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Fashion subscription box sales have reached £597 million (US $797 million) per year with almost 16% of the UK population subscribing to one according to new research released today.
Millennials aged 25 to 34 are being tipped as the key demographic jumping on the trend, who also enjoy boxes themed around beauty, kids, books, fitness and food, with men spending more than women. Sales are tipped to continue to rise with 19% of Brits, more than 12 million people, saying they had signed up to a subscription service within the last six months, in comparison to 2014 when just 1% said they were signed up to a box.
The results show great potential for fashion entrepreneurs as footfall continues to drop on the high street, down 0.4% in May, 3.3% in April and 6% in March compared to the same months in 2017 as reported by the BRC-Springboard Footfall and Vacancies Monitor. The success of such services in the fashion sector has been evident in brands like Fabletics, the athletics wear label co-founded by actress Kate Hudson, but many have been skeptical about fashion making the model work due to being a product that’s slower to consume. However, in the category of accessories and clothing rental schemes, a number of businesses are answering to consumer appetite including Glitz Box (jewelry), Hop Hosiery and Le Tote.
The top reasons those surveyed said that they signed up were that they loved receiving a surprise in the post (63%), they hate only receiving bills through the letterbox (57.8%) and to treat themselves (26%). The consumer trend is being describing as the “lipstick effect” whereby shoppers are buying small, feel-good purchases as opposed to large investments while their purses are tight. On average, fashion lovers spent £57.42 per month on having a clothing and accessories surprise delivered to their door.
The survey was conducted by Censuswide on behalf of uOpen.com, a new online subscription box marketplace which launches today and is the first of its kind in the UK. The research looked at the buying habits of 2,000 British consumers. Fashion subscription boxes currently for sale on uOpen.com include Henry J Socks, Socks in a Box, Project Lingerie and Golf Delivered who include apparel as well as equipment in their boxes.
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