UK Clothing & Footwear Sector Report summary
July 2023
Period covered: Period covered: 28 May – 1 July 2023
3 minute read
Note: This report summary is one or two months behind the current month as standard reporting practice. The content is indicative only and incomplete with certain data undisclosed. Become a member to access this data or take out a free 30 day membership trial now.
Clothing & Footwear Sales
Clothing and Footwear sales increased by 00% and 00% YoY respectively in June, according to the Retail Economics Retail Sales Index (value, non-seasonally adjusted).
Consumers’ willingness to spend on discretionary items remains under pressure amidst persistent inflation, but certain seasonal triggers supported Clothing & Footwear sales in June, including:
Record-breaking temperatures: The hottest June on record - with temperatures 2.5°C above normal - lifted sales of summer clothing items and drove footfall to stores as consumers sought to stay comfortable and stylish during the heat.
Festival season: Festivals, concerts and sporting events are making a strong comeback as consumers remain determined to spend on areas missed out on during the pandemic. Major events in June such as Glastonbury and Royal Ascot drove demand for new outfits, statement accessories, and footwear suitable for these occasions.
Mid-season sales: Retailers leveraged mid-season sales and promotions to attract cost-conscious shoppers and clear excess inventory. These sales stimulated purchases as consumers looked to take advantage of discounts.
Summer travel: Swimwear, sandals and lightweight clothing were reportedly in high demand, as consumers updated wardrobes in preparation for summer holidays and schools breaking up in July.
Sector Outlook
Retail Economics forecasts Clothing sales to record slower growth of 00% YoY in 2023, with total sales hitting close to £00bn.
Fashion retail bounced back over 2022, experiencing impressive double-digit growth (00%) as consumers refreshed wardrobes for post-lockdown holidays and social events.
Retail Economics forecasts Clothing sales to record slower growth of 00% YoY in 2023, with total sales hitting close to £00bn. Footwear sales are projected to rise by 2.9% YoY, reaching £10.1bn.
Retail Economics forecasts total Clothing sales to rise by a CAGR of 00% over 2023-2027, reaching total annual sales of £00bn by the end of this period.
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Almost two thirds (65%) of households intend to cut back across the majority of their spending this financial year
Source: Retail Economics, Grant Thornton
