HOW FASHION FUELS THE UK ECONOMY

HOW FASHION FUELS THE UK ECONOMY

  • The direct contribution of the UK fashion industry - including fashion suppliers and retailers as well as designers - to the UK economy was estimated at £32.3bn in 2017 according to data from Oxford Economics, the consultancy, published by the British Fashion Council

  • The source estimates that fashion supports 890,000 jobs - up 1.8 per cent on 2016. 

  • Womenswear value sales grew by 2.9 per cent in 2017 to £28.1bn, are predicted to reach £28.7bn by 2021, according to Mintel. Menswear accounts for 26 per cent of the total clothing market and grew by 3.5 per cent in 2017.
  • According to a 2017 Mintel report, online fashion accounts for 24 per cent of total fashion spend.
  • Chinese tourists collectively are the biggest spenders in the UK luxury fashion market.
Source: BFC Press Release Facts & Figures, February & September 2018.
 

  

Economic Value - official statistics

 

In the Government's official statistics on the creative industries, published in 2018, by the Department for Culture, Media and Sport, fashion is counted within the category of "design and designer fashion".

Using this methodology, there were an estimated 160,000 UK jobs in design and designer fashion in 2017. Between 2011 and 2017, this employment number increased by 57 per cent.

Judged by Gross Value Added (GVA), the design and designer fashion category, generated an estimated GVA of £3.94bn. This measure grew by 7.7 per cent year on year, and had increased by 100 per cent between 2010 and 2017.

There were also an estimated 23,400 UK businesses in the category in 2017, increasing by almost 3 per cent year on year. 

Source: Creative Industries Economic Estimates - Employment, DCMS, 2018.
Source: Creative Industries Economic Estimates - Business Demographics, DCMS, January 2019.

 

EXPORTS of Services

 

According to data published by the DCMS, exports of services from the design and designer fashion category were worth £380m in 2016. (Note: these figures are likely to under-estimate the value of exports in this category and conflict with other estimates of the value of exports from UK design and fashion businesses).

Source: Creative Industries Economic Estimates, DCMS, June 2018.