In the dynamic landscape of retail, the spotlight is on own-brand fashion as a key driver of growth in 2024, according to a comprehensive study by RSM UK. The audit, tax, and consulting firm collaborated with data specialists Moody’s Analytics and The Harris Poll, surveying 1,000 consumers to discern emerging trends.
The findings indicate a significant shift as more than a third (34%) of consumers are increasing their purchases of own-brand products compared to the previous year. Notably, the sector experiencing the most pronounced growth is clothing and accessories, witnessing a noteworthy six percentage point increase, reaching 26%.
Against the backdrop of economic challenges and a surge in the cost of living, consumers are turning to own-brand clothing ranges to stay fashionable without breaking the bank. The survey further unveils that over 25% of consumers plan to curtail spending on clothing and accessories in the next three months. This percentage rises to 36% for women, signaling heightened competition for consumer spending in 2024.
In contrast to the prevailing trend of incorporating third-party brands, retailers such as Next, M&S, Sainsbury’s, and John Lewis are strategically focusing on developing and promoting their own labels. This strategic move aligns with the preferences of consumers who increasingly appreciate the value and quality offered by these own-brand offerings, especially in economically challenging times.
Jacqui Baker, Head of Retail at RSM UK, underscores the significance of the own-brand market. She notes, «The booming own-brand market reflects the dynamism of savvy retailers who diversify and invest strategically. In 2024, sales are anticipated to be driven by cost-effective, on-trend ranges that resonate with customer values, fostering genuine brand loyalty.
