The Value of Fashion
Image: Fashion Roundtable’s Value of Fashion Map for 2023. Designed by Sally Farr
Fashion plays a key role in the UK economy. Textiles manufacturing and craft are interwoven in the heritage of our four nations. Fashion can bring valuable work, shows, and exhibitions to a city or area, attracting wide ranging numbers from local, and further afield. Mention the likes of Paris, Milan or New York to anyone (no fashion interest experience or knowledge needed) and they can recognise the importance that fashion has had in solidifying their economic footholds. Digging deeper than the superficial surface of these cities and their relationship with fashion, then, is the key, and holds all the answers needed to understand how fashion can support economic development.
Our Value of Fashion Maps highlight how the industry is faring across the country, how it is developing as consumption habits change and how with the right support fashion can thrive. We can see key business statistics for the fashion industry across the UK, based on ONS figures.
The latest data reveals interesting insights into the resilience of the fashion industry within the UK. In 2022, amidst economic instability, the sector experienced a temporary setback as the number of businesses, employees, and turnover dipped compared to 2021 figures. However, things got better in 2023, with numbers increasing again. When we compare this to how the UK economy is doing overall, it gives an intriguing narrative. The fashion industry’s recovery in 2023 suggests a potential resilience and adaptability not shared uniformly across all sectors. This resilience might be attributed to the sector's capacity for innovation, consumer demand dynamics, and the agility of its workforce. Understanding these patterns helps us see how important the fashion industry is for the UK economy.