DUBLIN--(BUSINESS WIRE)--Research and Markets has announced the addition of the "The UK Premium Clothing & Footwear Market 2017-2022" report to their offering.
The report "The UK Premium Clothing & Footwear Market 2017-2022" report offers comprehensive insight and analysis of the market (including forecasts up to 2022), the major players, the main trends, and consumer attitudes. It provides in-depth analysis of the following: the hot issues impacting the market, strategies for success, market sizes and forecasts, retailer profiles, retailer market shares, consumer data and future outlook.
Premium clothing & footwear market is forecast to reach £7.0bn in 2017, equating to 16.1% of the clothing & footwear market, up from 15.3% in 2012. The market will rise 3.8% in 2017, in part inflationary driven but also due to ABC1 shoppers continued focus and demands for design and differentiation encouraging them to trade up for quality and value for money.
Despite growing menswear investment from value players, male consumers, especially 16-35s, continue to have a greater affinity with branded clothing, boosting premium penetration. Indeed, 41.0% of male clothing shoppers bought premium clothing in the past year, compared to 34.7% of females. The premium segment of the total menswear market will reach 18.0% in 2022, versus 12.0% in womenswear.
Ted Baker and Kurt Geiger lead the premium clothing and footwear markets respectively, with iconic branding, product design and innovation and aspirational store experiences making them go-to destinations among their loyal customer bases.
Nearly two-thirds of premium clothing & footwear shoppers consider purchases a treat, with the second most popular reason being gift giving. This highlights the importance of retailers ensuring the whole shopping experience is aspirational, with the store environment and service received of a high standard - and emulated online.
Over 81% of premium clothing shoppers agree that they buy premium goods because the quality is better than cheaper alternatives. As the return of inflation puts further pressure on margins, retailers must ensure that quality is not compromised. Instead, price increases should be hidden by adding extra detail or using better quality fabric to avoid direct price comparisons.
81.6% of premium shoppers said they prefer having a wardrobe of classic items they can wear year after year. While fashion is still important, nearly three quarters seek cheaper items when buying fashionable clothing. Having a signature style that retailers can apply to classic clothing and footwear is vital, with Ted Baker enjoying success due to its use of colour and print.
Key Topics Covered:
- The hot issues
- What people buy
- Where people shop
- Why people shop
- Ted Baker
- Mint Velvet
- Kurt Geiger
- All Saints
- Banana Republic
- French Connection
- Karen Millen
- LK Bennett
- Urban Outfitters
- Russell & Bromley
- Michael Kors
For more information about this report visit https://www.researchandmarkets.com/research/9c9wjb/the_uk_premium