The clothing market will outperform all other retail sectors despite facing tough trading conditions, according to research company Mintel. It forecasts that the sector will grow by 18.4% to £34.7bn over the next five years.
The report “Clothing Retailing in the UK” predicts that non-food sales will grow 15.3% while the overall retail sector will increase by 15.9%.
“Fast fashion” retailers are expected to continue to dominate the sector as the UK becomes a nation of value-orientated shoppers. Primark, which only entered the UK market in 2003, now attracts nearly one in four shoppers and is already one of the top five clothing retailers in the UK.
It shares the top spot with Asda, Matalan, Next and Marks & Spencer. The latter has retained its title as the nation’s favourite clothing store. The resurgent high street giant has sales of £3.6bn and a 15% share of the clothing market.