear to spearhead £3.2 billion growth in UK value clothing market

A new report is predicting that the UK value clothing market is set to grow by £3.2 billion over the next five years with menswear being the main market driver.

According to retail research and analysis firm Verdict Retail, the forecast 2021 market value will equate to 23.6% growth on the 2016 figure.

The company’s latest report suggests that the menswear segment will provide the biggest boost with growth of 29.2% by 2021.

Kate Ormrod, senior analyst at Verdict Retail, said: “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.

Ormrod added: “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.

“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.”

In 2016, Verdict Retail forecasts that the online channel will account for 11.5% of the UK value clothing market, compared to 22.5% for the total UK clothing & footwear market. However, over the next five years, online value clothing sales are forecast to grow by 84.9% to a share of 17.2%.

Ormrod said: “With value players’ high volume of SKUs, investment in online filtering is key. This will allay the risk of shoppers becoming overwhelmed with extensive ranges and failing to find what they are looking for, resulting in unfruitful visits and dissatisfaction. Editorial content showcasing new products and trend-led ranges must sit alongside price-led marketing that targets cash-strapped shoppers.”

 

Email this article to a friend

You need to be logged in to use this feature.

Please log in here

Subscribe For Retail News

RETAIL EVENTS

Omnichannel Futures Conference 2019
Omnichannel Futures Conference 2019
6 February 2019
Cavendish Conference Centre, London WG1 9DT
A truly omnichannel offering requires an understanding of customer behaviour across all shopping channels and how this should impact your overall business strategy
Customer Engagement Conference 2019
Customer Engagement Conference 2019
5 June 2019
Cavendish Conference Centre, London W1
The 10th Annual Retail Customer Engagement Summit
The HR Summit 2019
The HR Summit 2019
Tuesday 8 October 2019
The Cavendish Conference Centre, London W1
The 11th HR Summit 2019, The Cavendish Conference Centre, London W1, 8 October 2019
AI in Retail Conference 2019
AI in Retail Conference 2019
16 October 2019
Cavendish Conference Center, 22 Duchess Mews, London W1G 9DT
Digitally native competitors and demanding customers are forcing a new perspective in retail. AI and machine learning can help you step up to the challenges; and some ‘small and beautiful’ solutions can increase your conversion rates within just a few weeks.
Payment Roundtable 2019
Payment Roundtable 2019
6 February 2019
The Cavendish Conference Centre, 22 Duchess Mews, London W1G 9DT
The Retail Bulletin Payment Roundtable will raise debate and discussion centred on but not exclusive to improving the in-store payment process