UK fashion's economic contribution rises by 22% - new estimate
The direct value of the UK fashion industry to the UK economy is £26 billion - up from £21 billion in 2009, according to data released by the British Fashion Council to mark London Fashion Week.
This figures represents increase of 22% in nominal terms since Oxford Economics measured the industry's contribution in 2009.
The UK fashion industry is estimated to support 797,000 jobs (source: Oxford Economics 2014). This is a decrease of 2.3% from 2009 and reflects an increase in productivity by the industry.
Fashion’s total contribution to the economy via both indirect support for supply chain industries and induced spending of employee’s wage income is estimated to have risen to over £46 billion. An increase of 23% since 2009 (source: Oxford Economics 2014). The figures underline the growth since "The Value of Fashion Report", pictured below, was published in 2009.
The ‘Value of the UK Fashion Industry’ report, commissioned by the British Fashion Council, defines the industry and analysed the true breadth and economic value of the UK fashion industry for the first time.
The industry’s direct economic contribution to UK GDP was collated by analysing the industry’s profits and wages (known as gross value added (GVA)) across a wide range of fashion products and items – including womenswear and menswear through to handbags and shoes – plus the contribution of fashion education, fashion marketing and fashion media.
The report also highlighted the pivotal role of cutting-edge British design, and showcasing events such as London Fashion Week, in driving innovation and growth within the industry itself, as well as attracting millions of visitors from across the globe to the UK every year.
Source: Facts and Figures AW14
Download and print the Value of Fashion report here