Set to be the worst hit sector by the COVID-19 pandemic, the UK clothing and footwear spend is anticipated to plummet in 2020, falling by 26.1 per cent compared to 2019 figures, according to data analytics company GlobalData. In contrast to offline sales, the company expects online sales to fare better, only declining by 7.9 per cent in 2020.
However, this will not be enough to offset the loss in spend from physical stores, GlobalData said in a statement.Set to be the worst hit sector by the COVID-19 pandemic, the UK clothing and footwear spend is anticipated to plummet in 2020, falling by 26.1 per cent compared to 2019 figures, according to data analytics company GlobalData. In contrast to offline sales, the company expects online sales to fare better, only declining by 7.9 per cent in 2020. #
“As the government has extended the UK lockdown for at least three more weeks, we expect that offline clothing & footwear sales in 2020 will further contract, falling 33.6 per cent on the year, as the demand for fashion is increasingly decimated. With other European countries, such as Austria and Italy, gradually loosening their restrictions and keeping most non-essential stores closed, we expect fashion stores in the UK to remain shuttered for a number of weeks once the lockdown is eventually lifted, and not begin reopening until June,” Chloe Collins, senior retail analyst at GlobalData, said.
While the company predicts that fashion stores will start to gradually reopen in June, footfall is expected to remain low as consumers will be cautious about visiting crowded areas, and prioritise catching up with family and friends that they have been unable to see during lockdown.
Consumers will also prefer to spend time outside enjoying the summer weather rather than browsing retail stores, and will focus spend on experiences over fashion items.
The company expects several retail casualties within the fashion sector in the coming weeks, with Debenhams, Oasis and Warehouse already entering administration, and Arcadia said to be considering more store closures. “Therefore, more empty spaces are anticipated on the high street, limiting physical fashion spend further,” Collins added.
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