The economic determinants of clothing consumption in the UK 1987-2000

Jones, Richard M. and Hayes, Steven G. (2002) The economic determinants of clothing consumption in the UK 1987-2000. Journal of fashion marketing and management, 6 (4). 326-339.. ISSN 1361-2026

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Abstract

The fashion market in the UK is extremely unpredictable. However, there are reliable leading indicators which enable the absolute size of the market to be explained with a high degree of accuracy. The paper is a regression model which explains the value of consumer spending on clothing in the UK for the period 1987-2000. The model uses changes in income and price to explain changes in spending on clothing. The model works in the sense that it explains over 90 per cent of the observed change in spending and the results are consistent with the expectations of economic theory. Estimates of both income and price elasticity of demand are derived from the model. The latter gives some support to the activities of the so-called discounters while the former supports the argument that the demand for clothing is wants rather than needs driven.