Industry Analysis & Industry Trends
Although the economic recovery has supported clothing demand in recent years, clothing prices have fallen more recently due to persistent price competition, tumbling raw material costs and widespread discounting among retailers. This has constrained revenue growth somewhat. Retailers have also had to work hard to retain and draw away customers from rival supermarkets, department stores and online-only retailers. The evolution of the retail landscape and the persistent rise of online shopping have prompted most retailers to invest substantially in their online offerings and delivery capabilities, which has proved beneficial... purchase to read more
Industry Report - Industry SWOT Analysis Chapter
The Clothing Retailing industry is in the mature stage of its life cycle. External threats have forced retailers to adapt to a changing market landscape and shifting consumer demands. Over the 10 years through 2021-22, industry value added is forecast to increase at a compound annual rate of 1.5%. In comparison, UK GDP is anticipated to grow at a compound annual rate of 2.3% over the same period. Although this indicates that the industry is growing at a slightly slower rate than the UK economy, the industry's products remain essential to consumers. Nonetheless, industry operators face strong competition from external competitors such as supermarkets, department stores and online-only retailers.
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