Menswear to grow 22 percent in next five years

Tuesday, 31 December 2013
Menswear to grow 22 percent in next five yearsA new report from retail market group Verdict Retail shows UK clothing and footwear is to grow 16.5 percent over the next five years. The report said menswear was the highest growing market, with sales expected to grow 22 percent as men are becoming increasingly more interested in fashion.

Retail growth to double

Retail growth will double from the 8 percent seen over the last five years, which was impacted by the recession.

DueMenswear to grow 22 percent in next five years to a population rise in 0-14 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-plus 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.

Image: U Clothing SS14