Retail shoppers are set to spend an extra £4.2bn on fashion and beauty over the next 12 months, in comparison to 2019.
Spending is predicted to rise 3.4 per cent, according to a report jointly commissioned by the British Fashion Council and Clearpay, in partnership with Oxford Economics.
Brits shopping for a ‘bounceback wardrobe’ will drive spending in fashion and beauty, the report said, with spending expected to total £112bn.
Fashion sales are expected to grow 34 per cent quarter on quarter as shoppers look to refresh their wardrobes after the pandemic.
The pandemic has accelerated a shift to online purchasing by three to four years, the report stated.
Buy now pay later firm Clearpay said that during January to July 2021 added four times as many merchants onto its platform than it did for the same period during 2020.
Services such as Clearpay and Klarna have become a staple of fashion and beauty purchases, the report concluded.
“Our report, in conjunction with Oxford Economics and the BFC, gives important insights into what the retail sector can expect over the next 12 months. Following an incredibly challenging time for many retailers where households cut back on spending, this report predicts a positive trajectory in consumer spending,” Clearpay’s UK country manager, Rich Bayer, said.