The value added of clothing in the UK registered a significant increase from 2013 to 2023, reaching 2.54 billion pounds sterling in 2023. Post-2013, it saw robust growth till 2015 before dropping in 2016. The market rebounded in 2018, followed by slight fluctuations and a relatively steady trend from 2020 onwards. Over the last two years, the year-on-year variations indicate marginal growth, with increases of 1.25% in 2022 and 1.2% in 2023. The CAGR over the past five years stands modest at 0.21%. Looking ahead from 2024, the forecast indicates a slow but steady growth with a 5-year CAGR of 0.87%, projecting a rise to 2.68 billion pounds sterling by 2028.
Future trends to watch for:
- Consumer shifts towards sustainable and ethical fashion.
- Growth influenced by e-commerce and technological integrations in fashion retail.
- Impact of post-Brexit trade policies on the clothing sector.
- Potential disruptions in supply chain dynamics due to global economic conditions.
