Wild Card: The Rag Trade | 23rd February 2015
As London Fashion week gets into full swing, Delta Economics forecasts that 2015 will be a good year for British fashion with furs, shoes, wool-fabric dresses and handbags particularly show-casing the best of British fashion in 2015.
So according to the trade data, what’s on trend this year? We forecast that furs are definitely in this year with the UK’s exports expected to grow by 8% during 2015. Shoes and handbags are also expected to see strong growth at 5.5% and 1.8%, respectively.
The top three destinations for UK handbags and shoes are Germany, France and Italy. So expect to see plenty of British style in Berlin, Paris and Milan this year. For example, shoe exports to Germany and France will be around 5%, while exports to Italy will be 3.5%.
However, silk is definitely out in 2015. Exports are forecast to decline by over 12% and imports by 9%. UK exports of cotton will also decline by nearly 1% while imports will increase by a paltry 1% during 2015. We’ll be importing hats at a similar rate to 2015 (0.5% growth) but our exports are forecast to fall by over 7%.
Perhaps as a nod to austerity Britain, imports of second hand clothes will be growing at nearly 2% during the course of the year – slightly faster than the rate at which we export second hand clothes.
Figure 1 | The Rag Trade
Source | DeltaMetrics 2015
The Rag Trade | Author | Rebecca Harding | CEO