BRITISH DANDIES: Britons spend more on clothing and footwear as a percentage of household expenditure than their French, Spanish, German and Greek counterparts, according to Eurostat, which crunches data on the European Union and its inhabitants.
According to the report, households in the EU spent an average 4.9 percent of their total expenditure on clothing and footwear. Estonian households spent the most, with 6.8 percent, followed by the Portuguese with 6.3 percent and the Italians, 6.2 percent.
Britain was on par with Luxembourg, with both spending about 5.6 percent. According to Eurostat, Greece and France both spent 3.8 percent, while Bulgarians splashed out the least, at 3.2 percent.
The Eurostat report, which was published in early January and is based on 2016 numbers, said nearly 400 billion euros was spent on clothing and footwear in Europe in the year.
According to the most recent figures from Mintel and the British Fashion Council, Britons are poised to spend even more on their closets in the coming years.
The U.K. men’s clothing market grew by 2.8 percent in 2016 to reach 14.5 billion pounds. Although the men’s wear sector still only accounts for 27 percent of the total clothing market, it is growing at more than twice the rate of the women’s clothing market.
Men’s wear is predicted to grow by 12.4 percent between 2016 and 2021 to reach 16.2 billion pounds while IbisWorld is forecasting that online men’s wear stands to grow at an annual average of 14.2 percent between 2015 and 2020.