European consumers are snubbing the latest fashion trends in favour of new technology and property, according to new survey. Verdict Research found that spending on clothes has barely risen across Europe in the last five years, despite a significant increase in average earnings.
Slow or negative growth was particularly apparent across key markets such as the UK, France, Germany and Italy, says Verdict. Italy, however, still had the highest average spend of £602 per person a year, ahead of the UK with £556, an increase of 7.3% from five years ago.
But it was new EU member states that registered the strongest growth. Slovakia, for instance, saw a 35% increase to £71 per person a year, with similarly big rises witnessed by Estonia and Slovenia.
Verdict claims the research shows that the love affair between European consumers and fashion has gone cold.