Your browser is no longer supported. For the best experience of this website, please upgrade to a newer version or another browser.

Your browser appears to have cookies disabled. For the best experience of this website, please enable cookies in your browser

We'll assume we have your consent to use cookies, for example so you won't need to log in each time you visit our site.
Learn more

Clothing and footwear sales to grow 22% over next five years

Clothing and footwear will be the fastest growing sector over the next five years with total retail expenditure predicted to grow by 16.5% as consumer confidence is boosted by the improving economy.

Verdict Research forecasts that retail growth will double the 8% seen over the last five years, which has suffered from the dampening impact of the recession.

The clothing and footwear market is expected to grow by 22% with menswear offering the greatest growth opportunities as male become increasingly interested in fashion. Due to a population rise in 0 to 14 year olds kidswear could also prove to be a growth area.

However Verdict said middle market operators will continue to be squeezed by both the value end and premium players.

Patrick O’Brien, lead retail analyst, said: “Defined brands that have ranges and propositions that stand out will be the winners, while those that are just regurgitating mass market trends in uninspiring stores or websites will continue to suffer.”

Population growth will help drive sales rises as the UK population is set to grow by 2.2 million in the next five years, however half of these will be in the 60+ age group, which do not spend as much in retail as younger age groups.

Verdict said there will still be downward pressures on spending, particularly when interest rates start to rise and homeowners have to make higher repayments on their mortgages.

Have your say

You must sign in to make a comment

Please remember that the submission of any material is governed by our Terms and Conditions and by submitting material you confirm your agreement to these Terms and Conditions. Links may be included in your comments but HTML is not permitted.