Social Media & Influencers Impact On The Fashion Industry 1 | Page 7

The Industry

The fashion industry is the largest
employer in the creative industry;
having approximately 797,000 jobs
in the UK alone. Since 2009, the
fashion economy has had a rise of
22% from a total of £21 billion to
£26 billion. [Creative Industry,
2016].
For consumers, price and quality
are the key aspects that consumers
look for, whether you’re paying for
the designer label or wanting more
for less. Mass market businesses
do just that as they produce goods
in high quantity and they sell
affordable fashions of a decent
quality.
Mass market brands are also the
main contributors to the fashion
economy, with big companies such
as Topshop, Next and River Island.
Next Plc is the largest fashion
company in the UK (based on its
market value of £8.15 billion).
[Fashion United, 2016] The Arcadia
Group is the 3rd largest company
in the UK and brands that sit in
with it are stores such as Topshop
and
Topman.
[Fashion
United,
2016] “Their market value is £5.9
billion pounds but with Topshop
and Topman currently expanding
internationally; this leads to
a growth in revenue. Arcadias’
current annual revenues are at £2.1
billion pounds.” [Fashion United,
2016].
Although the mass market is not
necessarily known for its durable
clothing, or for their exceptional
customer service, they still meet
all consumers’ wants and needs.
Majority of their consumers that’ll
shop at mass market stores will be
students; people who have certain
amount of money to spend. However,
working people may also shop there
if they want to buy the odd top.