The UK's household expenditure on clothing and footwear is projected to grow progressively from 2024 to 2028, starting at £71.29 billion in 2024 and reaching £76.52 billion by 2028. The year-on-year growth rates are 1.87% for 2025, 1.81% for 2026, 1.76% for 2027, and 1.71% for 2028. Over the five-year period, the compound annual growth rate (CAGR) is approximately 1.79%. Looking back, in 2023, the expenditure was estimated around £70 billion, indicating a steady upward trend in consumer spending.
Future trends to watch for:
- Impact of sustainable and ethical fashion demand on spending habits.
- Possible influences of inflation and economic factors on disposable income.
- Technological innovations driving online shopping growth.
- Potential regulatory changes affecting import tariffs and costs.
