England

Fashion in England
Student’s Name
Institutional Affiliation
Introduction
In this paper, the author gives an in-depth review of the England’s fashion industry with the sole focus on a set of questions. Particularly, it will examine its economic issues and importance to the nation. The paper also cover the top three England’s industries as well as age, family structure, and genders, among other demographic matter in the country. In the case of the fashion industry of England, this paper will also a set of four – two international and two domestic – key players (companies). Other issues covered in this research are the impacts of the changes in the England’s population on the fashion industry and the policies of merchandising. In addition to that, the author will also review some of the factors that prompt the people of England to buy apparel and other related products and how the country’s national holidays affect the industry, including retailing and merchandising. The last issue that this paper reviews is whether assimilation caused some changes to the English tradition from one generation to another.
Keywords: Fashion industry, traditions, England, retailing, merchandising, economic issues, companies
Q1: Economic Issues
Currently, the 0.9 percent drop in the UK retail sales is one of the factors that impact the fashion industry in the country. In June 2016, England experienced a slump in retail sales as the month’s wet weather dampened people’s willingness to purchase clothes.

The retail sales, except those of petrol, dropped by 0.9 percent; the same value with which the May sales rose, and 0.3 percent more than the anticipation of the economists. These were the month-on-month sales. On the other hand, the year-on-year sales growth moderated to nearly 3.9 percent from the May’s 5.2 percent, and less than the 4.8 percent forecast.
Another economic issue that impacts the fashion industry in England is the fragile nature of the retail market. They are also volatile and have vulnerabilities that affect the purchase of apparel in a one way or another. Although the Financial Policy Committee of England stated that the markets seemed to move towards the direction (functioned well) after of the result of the EU referendum, it also admitted that the liquidity of all core markets seemed fragile. It said, “A sustained liquidity period is likely to bring a lack of confidence in the ability of the financial markets to fund the real market or even trigger the transfer of risks from one party to another.” As a result, almost all companies in the UK, including those dealing with fashion, find it almost impossible to borrow if they need financial support CITATION Szu16 l 1033 (Chan, 2016).
Q2: Retail and Wholesale Landscape
As of 2014, the UK had the third-largest economy in Europe, and it forecasted on becoming the first come 2030. The top three industries (key players of the economy) in England are Construction, Information Technology, and Finance and Banking, in descending order. The latter is the largest industry in the country and has more than 2 million people in employment (7 percent of the total workforce of England) in various parts of the United Kingdom. The latest studies reveal that England has about 40,000 businesses that deal with financial services, and other 37,000 that specialize in accountancy services. Apart from the UK’s capital (London), the financial centers in England are Birmingham, Edinburgh, Leeds, and Manchester. In general, the Finance and Banking sector constitutes about 7.5 percent of England’s GDP.
The second largest industry in the United Kingdom is Information Technology. By February 2014, the value of this sector was about £58 billion, with almost all major industries in the country relying on technology to run its operations. In fact, it is almost impossible to overlook its significance to the economy. Coupled with the digital and creative industries, the Information Technology sector constitutes nearly 4.5 percent of the Gross Value Added of England, and employs about 3.7 percent of England’s active population (more than 1 million people). With the country focused on establishing a knowledge-based economy, research reveals that almost half of its GDP will emanate from the Information Technology sector within the next ten years.
Next in line is the Construction Sector. According to the findings of research conducted by one of the England’s largest magazine, The Guardian, this sector account for an estimate of 6 percent (90 billion pounds) of the country’s total Gross Domestic Product. As of 2013, the reports by both the Skills and the Business Innovation Department state that the UK’s 280,000 construction businesses employed about 2.93 million people in various parts of the country. For that reason, construction-related jobs assimilate about 10 percent of the working population in England CITATION Pri14 l 1033 (Prime Find, 2014 ).
Importance of the Fashion Industry
The Fashion Industry plays an integral role in the economy of the United Kingdom and benefits the country in more than one way. Currently, fashion retail, textiles, and fashion employ about 555,000 people in various parts of England. Most jobs coming from the sub-industry of clothing’s retail sale as it provide 75 percent of the employment (414,000 people). Other than job creation, the UK’s fashion industry is also a key player in both importation and exportation. In 2014, it exported clothing and textiles worth 6.5 billion pounds and earned further 1 billion pounds from exporting headwear and footwear. England also imported clothing and textiles worth 24.3 billion pounds and spent further 5.4 billion pounds on importing headwear and footwear CITATION Fas16 l 1033 (Fashion United, 2016).
Q3: Key Players
The growth of the UK’s industry is reminiscent of the roles played by some of the top notch companies in it. Locally, the biggest companies in fashion are Marks & Spencer and Next Plc. The latter is the country’s largest company in fashion with a market value estimated at 8.15 billion pounds. It is active in the UK’s retail market, where it racks up to about 4 billion pounds in annual earnings. Next Plc also earns 2 percent of its revenues from the international markets. Marks & Spencer is the England’s second largest fashion industry, with a market value and annual sales of 7 billion pounds and 10.3 billion pounds, respectively CITATION Fas16 l 1033 (Fashion United, 2016).
On the global front, the US-based lifestyle and athleisure brand, Nike, and the Spanish giants of fast-fashion Inditex play an integral role in reshaping the fashion industry of the United Kingdom. In 2015, Nike had a market value of about 105 billion dollars and earned revenues of nearly 105 billion dollars, some of which came from its business ties with the UK. With annual revenues of 24 billion dollars, Inditex makes a portion of its incomes from its relationship of activities with the UK CITATION Uni16 l 1033 (United Fashion, 2016).
Q 4: Demographic Issues in the UK
In the case of gender, women in England have demonstrated the least progress in matters of the social sphere. Just as they were the victims of 70 percent of domestic violence cases in as late as1998, women still constitute the largest percent of unpaid tasks, such as raising children and running households. However, gender roles among some subgroups do not portray the same picture as more and more women join the country’s workforce. In England, most families are of the standard domestic unit, with about 73 percent of households headed by couples. Since 2012, about a third of the children born in England have a life expectancy of 100 years. The number of individuals aged 40 years and above between 1901 and 2010 reached 30.8 million – more than three times the initial value of 9.7 million. In 2012, the sum of those 65 years and above in England surpassed the 10-million mark CITATION Roy16 l 1033 (Royal Geographical Society, 2016).
Q 5: Demographic Changes and Fashion Industry
The variations in the population have several impacts on the fashion industry. One of them is the rise of the “Generation Y” – a group viewed as the successors of the baby boomers and comprising of people below 30s-35s. They have a major influence on the retail market of fashion as well as its future strategies as they desire different brands and ways of shopping from the other generations. Another change is the shift in the multicultural structure of Britain. Unless the fashion retailers target and understand these changes, they will struggle to outperform those who use old stereotypes of both research and customer CITATION Ret16 l 1033 (Retail Think Tank, 2016).
Q 6: Shopping for Apparel
Just like every retail market, shopping for apparel involves enticement. One of the factors that prompt people of England to spend their money on fashion brands is the current perception of property. The shifts in demography take place slowly, leaving development activity as a primary influence of the constant changes in the shopping patterns. The advancement of the latest shopping space, including superstores, factory outlets, shopping centers, retail parks, and retail parks among others– dictate where buyers choose to shop. Research shows that this trend is likely to continue in the future. Another factor that reshapes the people’s shopping for apparel is the age change as it strengthens the demand for both improved accessibility of services and shopping environments. Moreover, technology also plays an integral role in how the consumers’ shop as well as the way through which retailers communicate with them CITATION Ret16 l 1033 (Retail Think Tank, 2016).
Q7: National Holidays
Some of the national holiday in England that relates to the fashion industry is New Year’s Day and Christmas Day. During these holidays, most people tend to purchase clothing, footwear, among other apparels to celebrate them. The study shows that the purchase of fashion products in Christmas Day is higher than that of New Year’s Day CITATION Off16 l 1033 (Office Holidays, 2016).
Q 8: Culture Assimilation
Just like the rest of the world, England is also a victim of culture assimilation which has impacted its traditions in one way or another. For example, it celebrates the Fashion Week alongside New York, Paris, and Milan, an approach that is similar to that of Halloween, which many cities celebrate. Another evidence of culture assimilation in England is the shift in the multicultural structure, with Britain becoming a hub of almost every culture in the world.

References
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