London Fashion Week starts today running until Tuesday 19 February, and showcasing over 100 catwalks, presentations and events.
To coincide with the new season, the British Fashion Council (BFC) has released updated statistics, created by Mintel. These show consumer spending on womenswear increased by 5.5% to £30.9bn in 2018 and spending on fashion overall will increase by 25% to £76bn over the next five years. Womenswear, represents 51% of the fashion market with menswear accounting for 26%.
Further statistics highlighted by the BFC to highlight fashion and the creative economy’s economic importance include:
- The fashion industry directly contributed £32.3bn to the UK GDP in 2017 ($41.8billion). This represents a 5.4% increase after 2016; a growth rate 1.6% higher than the rest of the economy. The Fashion industry employs almost as many people as the financial sector with 890,000 jobs (Oxford Economics, 2018).
- £42bn contributed by culture and creativity to London’s economy per year (london.gov.uk)
- £10m generated every hour by the Creative Industries (london.gov.uk)
- 1 in 11 of all UK jobs are in the UK creative economy. This comprises jobs in the creative industries and creative jobs which are in non-creative organisations (e.g. design or marketing teams within manufacturers). (Creative Industries Council, July 2018)
- 1 in 6 jobs in London are in the creative economy (london.gov.uk)
This season there’s an increased focus towards sustainability including the Positive Fashion initiative which is a collaboration with the BFC, BBC and designer Amy Powney of Mother of Pearl . This initiative will explore the impact the fashion industry has on the planet, while highlighting how both consumers and businesses can make positive choices that will make a difference.
As with last season, both catwalks and designer showrooms will be fur-free.
London Fashion Week takes place from 15-19 February , based at The Store X, 180 Strand and catwalks/presentations at various locations around London. Many of the brands we support are staging catwalks and presentations over the next 5 days including jewellery brand Alighieri, who has a dedicated space in the Designer Showrooms.
Alison Lewy MBE
Fashion Angel founder and author of Design Create Sell – a guide to starting and running a successful fashion business – available to buy here.