Clothing Retailing - Italy - November 2010
- Economic contraction began in the second quarter of 2008. Positive growth returned in the third quarter of 2009, but GDP still declined by 5.0% for the full year.
- The recovery is forecast to be slow, with GDP growth of around 1% forecast for 2010 and 2011 with only a small increase in growth thereafter.
- Like many other countries in the Eurozone, Italy has taken austerity measures to control its public debt.
- These measures, coupled with rising unemployment, are likely to continue to put pressure on consumer spending over the next few years, particularly on discretionary items such as clothing.
- The clothing specialists’ sector has seen sales decline by almost 2% in each of the last two years and a further, smaller fall in sales is expected for 2010. When sales tax is figured in, this gives clothing specialists a 42% share of total spending on clothing.
- However, we forecast that retail sales for clothing specialists will rise by a total of 5.2% from €19.3 billion in 2010 to €20.4 billion in 2015.
- Consumer spending on clothing began contracting in 2009, following positive growth of 1.5% in 2008. Spending on clothing fell by 1.9% in 2009 to €55.1 billion (incl. sales tax), which is a better performance than countries such as France, which saw two years of declines, but worse than the decline seen in Germany.
- The clothing specialists sector is relatively fragmented, with the top five clothing retailers accounting for around 19% of retail clothing sales.
- Domestic players dominate the ranking of leading clothing specialists. Gruppo Coin is the market leader, with a market share of 6.2% from its Oviesse and Coin fascias combined. Benetton is in second place (market share 4.7%).
- International operators, including H&M, Mango, Gap and Inditex have undertaken expansion into the Italian market, including e-commerce launches in 2009/10.
Mintel European Retail Intelligence provides independent, expert coverage of the major retail sectors throughout Europe. Each title in this series analyses retailing trends in up to 19 European markets, including the Scandinavian nations and Eastern European countries such as the Czech Republic and Poland as well as the major Western European markets.
The coverage provided by each report is as accurate, relevant and up-to-date as possible, combining in-house sector expertise with retailer performance data, taken directly from industry and trade sources.
With titles ranging from 'DIY Retailing in Europe' through to 'Food Retailing in Europe', each market examination includes studies of:
- background economic and demographic data
- market sizes
- regional retailing trends and issues
- market drivers
- consumer expenditure
- consumer trends
- leading pan-European retailers
- domestic retailers
- market forecasts
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