UK fashion industry ‘hugely important’
16/09/2010
On top of this, fashion’s wider contribution to the economy (known as the indirect, induced and ‘spillover’ effects) in influencing spending in other industries, ranging from IT to tourism, is calculated as more than £16 billion.
This means that, including direct, indirect, induced and ‘spillover’ effects, the fashion industry’s total contribution to the UK economy is estimated at over £37 billion.
The report was commissioned by the British Fashion Council (BFC), the organisation that works to promote UK fashion internationally. On announcing the results, the BFC said it had defined the industry and analysed its true breadth and economic value for the first time.
The figures were calculated by analysing the industry’s profits and wages, known as gross value added (GVA), across a wide range of fashion products and items, including leathergoods and shoes, plus the contribution of fashion education, fashion marketing and fashion media.
The report also shows that the modern UK fashion industry directly employs 816,000 people across a wide range of jobs and is the largest employer of all the creative industries.
Responding to the findings, the minister for the creative industries, Ed Vaizey, said: “British Fashion has the talent, creativity and skills to rival anywhere in the world. Our new and established designers and fashion labels are internationally renowned for their unique vision at the cutting edge of this hugely important global industry.”
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