The fashion segment is one of the many retail segments in the EU which has
been under pressure for several years and last year was no exception to the
trend. 2014 was a difficult year for the European fashion market, with
countries such as Germany, the Netherlands, Italy, Spain and Austria all
reporting 1 to 3 percent decline in turnover, according to a study from
marketing research firm Gfk.

However there was one country which was listed as the only
‘positive expectation’ in the market – the UK. GfK states the UK fashion
market saw an increase of 3 percent in turnover for 2014, a stark contrast
to France, who witnessed the largest decrease in turnover, 8 percent. Spain
on the other hand seems to have averted the worst of its crisis, with its
turnover reporting losses of double digits in recent years.

European independent fashion retailers also reported 10 percent decrease in
turnover in 2014 when compared to 2013, on average, which signals the
ongoing struggle independent boutiques face across the EU. According to
Gfk, it has become even more difficult for them to compete with
fast-fashion retailers as well as value fashion retailers. It has also
become more difficult for independent fashion retailer to respond to the
rapidly growing online fashion market and omni-channel retailers as well.

However, the online fashion market is one of the few areas of the industry
to report positive growth as well. Although the continual growth of the
online fashion sector is still not enough to battle against the negative
trend in physical stores, it is clear that online fashion sales throughout
Europe are on the rise. On average, 13 percent of turnover within the
fashion market comes from online sales, but the differences between
European countries is large.

Currently Germany is in the lead with the most fashion sales placed online
with 25 percent, but UK comes in second place with 19 percent and is
followed by the Netherlands with 14 percent. Spain scored the worst in
online fashion sales, with only 2 percent. The expectation of how much the
online share of fashion sales will increase per country over time varies
between 20 and 30 percent.

Gfk predicts that the ever changing consumer behaviour will continue to
have a major impact on the fashion market over the years to come, as
consumer continue to make clear choices in how, where and especially when
they go shopping. In addition, consumers will be less and less dependent on
more traditional stores and opening hours, something which more retailers
and brands will have to take into account and be responsive too, warns Gfk.

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