HOW FASHION FUELS THE UK ECONOMY

HOW FASHION FUELS THE UK ECONOMY

  • The direct contribution of the UK fashion industry to the UK economy is estimated at £28bn, up from £26bn in 2013, according to data from Oxford Economics, the consultancy, published by the British Fashion Council

  • The UK fashion industry is estimated to support 880,000 jobs (up from 797,000 in 2013). 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.
  • The men's clothing market grew by 4.1 per cent in 2015 to £14.1bn (up from £13.5bn in 2014). Menswear accounts for 25 per cent of the total clothing market, according to Mintel's British Lifestyles 2016. Mintel also estimates that menswear is predicted to grow by 22.5 per cent between 2015 and 2020 to £17.3bn.
  • 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.

Sources: 
The economic value of the UK fashion industry in 2015, BFC/Oxford Economics report, 2015.
LondonFashion Week, BFC release, February 2017.
London Fashion Week Mens, BFC release, January 2017.

 

 

 

Economic Value

 

In the Government's official statistics on the creative industries, published in 2016, 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 2015 for 132,000 design jobs in the creative industries, and a total of 197,000 category jobs within the wider creative economy (which includes design-related jobs outside the creative industries, such as in manufacturing).

Of all the creative industries measured by the DCMS, the design sector (including fashion design) recorded the fastest job growth rate (29.5 per cent) between 2011 and 2015. This compares to the average job growth rate of 19.6 per cent across the creative economy during that period.

The Gross Value Added (GVA) of the product, graphic and fashion design sectors was estimated at £3.23bn in 2014, an increase of 16.6 per cent over the previous year. This was the biggest percentage increase of any creative industries category during this period.

Between 2008 and 2014, the design category increased GVA by a compound annual growth rate of 9.7 per cent.

 Source: Creative Industries Economic Estimates, DCMS, January 2016.

 

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, June 2015.