Fashion Marketing of the Brand Sovereign in the UK Essay

Fashion Marketing of the Brand Sovereign in the UK - Essay Example The dip in revenue can be directly associated with the fall in consumer spending as the prolonged recessionary phase of the UK economy triggered a shortage of jobs, non-availability of consumer credit and decline in disposable income of the consumers (ibisworld.co.uk, 2013). A trend that was noticed in the UK apparel market in the year 2012 is that a large majority of the consumers are opting for either economy apparel or premium apparel. The focus of the consumers was mostly on buying apparels that can be worn on multiple occasions. However, during this period of slow domestic growth, the UK apparel market witnessed an increase in product demand from foreign buyers, who were looking forward to capitalizing on a weak currency. Also, as many retailers set up their online presence, the sales through online stores and platforms helped in boosting of sales on a temporary basis. As of the year 2013, the total valuation of the UK apparel market stood at around 3.2 billion pounds. Now, curr ently, with positive developments happening in most of the global economies, the levels of disposable income of the consumers are expected to rise again. This will again trigger a period of strong growth for the UK apparel market, thereby putting it back on the growing revenue trajectory. It is being currently forecasted by market experts that by the year 2018, the UK apparel market will have a cumulative annual growth rate (CAGR) of around 0.7%.