Table of Contents
Executive summary
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- The market
- The economy
- Consumer spending
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- Figure 1: Spain: Consumer spending on clothing and footwear (incl. VAT), 2015-20
- Sector size and forecast
- Channels of distribution
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- Figure 2: Spain: Estimated distribution of spending on clothing and footwear by channel, 2019
- Companies and brands
- Key metrics
- Market shares
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- Figure 3: Spain: Leading specialist clothing retailers, sales as % all spending on clothing and footwear, 2019
- Online
- The consumer
- How they shop for clothing
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- Figure 4: Spain: Channels used for buying clothes in the last 12 months, June 2020
- Where they shop for clothing
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- Figure 5: Spain: retailers used for buying clothing in the last 12 months, June 2020
- Clothes shopping behaviours relating to COVID-19
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- Figure 6: Spain: clothing shopping behaviour during the COVID-19 epidemic, June 2020
The Impact of COVID-19 on Clothing Retailing
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- Short, medium and long-term impact on the sector
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- Figure 7: Short, medium and long term impact of COVID-19 on Clothing retailing, October 2020
- Opportunities and threats
- COVID-19 brings online to the forefront
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- Figure 8: Decathlon’s ‘scan & go’ service, 2020
- Providing a feeling of shopping in-store from home
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- Figure 9: Gucci’s personalised virtual shopping, June 2020
- Athleisure versus formalwear
- How COVID-19 will reshape the industry
- Sustainability in fashion gains further relevance
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- Figure 10: Zalando announces ‘Pre Owned’ category, 2020
- Risk of lower profitability due to discounts and promotions
- Discounters strengthen their position in clothing
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- Figure 11: Aldi's new fashion campaign in Germany, 2020
- The forecast for clothing retailing improving from 2021
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- Figure 12: Europe Big Five: Total specialist clothing retailers’ sales and forecast, 2015-25
- Figure 13: Europe Big Five: Total specialist clothing retailers’ sales and forecast, by country, 2015-25
- The impact of COVID-19 on consumer behaviour across Europe
- Concern about exposure to COVID-19 steady but showing signs of increasing
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- Figure 14: Europe: Those extremely worried about the risk of being exposed to COVID-19, March-October 2020*
- Many cutting back on non-essential purchases
- Time-limiting store visits places premium on in-store navigation
- Many consumers reluctant to use cash
- A big switch to online
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- Figure 15: Europe: Changes to shopping behaviour since the start of the COVID-19 outbreak, September/October 2020*
- Clothing slips down the spending agenda
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- Figure 16: Europe: Net balance* of expected spending on selected items in the next month, September/October 2020**
- Trying on clothing in-store remains an issue
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- Figure 17: Europe: people who would feel uncomfortable trying on clothing in-store, September/October 2020*
- People not keen on handling/touching products in-store
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- Figure 18: Europe: people who would feel uncomfortable handling/touching products in-store, September/October 2020*
- How the crisis is impacting on key consumer segments
- Women and older age groups most concerned about the virus
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- Figure 19: Europe: Those extremely worried about the risk of being exposed to COVID-19, by gender and age, September/October 2020*
- Women and older age groups also trying to limit time in-store
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- Figure 20: Europe: consumers trying to limit the time they spend in-store, by gender and age, September/October 2020*
- Youngest age groups most likely to be shopping more online
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- Figure 21: Europe: consumers shopping more online, by age and gender, September/October 2020*
- COVID-19: Market context
- UK
- France
- Germany
- Italy
- Spain
Issues and insights
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- The impact of COVID-19 on Spanish clothing retail
- Value will be increasingly relevant
- Clothing needs are changing
- Digital is imperative
- Sustainability in fashion could be a by-product of the pandemic
The market – Key takeaways
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- The hit to Spain’s economy from COVID-19 is the worst of the Eurozone
- Fashion spending will be hit hard by COVID-19
- Online will not offset lost store-based sales for most specialists
- Fashion specialists capture 70% of clothing and footwear spending
Consumer spending
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- The economy
- Steep decline in spending on fashion expected for 2020
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- Figure 22: Spain: Consumer spending on clothing and footwear (including VAT), 2015-20
Sector size and forecast
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- Clothing retailers look set to among the worst hit by COVID-19
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- Figure 23: Spain: Specialist clothing retailers, sales (excluding VAT), 2015-20
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- Figure 24: Spain: Specialist clothing retailers, forecast sales (excluding VAT), 2020-25
Inflation
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- Figure 25: Spain: Consumer prices * of clothing and footwear, Annual % change, 2015-19
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- Figure 26: Spain: Consumer prices of clothing and footwear, Annual % change, January 2019 –July 2020
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Channels of distribution
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- Figure 27: Spain: Estimated distribution of spending on clothing and footwear by channel, 2019
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Companies and brands – Key takeaways
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- Inditex’s agile business model helps it retain its leading position
- Inditex and foreign retailers are growing fastest as market consolidates
- Leading retailers are well established online and investing in its growth
Leading players
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- Inditex’s business model helps it maintain its lead
- UK’s Primark continues to thrive despite no online presence
- Winners and losers in 2019
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- Figure 28: Spain: Leading specialist clothing retailers, sales (excl. VAT), 2016-19
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- Figure 29: Spain: Leading specialist clothing retailers, outlets, 2016-19
- Figure 30: Spain: Leading specialist clothing retailers, sales per outlet, 2016-19
Market shares
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- Figure 31: Spain: Leading specialist clothing retailers, sales as % all spending on clothing and footwear, 2016-19
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Online
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- Internet usage
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- Figure 32: Spain: Broadband connections (percentage of households), 2014-19
- Online market size
- Leading online players
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- Figure 33: Spain: Leading retailers’ estimated clothing and footwear sales online, 2016-19
The consumer – Key takeaways
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- Online gaining momentum
- M-commerce important for younger shoppers
- Store-based specialists and sports stores most popular shopping destination
- Primark’s popularity suggests shift towards budget-priced clothes
- Amazon now the most popular non-specialist clothing destination
- Fashion buyers prioritise essential items over clothing since COVID-19
How they shop for clothes
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- Online gaining share
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- Figure 34: Spain: Channels used for buying clothes in the last 12 months, June 2020
- Men accelerate shift to buying fashion online
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- Figure 35: Spain: Online shopping for clothes in the last 12 months by age and gender, June 2020
- Purchasing on a laptop/desktop most popular, but younger buyers like m-commerce
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- Figure 36: Spain: Channels and device used for buying clothes in the last 12 months, June 2020
Where they shop for clothes
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- Store-based specialists the most popular destination, but buyers migrating online
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- Figure 37: Spain: Stores used to shop for clothing, combined nets, June 2020
- Clothing specialists
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- Figure 38: Spain: Specialist retailers used for buying clothing in the last 12 months, June 2020
- Customer profiles
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- Figure 39: Spain: Specialist retailers used for buying clothing in the last 12 months, June 2020
- Non-specialists
- Usage of Amazon skyrockets on back of boosted fashion appeal
- Sports good retailers well positioned to capitalise on growing popularity of athleisure
- El Corte Inglés turbocharges online order fulfilment proposition
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- Figure 40: Spain: Non-Specialist retailers used for buying clothing in the last 12 months, June 2020
Clothes shopping behaviours relating to COVID-19
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- Figure 41: Spain: clothing shopping behaviour during the COVID-19 epidemic, June 2020
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- Figure 42: Spain: clothing shopping behaviour during the COVID-19 epidemic, by gender, June 2020
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- Figure 43: Spain: clothing shopping behaviour during the COVID-19 epidemic amongst women, by age, June 2020
- Clothes shopping behaviours by retailer used
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- Figure 44: Spain: Selected clothing shopping behaviours during the COVID-19 epidemic by retailer shopped, June 2020
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Appendix – Data sources, abbreviations and supporting information
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- Abbreviations
- Data sources
C&A
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- What we think
- New store concept to tempt customers through the door
- New concession format to replace no longer sustainable standalone stores
- A leader in fashion sustainability
- Company background
- Company performance
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- Figure 45: C&A: Estimated group sales performance, 2015/16-2019/20
- Figure 46: C&A: Estimated outlet data, 2015/16-2019/20
- Retail offering
H&M Hennes & Mauritz
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- What we think
- New hyper-local store concept
- Custom-made perfect fit jeans
- Online expansion giving more customers more options to access its brands
- Livestreaming shopping events
- Fashion rental and re-sale point towards an increased focus on sustainability
- Company background
- Company performance
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- Figure 47: H&M Hennes & Mauritz: Group financial performance, 2014/15-2018/19
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- Figure 48: H&M Hennes & Mauritz: Outlet data, 2014/15-2018/19
- Retail offering
Grupo Inditex
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- What we think
- A global business
- Upsizing stores
- Online a big opportunity for growth
- Technology at the heart of the business
- Flexible and responsive approach to production helped it cope with COVID
- Sustainability is key to future
- Where now?
- Company background
- Company performance
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- Figure 49: Grupo Inditex: Group financial performance, 2015/16-2019/20
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- Figure 50: Grupo Inditex: Sales by brand, 2019/20
- Figure 51: Grupo Inditex: Outlet data, 2015/16-2019/20
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- Figure 52: Grupo Inditex: Outlet numbers by brand, 2019/20
- Retail offering
Primark/Penneys
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- What we think
- Missing out on online sales costs the brand millions in lost revenue
- A must-visit destination for consumers shopping for clothes in-store
- Cut-price fashion
- New eco-conscious fashion, homeware and beauty collection
- First ever sportswear collaboration
- Company background
- Company performance
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- Figure 53: Primark/Penneys: Group financial performance, 2015/16-2019/20
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- Figure 54: Primark/Penneys: Outlet data, 2015/16-2019/20
- Retail offering
Zalando
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- What we think
- Taking the guesswork out of size and fit
- Customers can now tailor their experience by following their favourite brands
- Boosting sustainability credentials with eco-friendly offering and second-hand platform
- Expanding luxury ranges to meet demand among younger consumers
- Company background
- Company performance
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- Figure 55: Zalando: Group financial performance, 2015-19
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- Figure 56: Zalando: key metrics, 2017-H1 2020
- Retail offering
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