In 2023, the wearing apparel turnover in the UK stood at 2.6 Billion Euros. Based on forecasts, the turnover is projected to be 2.5 Billion Euros in 2024, indicating a slight decline of 3.85% from the previous year. The trend continues with a decrease of 4.4% to 2.39 Billion Euros in 2025, a further 4.18% drop to 2.29 Billion Euros in 2026, followed by a 4.8% decrease to 2.18 Billion Euros in 2027, and finally, a 4.13% decline to 2.09 Billion Euros by 2028. The compound annual growth rate (CAGR) from 2024 to 2028 is approximated at -3.6%, reflecting a consistent downtrend in the sector over this period.
Future trends to watch for include shifts in consumer preferences towards sustainable and second-hand clothing, increased online shopping, and the potential impact of economic factors such as inflation and consumer spending power on the apparel market.
- 2024: -3.85% YoY
- 2025: -4.4% YoY
- 2026: -4.18% YoY
- 2027: -4.8% YoY
- 2028: -4.13% YoY
- CAGR (2024-2028): -3.6%
