The people of Britain are spending more on clothing and fashion accessories, despite the financial crisis engulfing the country, new research has revealed.
Figures published by the Office for National Statistics (ONS) show that while the average family is cutting back on many bread and butter items, there is not yet a desire to reduce expenditure on the latest attire.
Food and drink costs – both in the supermarket and at cafes and restaurants – have been slashed by many, with the typical household now said by the Telegraph to be spending £6.40 a week less in this area than they were in 2007.
Overall, Britons splashed out £11 billion less in August and September last year than they did in the same months in 2007.
But this has not stopped investment in clothing, with the average family now paying out an extra £9.60 a week than they were five years ago.
Such a statistic could convince all firms from designer labels to low-cost outfit providers that it is time to launch a marketing drive in a bid to cash in on the trend.
This is exactly what Gucci has done in recent years, as chief executive officer Patrizio Di Marco told Bloomberg this week. He said the brand has improved the quality of the items it offers and, as a result, has become a hit with the very wealthiest consumers in the market.
Commenting on the ONS results, Neil Saunders of the consultancy firm Conlumino told the newspaper: "One thing we do know is people are trading up to better clothes, buying statement pieces. Though shoppers are very savvy when it comes to cutting back at the supermarket, many enjoy clothes shopping and see it as a bit of a treat."
Executives at fashion labels should therefore begin to target these customers with designs and price tags they can relate to.
