Household expenditure on clothing in the UK is set to increase steadily from 2024 to 2028, with forecasts indicating a rise from £62.34 billion to £67.09 billion. In 2023, actual spending stood at £60.12 billion, marking a consistent upward trend. Year-on-year growth is expected between 1.9% and 1.8% for each forecasted year, with a compound annual growth rate (CAGR) of approximately 2.0% over the five-year period.
Future trends to watch for:
- The impact of economic conditions and inflation on spending power.
- Shifts in consumer preferences towards sustainable and eco-friendly fashion.
- Increased online shopping and technological integration in the retail industry.
