Wednesday, December 13, 2017

Clothing sector set for recovery in 2017

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The UK‘s fashion sector is predicted to recover next year by growing two per cent after a turbulent year for many retailers.

New research from retail analyst Fung Global Retail and Technology has reported that the sector has grown by an average of 4.3 per cent over the last five years, but hit a brick wall in late 2015 and has had an “exceptionally weak” performance in the 10 months until October 2016.

Sales in 2016 have managed an average of only one per cent monthly growth so far, with Fung attributing a shift in spend moving from clothing to leisure, as well as Brexit uncertainty deterring people from spending.  


READ MORE: Why is the fashion sector struggling?


However, 2017 is set to see a recovery, with online sales predicted to grow by up to 10 per cent.

Marks & Spencer predicted to be the only big retailer to see decline next year as it moves its focus from its food sector,  but online clothing retailers such as Zalando, ASOS and Boohoo are predicted to see a healthy growth.

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