Fashion shoppers embrace cheap chicCut-price clothes stores bag a quarter of sales
30 October 2006
A new report from market analyst Verdict Research has found that almost a quarter of all the money spent on fashion in the UK is being pocketed by cut-price stores.
In the childrenswear sector, the market share is even greater, with £1 out of every £3 being spent at budget shops.
The last five years have seen major growth by budget clothes stores. In 2001 they had a 16 per cent share of the market but by the end of this year it will be nearly 24 per cent.
Verdict Research says that over the past decade budget stores have helped drive down prices across the entire fashion sector.
Asda is the most successful of the budget stores, claiming just over 17 per cent of the market. Primark is rapidly catching up with nearly 16 per cent, followed by New Look and Tesco, both on about 11 per cent.