HOW FASHION FUELS THE UK ECONOMY

HOW FASHION FUELS THE UK ECONOMY

  • The direct value of the UK fashion industry to the UK economy is estimated at £26bn, up from £21bn in 2009, according to data from Oxford Economics, the consultancy, published by the British Fashion Council. This represents an increase of 22 per cent in nominal terms between 2009 and 2014. If the indirect support for supply chain industries and the induced spending of employees' wages are added in, the total contribution from the UK fashion industry is £46bn.

  • Oxford Economics estimates that fashion’s wider contribution to the UK economy in influencing spending in other industries has risen from £37bn in 2009 to over £46bn in 2014 - a 23 per cent increase.

  • The UK fashion industry is estimated to support 797,000 jobs (down from 816,000 in 2009 which reflects an increase in productivity in the sector). Fashion is the largest employer of all the UK's creative industries. The sector also provides opportunities to minority groups to a greater extent than most other creative industries.

  • Ready to wear sales of womenswear were valued at £27bn in 2015. This figure is predicted by Mintel to increase by 23 per cent to £32bn in 2020.
  • According to a 2015 Mintel report, £12.4bn was spent online on fashion in the UK during 2015, up 16 per cent from £10.7bn in 2014. Some £2.7bn was spent on fashion accessories in the UK during 2015 - a 3.4 per cent increase from 2014.

  • It is estimated that 35m people across the UK had the opportunity to see London Fashion Week content via 60 outside screens in a collaboration with Ocean Outdoor.

Source: The British Fashion Industry and London Fashion Week Facts & Figures, BFC, Feb 2016.

 

 

Economic Value

 

In the official statistics on the creative industries, published in January 2015, by the Department for Culture, Media and Sport, fashion is counted within the category of "design: product, graphic and fashion design".

Using this methodology, the category was estimated to account in 2013 for 177,000 jobs in the UK, comprising 75,000 in the creative industries, 47,000 jobs that support those jobs within the creative industries, and 55,000 design related roles within the wider creative economy.

Of all the creative industries measured by the DCMS, the design sector (including fashion design) recorded the fastest growth rate (17.7 per cent) between 2011 and 2013. This compares to the average growth rate of 8.7 per cent across the creative industries and 2.4 per cent in the rest of the economy during that period.

The Gross Value Added (GVA) of the product, graphic and fashion design sectors was estimated at £3.09bn in 2013, an increase of 23.8 per cent over the previous year. This was the biggest percentage increase of any creative industries category during this period.

Between 2008 and 2013, the design category increased GVA by a compound annual growth rate of 10.8 per cent.

 Source: Creative Industries Economic Estimates, DCMS, January 2015.

 

EXPORTS of Services

 

According to data published by the DCMS, exports of services from the product, graphic and fashion design sectors were worth £204m in 2013 - an increase of 7.3 per cent year on year.

Source: Creative Industries Economic Estimates, DCMS, January 2015.