by The UK fashion ecommerce market is estimated to be valued at US$ 31.19 Billion in 2022 and is expected to exhibit a CAGR of 15.5% over the forecast period 2023-2030, as highlighted in a new report published by Coherent Market Insights.
Market Overview:
The UK fashion ecommerce market involves the online sale of various fashion apparel and accessories.Key products in the market include clothing, footwear, bags, jewelry and other fashion accessories. With rising smartphone and internet penetration, e-commerce platforms are enabling consumers to browse through a wide range of fashion products from leading brands and retailers with just a few clicks. This has provided online buyers with increased convenience and choice.
Market Dynamics:
The UK fashion ecommerce market is primarily driven by rising online shopping trends among UK consumers. According to statistics, 63% of UK adults shopped online in 2021, representing a significant increase from 55% in 2020. Consumers find online shopping more convenient as they can compare prices, reviews and brands from the comfort of their homes. The market is also driven by growing millennial population in the country. Millennials are highly tech-savvy and used to browsing and purchasing products online. They prefer the convenience and variety offered by e-retailers over visiting physical stores. Additionally, social media platforms are allowing emerging fashion brands to market directly to millennials and generation z consumers. Fashion-focused influencer marketing campaigns are also boosting the discovery of new products. However, factors such as economic uncertainties and fluctuations in currency exchange rates pose a few challenges to market growth.
Segment Analysis
The UK fashion ecommerce market is dominated by the women’s wear segment. It accounts for over 40% share of the total market due to higher spending by female population on apparel and accessories. The men’s wear segment is the second largest and is growing at a faster pace owing to increasing fashion consciousness among young male consumers.
PEST Analysis
Political: Brexit has impacted growth of the UK fashion ecommerce market negatively by increased cost of operations due to trade barriers. However, recent trade agreements are expected to provide stability.
Economic: Strong economic growth and rising disposable incomes are fueling higher spending on apparel and footwear. Online shopping has further increased due to pandemic.
Social: Social media influencers promoting trends is influencing purchase decisions significantly. Fast fashion is very popular.
Technological: Advanced analytics, AI and personalization tools are being leveraged by retailers to offer customized experiences and targeted campaigns. Mobile commerce continues to rise.
Key Takeaways
The global UK Fashion Ecommerce Market Demand is expected to witness high growth, exhibiting CAGR of 15.5% over the forecast period, due to increasing penetration of smartphones and internet. The market size is projected to reach US$ 71.32 Billion by 2030 from US$ 31.19 Billion in 2023.
Regional analysis of the UK fashion ecommerce market indicates that the south east region accounts for the major share currently owing to presence of major cities like London which are trends hubs. However, northern regions are emerging strongly on back of initiatives to enhance connectivity and digital/payment infrastructure projects.
Key players operating in the UK fashion ecommerce market are H&M, Zalando, Amazon Fashion, Primark, Topshop, River Island, Missguided, PrettyLittleThing, ASOS, Boohoo, Next, Very, Marks & Spencer, John Lewis, New Look, JD Sports, Farfetch, Gymshark, Reiss, AllSaints. The top players are focusing on expanding product portfolio as well as strengthening their direct-to-consumer capabilities and mobile/social commerce strategies.
*Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it
