Clothing Retailing - Ireland - January 2009
With rising food and utility bills, the percentage of income spent on clothing has been in decline over the last number of years. Increased competition for consumer expenditure from other markets (such as the leisure industry and electronics) has meant that the market for clothing has not increased proportionately with disposable income. As disposable income becomes scarcer with the effects of recession becoming more pronounced, the market for clothing retailing remains difficult going into 2009.
Key themes of the report:
Recession in RoI and the financial downturn in NI have created a difficult market with mid-range retailers suffering the effects most markedly.
Clothing sales in NI will receive a significant boost as RoI shoppers take advantage of the weak Sterling.
Celebrity-inspired style has provided an impetus for the ‘fast fashion’ trend.
While many retailers are feeling the pinch, some are turning recession to their advantage through planned expansion such as Primark and Topshop/Topman.
Irish consumers are cost cutting; is ethical still on the agenda in 2009?
In line with their non-food growth strategies, supermarkets are increasingly encroaching into the clothing retail market.
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